Issue link: https://read.dmtmag.com/i/164037
CONTINUED FROM COVER Polaris Industries Inc. in August announced the hiring of Tim Larson to the newly created position of vice president, Global Customer Excellence. "Striving for customer excellence in all that we do is vital to Polaris' efforts to continue growing and leading our markets, and we are excited to have Tim joining us to spearhead this effort," said Polaris chairman and CEO Scott Wine. "For TIM LARSON nearly 60 years we have developed world-class products. To drive continued growth, we must take this solid foundation to the next level by creating a unique and identifiable world-class customer experience. Tim brings an extensive professional background perfectly suited to the demands of this new role." With the growth of digital technology, the retail environment is more dynamic than ever before. For Polaris, according to the company, this means delivering excellence at each customer touch point, across its current global dealer network, business units, channels and technology, as well as evaluating strategic expansion of distribution channels and customer base. To address that need, Polaris created this new leadership position directly accountable for those intersections to deliver a truly differentiated customer experience, the company said. Larson will have overall responsibility for creating that experience, working collaboratively across the organization and network. Larson brings more than 20 years of experience developing customer-centric industry leaders in consumer product, manufacturing, technology and multi-channel businesses. For the past five years Tim served as president and CEO at Jostens, Inc. His strong background in general management, sales, marketing, digital campaigns and developing multi-channel capabilities closely aligns with this new role, Polaris said. PSB WPS ADDS HELMET LINE, BRAND MANAGER Western Power Sports has added Kabuto Helmets to its growing list of product vendors. Kabuto (pronounced Kuh-bootow) is a Japanese manufacturer founded in 1982. WPS is the exclusive distributor of Kabuto helmets in the U.S. and will offer up four of the brand's helmets to the U.S. market to begin with: the FF-5V aerodynamic racing helmet; the Aeroblade III lightweight and aerodynamic full P01x07-PSB11-News.indd 3 INSIDE HOTNEWS POLARIS ADDS VP, CUSTOMER EXCELLENCE POSITION user to complete. An email will then be generated automatically and sent to the potential buyer with the reduced price. "We are constantly looking for ways to go above and beyond for our dealers, and these new products are part of that effort," said Paige Bouma, general manager for CycleTrader.com. "One way we can increase ROI for our dealers and outperform our competitors is by offering new ways to deliver qualified leads to our dealers. More leads turn into more sales, which means hundreds more satisfied dealers on CycleTrader.com." Powersports Business • September 9, 2013 • 3 NEWS www.PowersportsBusiness.com face; the Kamui Sport Touring full face with inner shade; and the Avand II open face for city or touring. To showcase the Kabuto brand to the U.S. market, WPS has hired motorcycle industry veteran James Richards as its new full-time Kabuto brand manager. SPY INC. HIRES NEW CFO, ADDS BOARD MEMBER Eyewear company SPY Inc. has announced that Jim McGinty has been named its CFO, effective Aug. 19, and David Rane has joined its board of directors as of Aug. 22. McGinty comes to SPY after serving as the CFO of Hot Topic, Inc. for 13 years. Previously, he worked for Limited, Inc.'s Victoria's Secret, Structure and Express. "Jim brings an incredible retail background and enthusiasm to the role of CFO, and I'm very happy to have him join our team for the next phase of our growth plan," said Michael Marckx, president and CEO of SPY Inc. New board member Rane, a financial management and financing consultant, served on the board of directors and as audit committee chairman at Telanetix, Inc., before joining SPY. Rane has 30 years of experience in senior financial roles. He spent 15 years as a CPA at Pricewaterhouse Coopers before serving as executive vice president and CFO of Callaway Golf. PSB Q &A with: NEWS 4 ... Excitement builds for AIMExpo 7 ... Dealer uses app to reach customers Nick Yoong Capital One Financial Corp. Capital One Financial Corp., the credit card issuing company, acquired the HSBC credit card business in 2012. Powersports Business editor in chief Dave McMahon recently got to learn more about the company's powersports plans, and the retail credit business as the company sees it, from Nick Yoong, vice president of card partnerships. 