b"Wells Fargo/RVB Industry Survey: Headwinds to Extend Well into 2024 Looking back at 2023, how did your dealership/nBY RVBUSINESSinto 2025. Overall, we maintain our bull-Editors Note: RVBusiness is the sis- ish position on the future of the RV and division/firm fare compared to 2022? terpublicationtoWoodallsCamp- marine industries and our brands will be ground Magazine.well situated to participate strongly in the Comingoffachallenging2023,cyclical upswing when it occurs, he said. 2% Up more than 20% everyone has a keen eye on what 2024Sounding similarly upbeat is Jason might have to offer. Specifically, indus- Lippert, president and CEO of mega-tryobserversarewonderingifandsupplierLippertComponentsInc. when the retail market will return.(LCI), who was speaking following his 8%Ahead 10% to 20% To help find that answer, RVBusinesscompanys Q4/2023 report.and Wells Fargo Commercial Distribu- If you look at March, were seeing tion Finance again reached out to theRV OEMs increase some days of pro-North American RV sector for the an- ductionwhich in some cases will be 10% Growth of 0% to 10% nual RVBusiness/Wells Fargo All-In- 20% for some of thoseand others dustry Survey to gauge the collectivethat are flat, and others that are just mindset.adding a few units a week to their pro-Questions ranged from market analy- duction schedule, Lippert said. So, 13% Flat year over year ses to aged inventory to service opera- like weve said all along, we know that tions to negative equity to elevating thewhat goes down must come up. And it customer experience.feels like were starting to come off the Generally speaking, the nearly 200bottom, at least in March well certainly 16% Down 10% or less respondents had a dim view of theirsee a little bit more volume in RV. companiesrespectiveperformanceLikewise, in a recent Capitol Talk last year. Just over half (51.8%) saidinterview with RVBusiness, Bob Martin, theirbusinesswasdownmorethanpresident and CEO of THOR Industries 51%Off more than 10% 10% in 2023 compared to 2022. Inc., offered his thoughts on when the Likewise, most also had a very con- RV market might return in earnest. servative forecast of how 2024 mightNo one has a crystal ball, but I think play out, with 62.3% expecting either ayou see some of the things from stock flat year this year or an increase of lessmarkets,theFed,signalingpossibly than 10% compared to 2023 for theirsome cuts. That's something we need. business. And those positive signs can really help The picture is much brighter, however,us get back to more of a normalized when looking at beyond 2024, however.rate. But it'll probably be in the second Case in point: Noting that the com- half of the year, Martin said. panys field inventory turn rates haveFor his part, Patrick Industries CEO returnedtopre-Covidstatus,Win- Andy Nemeth, following his companys nebagoIndustriesInc.President&Q4/2023 report, said, we believe the CEO Mike Happe painted a realistic, yetfirst half of 2024 will look similar to the optimistic portrait of the market in ad- last few months of 2023 in respect to dressing Winnebagos fiscal Q1 2024industry and macro trends with some financial performance. promising upside potential in the sec-Whilemanyofthemacroeconomicond half of 2024, especially if there is headwinds remain in placeunsteadyinterest rate relief for both retail and consumer confidence, high interest ratesfloor plan financing. and constraining inventory among themHappe said he expects a strong re- Survey Comments bounding outdoor economy in the backWhat follows is an edited sampling half of calendar year 2024 and especiallyof comments submitted by survey re-What are you forecasting for your dealership/ division/firm in 2024 as compared to 2023?8%Up more than 20%15%Ahead 10% to 20%38%Growth of 0% to 10%25%Growth of 0% to 10%9% Down 10% or less5%Off more than 10%32 April 2024 Woodalls Campground Magazine"