News and stories from the world of Powersports business.
Race Winning Brands Transitioning to Unilateral Retail Pricing Policy
Race Winning Brands and its portfolio of brands (BoostLine Products, CORSA Performance, Dart Machinery, Diamond Racing, Haltech, JE Pistons, Manley Performance, MGP, PAC Racing Springs, ProX Racing Parts, Rekluse, RevMax Performance, Transmission Specialties, Trend Performance, Volant and Wiseco Performance Products) is announcing its transition to a Unilateral Retail Pricing Policy, reflecting its commitment to maintaining the quality and reputation of its products in the performance components industry. The implementation of Minimum Retail Price (MRP) for its portfolio of brands is aimed at addressing challenges such as counterfeit product sales, advertising, and selling practices that focus solely on price.
The decision to move from a MAP (Minimum Advertised Price) Policy to the Unilateral Pricing Policy is a strategic response to protect the investments made by its valued partners (distributors, dealers, jobbers, and engine builders) and other resellers who contribute significantly to educating the consumers of all levels about RWB products. This move is driven by a desire to ensure fair competition, discourage practices that solely promote products based on price, and maintain the overall reputation of quality and innovation associated with RWB brands.
Key points regarding the transition to Unilateral Pricing Policy:
- Effective Date: The new pricing policy will be implemented starting June 1st, 2024.
- Policy: RWB will adopt a Minimum Retail Price (MRP) as part of its Unilateral Pricing Policy.
- Reasons for Change: Counterfeit product sales and resellers’ advertising practices based solely on price have been identified as factors potentially detrimental to RWB’s quality reputation and the efforts of its resellers. The change aims to address these issues.
- Support for Resellers: RWB acknowledges the significant investments made by its resellers in educating the public, training staff, and providing customer support. The company is committed to supporting these efforts to maintain the reputation of RWB products.
- Potential Consequences for Non-Compliance: Failure to abide by the new pricing and selling policies may result in various consequences, including:
– Loss of privileges related to RWB’s intellectual properties.
– Referrals for RWB products.
– Customer pricing discount levels.
– Overall ability to purchase RWB’s products. - Communication: RWB will distribute the complete details of the MRP policy on May 1st, 2024, allowing resellers time to adapt to the changes before the effective date.
- Promotions: RWB will allow its valued partners to run limited promotions with proper approval, additional information will be shared in the new policies.
Resellers and other stakeholders are encouraged to contact Cary Redman, Vice President of Sales and Category Management [email protected], for more information and clarification on the new Unilateral Retail Pricing Policies.
Polaris Declares Regular Cash Dividend
Polaris Inc. (NYSE: PII) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.66 per share payable on June 17, 2024 to shareholders of record at the close of business on June 3, 2024.
About Polaris
As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. Polaris’ high-quality product line-up includes the RANGER, RZR and Polaris XPEDITION and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; military and commercial off-road vehicles; snowmobiles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; Aixam quadricycles; Goupil electric vehicles; and pontoon and deck boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with a robust portfolio of parts, garments, and accessories. Headquartered in Minnesota, Polaris serves nearly 100 countries across the globe. www.polaris.com
Kramer Motorcycles USA Announces Jensen Beeler as Its New CEO
Krämer Motorcycles USA is proud to announce the appointment of Jensen Beeler as Chief Executive Officer, effective immediately.
Launching Krämer Motorcycles USA in 2015, Joe Karvonen has been the driving force behind the brand’s success in North America, and earned him the moniker “Krämer Joe” amongst loyal Krämer fans. Joe will continue to own and operate Krämer Motorcycles USA out of its headquarters in Fargo, North Dakota.
“This is less of a change in management, and more of an expansion of leadership in our team, as Jensen increasingly takes on the responsibility for the business direction and corporate strategy of Krämer Motorcycles USA, leaving myself and the current staff to execute that plan,” explained Joe Karvonen, Founder and Owner of Krämer Motorcycles USA.
With over 20 years of industry experience, Jensen’s leadership has already been a benefit to Krämer Motorcycles USA, with unit sales and revenue essentially doubling since he joined the company two years ago.
The dealer network has also expanded in the past two years, with Krämer motorcycles now available regionally in the Pacific Northwest, California Coast, Rocky Mountains, Great Plains, Northeast, and Florida peninsula.
“After the pandemic, Krämer Motorcycles USA was in need of a reboot, so Joe and I sat down and came up with a strategic plan to turnaround the company,” explains Jensen Beeler. “Two years later, we are seeing that hard work come to fruition, and now Krämer Motorcycles USA sits in the best position it has ever seen, with an awesome team to take us into the future,” explained Jensen Beeler.
“For the past two years, Jensen has been a critical member of our team, and many of the changes that we have made behind the scenes have been successful because of his implementation and oversight,” added Karvonen. “This year is already off to an impressive start, and we still have some more big announcements for 2024 and beyond still to come.”
Krämer Motorcycles USA imports handbuilt, German-made, track-only road racing motorcycles into North America. More information is available at kramermotorcyclesusa.com.
LiveWire Group, Inc. Reports 2024 First Quarter Financial Results
LiveWire Group, Inc. (“LiveWire” or the “Company”) (NYSE: LVWR) today reported first quarter 2024 results.
“We are pleased with the successful launch of the S2 Mulholland, and with three bikes in market, we are proud that LiveWire is now the #1 on-road electric motorcycle retailer in the U.S. As part of our plans to expand our market leadership, our teams are working on design, engineering and sourcing initiatives to reduce the cost of our vehicles and manage spend across the business to get the most out of our strategic investments. We expect the consolidation of our operations in Milwaukee at Harley-Davidson’s historic headquarters at Juneau Avenue to bring synergies and efficiencies, as well as a closer connection to our heritage,” said Karim Donnez, CEO, LiveWire.
First Quarter 2024 Summary of Results
- Successful launch of S2 Mulholland in March
- Unit sales of 117 electric motorcycles, an increase of 86% over first quarter 2023
- Consolidated operating loss of $30.4 million in line with expectations, driven by investment in new motorcycle models and actioned initiatives to reduce EV costs
Harley-Davidson Delivers First Quarter Financial Results
Harley-Davidson, Inc. (“Harley-Davidson,” “HDI,” or the “Company”) (NYSE: HOG) today reported first quarter 2024 results.
“Harley-Davidson delivered a good start to the year with a six percent retail growth in North America, our largest and most important region,” said Jochen Zeitz, Chairman, President and CEO, Harley-Davidson. “We are very pleased with the reception of this year’s new product line-up led by our new Touring motorcycles and look forward to continuing the positive momentum as the riding season comes into full swing.”
First Quarter 2024 Highlights and Results
- Delivered diluted EPS of $1.72
- HDMC operating income margin of 16.2 percent
- North America motorcycle retail up 6 percent, driven by sales of new Touring motorcycles, introduced at the end of January
- HDMC revenue down 5 percent, primarily due to planned decrease in motorcycle shipments
- HDFS operating income down 8 percent, while revenue was up 12 percent
- Repurchased $98 million of shares (2.5 million shares) on a discretionary basis
- LiveWire successfully launched its 3rd electric motorcycle, S2 Mulholland, and became market leader in the U.S. for on-road electric motorcycles
- Company updates its full-year 2024 financial outlook
