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RVDA Members Survey Reveals Growth Opportunities and Emerging Challenges

In a recent survey conducted by the RV Dealers Association (RVDA) in the first quarter of 2024, more than 60% of RV dealers expressed optimism about their business prospects over the next three to five years. 

The survey, which gathered responses from over 220 RV dealers, highlighted both opportunities for growth and significant challenges that could impact the industry’s trajectory.

The RVDA’s findings indicate that dealers are planning to expand sales volumes at their existing locations, with a focus on retaining new customers and enhancing service and parts operations, according to a news release from the association.

The survey also identified key areas where dealers see potential for improvement, including increasing efficiency through employee training and capitalizing on the rising interest in outdoor lifestyles among younger consumers.

Pie chart showing opinions on the future of the RV industry based on an RVDA Members Survey: "better off" in green (25%), "worse off" in orange (20%), "about
Chart courtesy of RV Dealers Association

Despite the positive outlook, the survey revealed several obstacles that dealers will need to navigate. High Repair Event Cycle Times (RECT) and concerns about product quality were among the top challenges cited. 

Additionally, the affordability of RVs remains an issue, compounded by high-interest rates that have affected dealer profitability and consumer purchasing power.

One of the most pressing policy issues highlighted in the survey is the need for legislative action to restore full deductibility of floor plan interest for travel trailers. This issue is critical as it directly impacts dealer finances and has been identified as a legislative priority for the RVDA.

Bar graph titled "Emerging Challenges and Growth Opportunities" showing different strategies for growth, with "adjust volume to use current location" having the highest bar at around 80.
Chart courtesy of RV Dealers Association

The relationship between dealers and RV manufacturers appears to be mixed, with approximately one-third of survey respondents noting improvements, while others saw no change or reported deteriorating support over the past five years. 

This variance underscores the need for ongoing dialogue and cooperation between dealers and manufacturers to address mutual concerns and enhance industry standards.

Education and professional development are highly valued among RV dealers, with 72% supporting staff participation in both in-person and online training initiatives provided by the Mike Molino RV Learning Center. These educational programs are crucial for keeping dealership staff updated on best practices and emerging trends in the RV industry.

The annual RVDA Convention/Expo has proven to be an essential event for dealers, offering valuable networking opportunities and access to a range of educational workshops. Attendance at this event remains high, with more than three-quarters of dealers participating regularly, citing the benefits of gathering industry information and engaging with peers.

Despite the optimistic forecast, the survey also pointed out the necessity for better promotion of the RVDA Convention/Expo to demonstrate its value and return on investment to potential attendees. 

The results from this survey will be instrumental in shaping the RVDA’s strategic planning and budgeting for the Fiscal Year 2025, starting July 1, as the industry continues to adapt to evolving market conditions and consumer preferences.

The RV industry stands at a pivotal point, with dealers optimistic about future growth but aware of the hurdles that lie ahead. The insights gained from the RVDA survey will help guide industry stakeholders as they strategize to overcome challenges and maximize the emerging opportunities in the evolving RV marketplace.

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Hi, you might find this article from Modern Campground interesting: RVDA Members Survey Reveals Growth Opportunities and Emerging Challenges! This is the link: https://moderncampground.com/usa/rvda-members-survey-reveals-growth-opportunities-and-emerging-challenges/