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FINANCE

Powersports Business • October 2024 • 9

Massimo reports 32 percent Q2 gain

Massimo Group revenues increased 32.4 percent year-over-year to $ 35.4 million in the second quarter , compared to $ 26.7 million in the prior-year Q2 period , according to the company . The increase in revenue was primarily due to the combined effect of rising demand in the U . S . ATV and UTV markets and a modified sales strategy .
The manufacturer and distributor of powersports vehicles and pontoon boats noted that gross profit increased 41.9 percent yearover-year to $ 11.5 million in Q2 from $ 8.1 million in the year-ago Q2 period .
“ During the second quarter , we focused on strategic expansions in production , distribution , and products to support ongoing revenue momentum ,” says David Shan , founder , chairman , and CEO of Massimo Group . “ With significant top and bottom-line growth on strong sales and margin improvement , we continue to build manufacturing capacity aimed at enhancing flexibility and increasing annual production . We continued to add new distribution partners and retailers to increase our national footprint and drive sales across our existing and new diversified product portfolio .”
ATV , UTV , E-BIKE Revenue from sales of UTVs , ATVs , and E-bikes increased 53.3 percent to $ 34.2 mil-
See Massimo , Page 10
Massimo ’ s revenue increase was primarily due to the combined effect of rising demand in the U . S . ATV and
UTV markets and a modified sales strategy . Photo courtesy of Massimo
DEALER FINANCIAL SNAPSHOT

NORTHWEST -4.4 % Parts Department -7.0 % Service Department -10.2 % Major Units -9.2 % Overall

WEST -5.6 % Parts Department -5.3 % Service Department -7.7 % Major Units -7.2 % Overall

UNITED STATES -4.2 % Parts Department -1.8 % Service Department -7.3 % Major Units -6.5 % Overall

MIDWEST -5.4 % Parts Department -1.6 % Service Department -12.7 % Major Units -10.9 % Overall

SOUTH -1.3 % Parts Department 1.0 % Service Department -2.0 % Major Units -1.6 % Overall

NORTHEAST -5.3 % Parts Department -0.9 % Service Department -10.5 % Major Units -9.0 % Overall

AUGUST 2024 VS . AUGUST 2023
Dealers were down an average of 6.5 % in combined revenue in August according to composite data from more than 1,700 U . S . dealers that use the Lightspeed DMS . In the parts department , every region reported a drop in revenue , averaging a 4.2 % decrease . The West led this decline , down 5.6 % in August . The South reported the least signifi cant dip in parts revenue , down 1.3 %. On average , dealers were down 1.8 % in the service department . The South was up 1.0 % compared to the
year ago month , while the remaining regions were down in service revenue . The Northwest reported a 7.0 % drop in service revenue , followed by the West , down 5.3 %. Sales revenue was down an average of 7.3 % across the nation . The Midwest reported the biggest drop , down 12.7 %. The South reported the least signifi cant decrease , down 2.0 % in sales revenue . Every region was down in combined revenue . The Midwest was down 10.9 %, followed by the Northwest , down 9.2 %, and Northeast , down 9.0 %. The West was down 7.2 % and the South was down 1.6 % in combined revenue .
PARTS SALES Parts sales revenue was up at 787 dealerships and down at 1025 .
SERVICE SALES Service revenue was up at 874 dealerships and down at 942 .
MAJOR UNIT SALES A total of 667 dealerships were up and 1011 were down .
FOR MORE ON THE SAME STORE SALES DATA
For more information on this report and other industry data , contact : lightspeeddms . com