RVDA of Canada Seek Solution for Credit Crisis

Lucas Cooney
by Lucas Cooney

Representatives from the Recreation Vehicle Dealers Association (RVDA) of Canada were on Parliament Hill recently to highlight the need for a solution to the emerging credit crisis in the retail RV sector.

“Last year, we voiced our concerns about the unprecedented credit crisis. Our 420 dealer members reported the lack of floor plan financing as the biggest concern facing their businesses in 2009, and this trend is continuing in 2010,” says Kim Stone, RVDA of Canada Chairman of the Board. “This is extremely difficult to grasp, as more and more Canadians continue to move towards the affordable and flexible travel offered by RV ownership.”

The RVDA of Canada hopes to work with the government to find a credit solution.

“The RV industry recognizes recent measures taken by the Government of Canada to help alleviate the financial crisis,” says Stone. “However, a more targeted approach is needed to meet the specific needs of the RV industry.”

According to the RVDA, the RV industry depends on financing to stay viable, and there lies an opportunity to collaborate with an industry that can lead the national economy in financial recovery. The RVDA is urging the Government of Canada to develop a lending model that would more directly inject funding into the RV marketplace.

“RVing and the RV lifestyle make important economic contributions to ongoing tourism and recreation spending in every region of Canada,” says Stone. “In 2008, RV ownership was set at record levels and there are more than 1 million RVs on Canada’s roads today. In fact, some 14 percent of Canadian households currently own an RV.”