1 What's the state of your current credit card partnerships in the industry? " Capital One provides manufacturer retail financing for Polaris, Yamaha and Kawasaki, and we are very proud of the relationships we have, the oldest of which dates back to the late 1980s. We acquired this franchise from HSBC in 2012, and after a year of integration we are more committed than ever to the powersports industry and eager to help dealers grow their business. Most people are familiar with Capital One's fun television commercials where we've done some very innovative things in the credit card space. We hope to bring some of that fun and innovation to our powersports financing programs, so dealers should keep a look out." OPINION 8 ... From the Editor 8 ... Online at PowersportsBusiness.com PSB: FOCUS F&I 10 ...Aged inventory drops 11 ...F&I Solutions 15 ...Exclusive ADP F&I study 18 ...Yamaha adds Y.E.S. Maintenance ATV 23 ...Arctic Cat introduces new Prowler MOTORCYCLE 28 ...Yamaha tech earns Japan trip 29 ...Cow bone bike turns heads SNOWMOBILE 30 ...Snowmobile shows ramp up 2 How would you assess the state of retail lending in the first half of 2013? PWC Generally speaking, retail lending in the first half of 2013 has been positive. We are seeing higher levels of spend when compared to last year and lower levels of risk (i.e. charge-offs). As consumer confidence has increased, so has their spending." POWER 15 " 3 What trends are you seeing from the consumer side in 2013? " At the end of the day, we pay more attention to the trends of our risk and charge-off levels for our business. These risk levels for the first half of 2013 are lower than 2012, which means consumers are spending more responsibly on their cards and fewer of them are going delinquent on their accounts. This is fantastic news for the economic state of the consumer and ultimately the powersports business." confi hit a 4 Consumereffectdence earlier this summer level?five-year high. How does that volume at the credit card " We are seeing larger purchases from the customers that are visiting our partners. In other words, customers that are out in the marketplace are demonstrating their confidence by making larger purchases. We can hypothesize that the larger the purchase decision, the more a customer will plan and do their diligence to ensure it's a good decision before purchasing. This seems to hold true given our lower risk levels despite larger purchase volumes." 5 Are you hearing of any challenges that dealers are facing at the retail lending level? " While approval rates are back to near pre-recession levels, the regulatory environment around the financial services industry is very different. It has significantly raised the bar for the requirements to provide financing to a consumer and the disclosures that a dealer must provide to that consumer. The good news is that this has created a more transparent and fair lending environment for the consumer — which we fully support and believe in. We've made many changes to our program over the last few years, not just to reflect the regulatory environment, but really because it's the right thing to do." different 5 What'sago? about the retail lending space now compared to five years " Retail lending is growing and evolving — the variety of card offerings in the market place is expanding by the day. Dealers have more choices than ever with most OEMs carrying multiple lenders. The low interest rate environment has also enabled the credit unions to offer low interest rate financing with dealer incentives. This has provided dealers and consumers more options to help dealers make the most of the door swings they are getting as the industry recovers. As I mentioned earlier, regulation and oversight of the financial services industry is at an all-time high. As a result, consumers have become more aware of all aspects of lending in general which helps facilitate richer conversations about what products will best meet their needs." PSB 32 ...Sales stall in July 35 ...Dealers host high-quality events SOLUTIONS 36 ...Steve Jones 37 ...Hal Ethington AFTERMARKET 38 ...Heat Demon adds warranty ARI offering free trial of PG&A lookup solution ARI Network Services announced that it has upgraded its award-winning AccessorySmart aftermarket parts, garment and accessory (PG&A) lookup solution for powersports dealers. "As the only provider of a fitment-powered aftermarket PG&A lookup solution in the industry, we are committed to helping powersports dealers increase sales," said Roy W. Olivier, president and CEO of ARI. "This upgrade includes greater dealer management system integration, new distributor and OEM content, key unit specifications and tire fitment information." ARI is offering all powersports dealers the opportunity to try AccessorySmart free for 30 days at www.TryAccessorySmart.com/Free-Trial. Highlights of the upgrade include an expanded library of manufacturer and distributor catalogs. ARI has added Helmet House, including up-to-date warehouse availability and pricing. In addition, Honda and Suzuki Genuine Parts and Accessories catalogs are now available. Searches now include full fitment information for tires, chains, and spark plugs, making it easier for dealers to instantly confirm compatibility with a customer's vehicle. Expanded connectivity with ADP Lightspeed makes it easier for powersports dealers to check store prices and availability. PSB 8/28/13 11:33 AM