PSB Insider

Aftermarket Insights: Opportunities to help maximize profits from parts, service and more

Synchrony research reveals that 97% of powersports consumers have purchased aftermarket items in the past 12 months. That’s almost all powersports dealership customers surveyed.
 
As a dealer, you’re well aware that parts and service can generate some of the highest margins in your business. What if earnings could be even higher in these departments? This episode of Synchrony Insights provides concrete action steps you can take in your business to help drive greater profitability and customer satisfaction.
 
Episode 3 Aftermarket Insights based on Outdoor PG&A Credit Product Study, conducted by Chadwick Martin Bailey on behalf of Synchrony, September 2021.
 
This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, Synchrony) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions

E-commerce Insights: How the pandemic changed the way consumers make major purchases

Consumers are placing more emphasis on the online portion of the buying process than ever before. This was a key takeaway in Synchrony’s most recent Major Purchase Journey Study, which surveyed more than 3,800 consumers who spent $500 or more on purchases in mid-2021, including power equipment and automotive. Two things are driving permanent changes in the consumer journey. One, people want to have confidence in their purchases—they want to know they’re making the right choice with the right retailer. Two, they want the process to be easy. They want to get in and get out with their desired product. All of this adds up to more time spent online researching options, prices and financing terms before they ever set foot in a powersports dealership. Dealers who are cognizant of these changes and embrace them will discover new opportunities to connect with their customers in the current environment and build a strong foundation for future adventures.
 
Episode 2 Ecommerce Insights based on 8th Major Purchase Journey Study, conducted by RTI Research on behalf of Synchrony, August 2021 and “Powersports Enthusiast Market Insights,”  Synchrony, July 2022. This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, Synchrony) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.

Inflation Insights: Ways your dealership can clean up even when the economy’s a mess

These days you can’t glance at your phone or flip on your TV without being barraged by news about inflation, market turbulence and consumer anxiety. With high prices expected to continue for the foreseeable future, consumers are increasingly anxious about the economy. As a powersports dealer, you may see all this bad news and be tempted to stress out. After all, your success is based on people wanting to have fun and find adventure, and financial uncertainty often makes them want to hunker down and cut recreation out of their budget. Don’t give up. Despite the negative headlines, this market presents significant opportunities for you not just to survive but to see your operation grow. Adjust your outlook and a few business tactics, and you’re likely to ride out the storm with a flourish.
 
Source: Episode 1 “Inflation Insights” based on “In Synch with Consumers: Synchrony’s monthly pulse on consumer sentiment trends,” conducted by Chadwick Martin Bailey, September 2022
Disclaimer: This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony and any of its affiliates (collectively, “Synchrony”) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions.