Valuation experts to discuss softening used values at PSFS 2023
Vehicle valuation experts from Black Book and National Powersports Auctions will discuss softening used-powersports vehicle values on Tuesday, Oct. 31, at 9:50 a.m. PST during the Powersports Finance Summit 2023 at the Bellagio Las Vegas.
Jim Woodruff, chief executive of National Powersports Auctions, and Scott Yarbrough, senior analyst of motorcycle and powersports at Black Book, will take the stage to discuss valuation and retention trends broken down by segment, as well as managing loan-to-value ratios in underwriting and preparing for a return to pre-pandemic vehicle values.
Used vehicle values skyrocketed through COVID-19 as new unit supply plummeted due to shutdowns and disruptions in the supply chain as well as a rise in consumer demand for outdoor units. Now that supply chain challenges are no longer looming and new supply has replenished, used vehicle values are slowly normalizing but remain elevated.
The overall market is re-evaluating its inventory level and pricing back to levels similar to pre-pandemic, Yarbrough previously told Auto Finance News.
“Prices are still significantly elevated from historical norms; a 3- or 4-year-old unit is running at least 20% more than the equivalent unit would have been pre-COVID,” he said.
View the full agenda for the event here.
Woodruff brings more than 30 years of experience in both the powersports and technology industries and has spent the past 20 years in powersports, creating operations solutions for lenders, manufacturers and dealers. He is a board member of the Motorcycle Industry Council and the National Powersports Dealer Association.
Yarbrough joined Black Book in 1998 and has overseen the expansion of powersports data the company provides during his tenure. Prior to Black Book, he was a sales manager at a new car dealership in Maryland.
The Powersports Finance Summit provides attendees opportunities to network with industry leaders and sit in on sessions covering topics such as digitization strategies, opportunities in EV financing and dealership consolidation.