How This Tiny Device Can Transform Your RV Dealership for the Better
Digital nomads, retirement on the open road, adventure seekers and families wanting to vacation in the great outdoors have driven the post-pandemic RV boom. The industry built 600,000 RVs in 2022. The RV market is projected to reach $87.89 billion in 2028, up more than $30 billion from 2021.
But an astronomical increase in RV theft is an issue that cannot be ignored. RV theft skyrocketed 867% in 2020. Default rates are slightly higher for RVs than automobiles at 3.74% versus 2.57%. Where the rubber really hits the road for dealers is with loss given default (the amount of money the financial institution loses when a borrower defaults on a loan). That rate for RVs is significantly higher for RVs at 40.8% compared to 27.5% for automobiles.
All this is to say that two competing truths are at work simultaneously for RV dealers: it’s a great time to be in business, and it’s a risky time to be in business. With battery-powered GPS trackers, you and your finance company can mitigate the risks so you can focus on the opportunity. Here’s how battery-powered GPS can improve your sales, rentals and service.
According to a recent report, 27% of RV dealerships plan on optimizing inventory management, 9% face fixing technology gaps and 7% plan on improving finance and insurance. Adopting a battery-powered GPS tracking system can help you with all three.
As an RV dealer, you’ll have the clarity and confidence you need to focus less time and energy on tracking assets and more space and attention on building customer relationships and driving sales.
About 21% of RV dealers offer rentals and 5% plan to start a rentals line of business. Using battery-powered GPS will help you keep tabs on your assets and enhance customer-service support. You can track where an asset is in relation to its rental time. If an asset appears to be too far away close to the rental-return time, you can proactively reach out to the renter to see if trouble has occurred, whether that’s an accident or a potential theft in progress. And, if you opt for a battery-powered GPS device that also uses cellular technology, you’ll be able to track your asset regardless of location. If there’s a cellular dead zone, GPS can locate an asset. If an asset is somewhere GPS can’t reach like a warehouse, you can rely on the cellular-location technology to track your asset.
Repair Event Cycle Times (RECT)—the amount of time between when a work order starts and when that work is completed—can make or break an RV dealership’s service department. The average RECT is 44 days. Leveraging battery-powered GPS can help you track workflows on RVs. You’ll be able to see where bottlenecks occur based on location, if an RV has been stuck in the to-be-serviced line too long and if a repaired RV has yet to be picked up by the owner. You can then leverage these insights to make more informed, proactive, data-driven decisions.
PassTime’s InTouch VP program utilizes the revolutionary GPS tracker, Encore, a wire-free, battery-powered GPS device. Here’s what makes it different:
Discover why RV dealerships across the country are leveraging the power and insights of InTouch VP. Get a free quote tailored to your RV dealership today.