Dealership closures and stay-at-home orders turned business on its head in March and will continue to do so in the second quarter, according to NADAguides’ recent market insights.
Many segments of the RV industry saw pricing increase from January to February and March to April, suggesting demand was strong immediately before the virus upturned the economy, according to the report. Fifth wheel trailers were the standout, with pricing averaging a whopping 13.9 percent higher in the first quarter of 2020 compared to the same period of 2019.
Standard hitch units also outperformed 2019, averaging 2.7 percent higher pricing. Class A and C motorhomes did not outperform last year, but values were trending upward before the shutdown. The camper segment was on par with last year.
NADAguides stated that dealerships will eventually reopen, and customers will return to the market once stay-at-home orders are loosened. This will coincide with the seasonal slowdown in the fall.
Also, NADAguiedes reported that it is likely that some of the jobs lost in March and the second quarter will not come back once the country opens back up 100 percent later this year. That figure will be a key indicator of what degree of recovery to expect.
