Industry Overview
RV 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 2nd quarter. As we continue to assess the fallout, we can track how the RV industry was doing before and in the early stages of the shutdown.
Many segments saw pricing increase from January-February to March-April, suggesting demand was strong immediately before the virus upturned the economy. Fifth wheel trailers were the standout, with pricing averaging a whopping 13.9% higher in the first quarter of 2020 compared to the same period of 2019. Standard hitch units also outperformed 2019, averaging 2.7% higher pricing. Class A and C motorhomes did not outperform last year, but values were trending upward prior to the shutdowns. The camper segment was on par with last year.
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 2nd 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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