NORFOLK, Va., Jan. 28, 2020 /PRNewswire/ -- RV Trader, the #1 online marketplace for RV shoppers, today released a study offering insights into the growth of the RV rental market along with detailed guidelines to help RV dealers maximize revenue streams from both renters and a newly identified renter/buyer segment. The report, titled RV Dealer's Guide to Unlocking the Value of RV Rentals, includes findings from an RV Trader survey of more than 2,000 consumers who have rented, purchased or been in the market for an RV in the past two years as well as advice from industry experts.
Rental Roadmap for Dealers
Topics covered in the study range from the pros and cons of dealer-owned and dealer-managed fleets to strategies for attracting rental customers, unit maintenance, renter screening, rental booking management, insurance and legal issues. The paper calculates that dealers can generate $7,500 to $30,000 in revenue from a single RV rented for only 100 nights per year, depending on whether the unit is a travel trailer or Class C or Class A motorhome.
"While trends in RV sales have been changing since 2018, RV rentals and rental-to-buyer conversions are clearly on the upswing. That gives dealers the opportunity to generate new revenue streams both today and in the future, since today's renters can turn into tomorrow's buyers," said Lori Stacy, CEO of RV Trader parent company Trader Interactive. "We published this study to help dealers connect with this audience, provide the services they're looking for, and build a strong rental business that will keep them competitive and relevant."
Insights into Renter Behavior
Industry trade organizations indicate that the RV rental industry will continue to grow for the next several years, bringing increased participation from consumers and profit for dealers. The new RV Trader study paints a detailed portrait of who those renters are, their rental habits and purchase plans, and their preferences in making rental arrangements, based on the marketplace's own consumer survey. Among the findings:
- 63% of RV renters are in the 21-35 age bracket, significantly younger than RV buyers. 74% are employed and 59% come from 3+ person households indicating they are raising children.
- 75% say they are likely to buy in the next two years, enabling dealers who offer rentals to establish relationships with potential purchasers at the beginning of their buying cycle.
- 78% plan to rent multiple times, and the average RV rental consumer has already rented over five times in the past two years. Renter/buyers typically rent at least twice before deciding to buy.
- 55% spend seven months to two years researching before they rent, highlighting the importance of providing descriptive online listings with quality photos and competitive nightly pricing.
- 78% prefer to work with a dealer rather than an individual RV owner because they trust that their experience, service and reputation will help ensure a good rental experience.
The rising popularity of rentals is also reflected in a surge in rental interest on the RV Trader marketplace. According to the new study, 41% of RV Trader monthly visitors expressed an interest in rentals and 30% used the site as a rental resource even before the marketplace added an RV Rentals section enabling consumers to quickly zero in on units available for rent by location and departure/return date. The new functionality also features an automated calendar to handle rental reservations, distribute reservation reminders, and collect funds once a booking has taken place, streamlining rental paperwork for dealers.
The full study can be downloaded at https://rvtradermediakit.com/rentals-launch/
About RV Trader
RV Trader is the industry-leading marketplace for buying and selling new and used RVs, including Class A, B, and C vehicles as well as campers and trailers, with more than 2.5 million unique monthly visitors. Listing inventory through RV Trader helps dealers increase their visibility, generate customer connections, drive sales and maximize profits. RV Trader is a division of Trader Interactive and belongs to the well-known "Trader" family of linked brands. For more information, visit www.RVTrader.com.
About Trader Interactive
Trader Interactive connects buyers and sellers in the powersports, recreational vehicle, aircraft, commercial truck, and equipment industries through a broad portfolio of marketplaces that reach 9 million unique monthly visitors. Linked by a widely recognized family of "Trader" trademarks dating back several decades, the company's innovative digital marketplaces leverage artificial intelligence on a cloud platform to improve the lifestyles and livelihoods of consumers, customers and employees by seamlessly connecting people to vehicles for work and play. Trader Interactive's family of "Trader" brands includes lifestyle vehicle marketplaces Cycle Trader, RV Trader, ATV Trader, PWC Trader, Snowmobile Trader and Aero Trader, as well as commercial equipment segments Commercial Truck Trader and Equipment Trader. In addition, the company powers thousands of dealership websites through Commercial Web Services and RV Web Services, and offers unique data insights and technology that assist dealers in more effectively running and marketing their dealerships as well as better serving their customers. The company has more than 350 employees and is based in Norfolk, VA. For more information, visit www.TraderInteractive.com.
SOURCE RV Trader