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With the credit crunch adversely affecting the national economy and the RV industry, the Recreation Vehicle Industry Association (RVIA) said it is working to help RV dealers and consumers find viable financing options.
In a joint effort, RVIA and the Recreation Vehicle Dealers Association (RVDA) are inviting banks and finance companies that are currently doing business in the automotive industry – but not the RV market – to the National RV Trade Show to learn more about the industry. Automotive and RV industry finance and insurance consultant Jan Kelly is helping plan the event.
According to RVIA, the centerpiece of the effort is an informative seminar that will explain what an RV is, explore how the RV industry works, and examine the role of lenders in the industry.
Prior to the seminar, invitees will attend “Outlook 2009: We’ve Got Heart!,” the show’s opening morning kickoff breakfast, to see how Go RVing’s national advertising campaign and RVIA’s PR efforts are positioning the industry for growth as economic conditions improve. They will also have ample time to tour the show floor, viewing products and making industry contacts.
RVIA also continues to market its Survey of Lenders’ Experiences, an annual nationwide of survey of financial institutions concerning their wholesale and retail RV lending portfolios. This research shows the long-term profitability and low default rate on RV loans and “is an excellent tool to demonstrate the financial stability of the typical RV customer to prospective lenders,” according to RVIA.
The Survey of Lenders’ Experiences is available independently or as part of RVIA’s Lender’s/Loan Officer Kit, which also includes an assortment of publications that provide an industry outlook, demographics and marketing data about the RV buyer and the profitability of RV portfolio. Both are available in RVIA’s Publications Store on www.rvia.org.
RVIA also has made an electronic version of the Survey of Lenders’ Experiences available in the Working with RV Lenders: A Toolbox for RV Dealers section on RVDA’s website, www.rvda.org.
Meanwhile, would-be RV buyers are being targeted with messages that RV financing is available for creditworthy customers. This information is included in the RV financing area of the Go RVing website and is the focus of a press release sent to consumer media.
“The availability of credit is a critical issue to the RV industry,” said RVIA President Richard Coon. “Much of this is market-driven, but we are doing all that we can and exploring every option to help the situation.”