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RV dealer profits continued to expand in August and the first eight months of this year, with earnings increasing 19% to 30%, depending on the size of the company, consulting firm Spader Business Management reported.
However, new RV unit inventories, in terms of dollar value, were lower as of Aug. 31 at smaller and midsize dealerships, when compared with Aug. 31, 2001, Spader reported.
Only the large dealerships, which Spader defines as having more than $10 million in annual sales revenue, carried larger new RV unit inventories as of Aug. 31.
The increases in profits ranged from 19.5% at the large dealerships to 30.2% at the midsize dealerships, which Spader defines as having between $5 million and $10 million in annual sales.
The average large dealership posted net earnings of $756,295 in the first eight months of this year, compared with $633,042 in the first eight months of 2001.
Meanwhile, the average midsize dealer had net earnings of $339,736 in the first eight months of this year, versus $260,889 a year earlier.
At the average small dealership, which Spader defines as having less than $5 million in annual sales, net profits increased 27.9% in the first eight months of this year to $172,432, compared with $134,864 a year earlier.
However, the average small dealership carried a new RV unit inventory that was worth $932,667 as of Aug. 31, which represents a 4.8% decline from the $979,876 in new RV inventory the same group of dealers carried a year earlier.
Midsize dealers also carried new RV unit inventories that were 3.8% smaller in dollar terms as of Aug. 31, when compared with Aug. 31, 2001. The average midsize dealer’s new RV unit inventory was valued at $1,661,470 as of Aug. 31, compared with $1,727,283 a year earlier.
Only the largest dealerships carried bigger new RV unit inventories. Their new unit inventories increased 6.1% to $3,795,790 as of Aug. 31, versus $3,578,949 a year earlier.
But all three groups of dealers reported higher new RV unit sales revenue in the first eight months of this year.
The large dealerships experienced a 5.9% increase in new RV unit sales revenue to an average of $8,749,047 and the average midsize dealership had a 14.7% increase to $3,776,196.
The average small dealership benefitted from an 8.2% increase in new RV units sales revenue to $1,772,210, Spader reported.