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Despite industry efforts to stabilize inventories and the additional impact of units sold for hurricane relief efforts, dealer levels of new product ended notably higher in 2005 than the previous year.
According to consulting firm Spader Business Management, average new inventory levels for all dealer categories at the end of December were over 10% higher than 2004, including:
• Larger dealers, defined as those with annual income over $10 million, showed a 10.8% increase in new inventory levels over 2004, rising from an average $4.1 million to $4.5 million.
• Mid-size dealers with annual income between $5 million and $10 million, grew new inventory levels by 12% compared with 2004 to an average of $1.9 million from $1.7 million.
• Smaller dealers, those with annual income less than $5 million, showed new inventory levels 10.5% higher than the previous year, increasing from an average of $935,829 to $1 million.
All dealer levels posted an average net profit for the year, but the smaller dealer sector was the only category to improve on 2004, increasing 30.5% to $118,519. Larger dealers showed an average net income of $721,113, down 4.9% from 2004, while average profits for mid-size dealers dipped 0.3% to $299,406.
Other highlights from the year-end report include:
• Total sales at larger retailers increased 5.8% to an average of $19.56 million from $18.5 million in 2004 while new RV sales grew 6.1% to $12.4 million.
• Mid-size dealers showed a 5.6% gain in total sales over 2004 to an average of $7.6 million compared with $$7.2 million and new RV sales rose 4.9% to $4.7 million.
• Smaller dealers increased total sales 5.7% from 2004 to an average of nearly $3.8 million from $3.6 million while new RV sales grew 8% to $2.3 million.