Issue link: https://read.dmtmag.com/i/217512
m ur14 sis byon, ast he ure les up megy er- for ch he sts for roed . It SO ons cle atne im he des ous ber nd diseft to ive les aid nce hey am urity has rond es. an ded rtO's he s. roors roof ich nd erto www.PowersportsBusiness.com FINANCE Powersports Business • December 2, 2013 • 11 DIGEST GE Capital to provide dealer financing to Massimo Motor GE Capital's Commercial Distribution Finance (CDF) business announced that it will provide inventory financing to dealers affiliated with Massimo Motor. Based in Irving, Texas, Massimo distributes a range of motorsports products, including ATVs and side-by-sides. "We've been very successful over the last three years within the farm, agriculture and hunting communities but we're excited that the Massimo brand is attracting a lot of attention within the true powersports industry," said Dylan Smith, national sales manager of Massimo. "We're committed to creating a profitable dealer network and now, with this GE Capital relationship, we're able to better serve motorsports dealers and their customers." Established in 2009, Massimo's management team has more than 25 years of previous powersports experience. Inventory financing is an important element of a successful manufacturer-lenderdealer business model. It allows dealers to order products without depleting their cash reserves. Rather than paying the distributor within 30 days, dealers may obtain extended terms or other benefits by using a preferred inventory finance company. Meanwhile, distributors can focus on their core capabilities. "As a leading provider of inventory financing in the motorsports industry, we're able to share expertise that can help Massimo expand its reach," said Sameer Gaur, president of CDF's motorsports group. of $30.1 million, a 33.8 percent increase over fiscal year 2012. ARI also had fourthquarter revenues of $8.5 million, a 44 percent increase over the same period last year. Recurring revenues for the fourth quarter of fiscal year 2013 were $7.9 million, a 65.1 percent increase over the fourth quarter of fiscal year 2012. As a percentage of total revenues, recurring revenues in the fourth quarter were 93.6 percent in fiscal year 2013 versus 81.7 percent for the same period in fiscal year 2012. Recurring revenues for the fiscal year 2013 were $27.0 million, a 44.3 perecnt increase over fiscal year 2012. As a percentage of total revenues, recurring revenues were 89.7 per- cent in fiscal year 2013 versus 83.2 percent in fiscal year 2012. "Fiscal 2013 was a transformational year for ARI. We completed two acquisitions, which provided us with a first-to-market opportunity in the powersports industry and introduced ARI to several new markets — aftermarket wheel and tire and durable medical equipment. We raised $4.5 million in a private placement transaction that was used to reduce our post-acquisition debt and are excited about our new relationship with Silicon Valley Bank, which we believe will be a critical growth partner for the company," said Roy W. Olivier, president and CEO of ARI. "Our acquisition of 50 Below in Novem- ber 2012 was a game changer for ARI. We posted record revenues in fiscal 2013, exceeding $30 million for the first time in the company's history and now host and maintain more than 5,500 websites. ARI has proven time and time again that it is highly capable of acquiring and efficiently integrating companies. The 50 Below operation, which we acquired out of bankruptcy in November 2012, recorded an operating loss of $3.4 million on revenues of $9.2 million for the trailing 12 months ended Oct. 31, 2012. By the quarter ended April 30, 2013, we had already achieved positive cash flow and EBITDA for 50 Below, ahead of our original expectations." PSB PROTECTIVE LAUNCHES ENHANCED XTRARIDE PROTECTION PLAN Protective Asset Protection has launched program enhancements to the XtraRide Powersports Protection Plan. These updates represent product improvements that will strengthen Protective Asset Protection's service contract offering for the powersports industry. Powersports dealers began selling the new program in November in all states except Washington. The program enhancements include increased parts and additional benefits coverage, as well as expanded model year eligibility. The program now offers a postsale opportunity for pre-owned on-road motorcycles. Additionally, optional coverage for the trailer being towed by an onroad vehicle is now available. The XtraRide product update brings a fresh new look to the program's materials as well as a simplified contract and rate chart. The XtraRide Powersports Protection Plan is available for on-road/off-road motorcycles, mopeds, scooters, ATVs, UTVs, personal watercraft, sport boats, choppers, custom V-twins, trikes and snowmobiles. To learn more about the new and improved protection plan, contact the XtraRide Powersports Sales Support Team at 888.326.2301 or email xrpowersports@ protective.com. ARI REPORTS RECORD REVENUES FOR FISCAL 2013 ARI Network Services reported record revenues for its fiscal year ended July 31, 2013. ARI reported record revenues P08x11-PSB15-Finance.indd 11 11/25/13 11:27 AM