Spader dealers report increased sales through April
For the first four months of the year, ending April 30, the average Spader Business Management dealer reported sales increases of 7.6 percent over the previous year, according to the latest financial report from the company.
Stronger new boat sales drove up total unit sales 6.1 percent for the average dealer, or around $124,000, compared to the same period of 2011. New boat sales were 8.9 percent higher for the first four months of the year while used boat sales were down by 12.2 percent.
Spader said the drop in used boat sales was likely due to a shortage of good used boat inventory.
Used boat inventories were down 8.5 percent in the first four months of 2012; however, total inventory was up 9.4 percent during that period. New boat inventory was up 10.2 percent for the average Spader dealer, roughly $208,000 higher than 2011.
Dealership margins crept up in the first four months of 2012. Total dealership gross margin percentage was just less than one percentage point higher than the same period of 2011. The average gross margin earned on new boats was one percentage point higher in 2012 and used boats were up one half of one percentage point.
The average Spader dealer reported a net operating profit of $54,336 for the first four months of 2012 — an increase of 344 percent over 2011′s $12,233 average.
While all other expenses were up roughly 5 percent (about $41,000) through April compared to 2011, spending on advertising was down almost 10 percent for Spader dealers.
Personnel expenses were up almost 8 percent, other variable expenses were up 11.7 percent and fixed expenses were up almost 2 percent. Floorplan interest was flat in the first four months of 2012 compared to the previous year.