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Despite strong sales during the course of the year, large RV dealers showed a drop in net income for the first nine months and a marginal dip in total sales, according to consulting management firm Spader Business Management.
Spader reported that dealers with more than $10 million in annual sales saw net income decrease 9.5% to $967,468 compared with just over $1 million in 2003 through September.
According to Spader, small dealers, those earning less than $5 million in annual revenues, showed a 6.5% increase in net sales for the first nine months and an 8.3% rise in sales of new RVs.
Here are some other highlights from the report:
* Large dealers were down just 1.3% in net sales at $16.2 million through September compared with $16. 4 million last year. New unit sales were off 0.9% to $10.1 million while new-unit inventories increased 6.1% to $4.2 million in total dollars compared with $3.9 million in 2003.
* Net income for midsize dealers, those with annual revenue of $5 million to $10 million, was down just 0.1% at $417,875 compared with $418,280 for the first nine months in 2003. Net sales were $7 million, representing an 0.5% increase over last year while new RV sales grew 3% to $4.5 million. New-unit inventories were up 4.7% to almost $2 million in total dollars, compared to $1.9 million the year before.
* Small dealerships posted net sales of $3.6 million through September compared with $3.4 million in 2003. New-RV sales were up from $2 million last year to $2.2 million. Net income was up just 0.4% to $199,542 while new-unit inventories rose 4.4% to just over $1 million in total dollars compared with $990,497 in 2003.