EFG Companies Powersports Research Reveals New Motorcycle Dealer Profit Opportunity
DALLAS – EFG Companies revealed key market insights to drive dealership profitability through a third-party research survey of 1,000 consumers who purchased a pre-owned motorcycle within the last 24 months on their perceptions surrounding Certified Pre-Owned programs. Key Findings: 95% said the availability of a CPO program would impact the dealer from which they purchased ... Read More »
DALLAS – EFG Companies revealed key market insights to drive dealership profitability through a third-party research survey of 1,000 consumers who purchased a pre-owned motorcycle within the last 24 months on their perceptions surrounding Certified Pre-Owned programs.
Key Findings:
95% said the availability of a CPO program would impact the dealer from which they purchased their motorcycle.
85% of respondents said they would find a complimentary CPO valuable as a benefit provided by the dealer.
Survey respondents placed a high dollar value on the complimentary program benefit – 63% valued the program between $500 – $1,000.
56% of survey respondents would drive over 30 miles, and 33% would drive over 50 miles to buy a motorcycle that included a complimentary CPO package.
71% of respondents had familiarity with CPO programs due to past purchases of cars and trucks.
65% of those respondents said the CPO program made a difference in their past purchasing decision.
Top 3 factors in deciding which bike to purchase:
Price
Condition of bike
Bike mileage
About the Respondents:
2016 nationwide survey of 1,000 consumers who purchased a pre-owned motorcycle within the last 24 months
51% of respondents purchased their motorcycle directly from a dealership.
59% of the respondents paid cash for their motorcycle.
7% of respondents financed through the dealership to purchase for their motorcycle.
3% of respondents financed through an outside lender to purchase their motorcycle.
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