The powersports industry has yet to rebound new-vehicle sales to the levels they were prior to the great recession, but an influx of millennial buyers may be the boost lenders need, two speakers suggested during separate presentations at PowerSports Finance 2017.
On the auto side, new unit sales have actually increased 7% above what they were in 2006 before the financial collapse hit, Brian Landau, senior vice president and automotive business lead at TransUnion, said during a presentation.
“The auto industry has recovered and more so has actually exceeded what we had pre-recession,” he said. “Motorcycle sales are still 48% below what they were pre recession, and there are a number of reasons for that, but the obvious one is the aging customer base.”
The percentage of riders 50 years of age or older rose to 46% in 2014, compared with 25% in 2003, Tim Buche, president and chief executive of the Motorcycle Industry Council Inc., said without divulging more recent figures
