Industry Overview
Marine Market Update
Obviously, dealership closures and stay at home orders turned business on its head in March and will continue to do so in the 2 nd quarter. As we continue to assess the fallout, we can track how the Marine industry was doing before and in the early stages of the shutdown.
Heading into the second quarter, values were looking strong. Personal watercraft was the standout, with pricing averaging 4.2% higher in 2020 compared to the same period in 2019. Inboards also saw healthy pricing, averaging 3.3% higher pricing year over year. Other segments were on par with 2019.
It goes without saying that the 2nd quarter will be rough. Dealerships will eventually reopen, and customers will return to the market once stay at home orders are loosened.
Unfortunately this will coincide with the seasonal slowdown in the fall. Also, it is very likely that some of the jobs lost in March and the 2 nd quarter will not come back once the country opens back up 100% later this year. We don’t have an estimate of these permanent losses. That figure will be a key indicator of what degree of recovery to expect.
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