The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.
Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .
Wed Aug 29, 2018
Author: RV News Staff
To leverage its strengths, better optimize capital allocation, and provide even more focused dealer support, Ally Financial is taking strategic actions that will enable it to concentrate more on its core business operations, according to the company. The renewed focus on its core strengths is at the heart of its recent decision to exit both the Transportation Equipment Finance and the RV Commercial and Consumer lines of business.
"These actions allow us to put more energy and more resources into our core businesses and provide the greatest value to all of our stakeholders from dealers and consumers to shareholders and employees,'' says Doug Timmerman, president of Auto Finance for Ally. "We have a long history in auto finance and it's what we do best, so maximizing the resources we have in support of dealers is the right step."
Ally RV dealers were notified of the decision earlier in August, with commercial dealers being notified personally.
"Our goal is to help dealers transition to new finance providers as smoothly as possible so they can maintain continuity of their businesses," Timmerman says.
Ally is continuing to service consumer retail contracts, but will notify them if there are any changes, Ally reports.
Ally's Commercial Services Group, which finances and leases commercial vehicles from small cars to heavy duty trucks, is not affected by these changes and remains a vital component of Ally's value to a growing number of dealers in the space, company leaders said. Transportation Equipment Finance covers marine vessels, airplanes, rail cars and other non-vehicle assets that are originated directly with the customer.
Ally adds that "the decision to exit the RV and Transportation Equipment Finance lines of business had nothing to do with projections for either industry."