September 1, 2024 • 25 mins
In this comprehensive episode of the RV Rental Secrets Podcast, co-hosts Garr Russell and Stacy Maxon sit down with Troy Snyder, the VP of Product at RV Trader, to explore the latest trends in the RV industry and provide invaluable advice for RV owners looking to sell their vehicles. Troy brings a wealth of knowledge from his experience at RV Trader, offering listeners a deep dive into both the current state of the RV market and the tools available to optimize RV sales.
The episode begins with Troy discussing recent market trends, including a significant 21% year-over-year decline in new RV registrations and a 9% drop in retail selling prices. Despite these challenges, Troy highlights a bright spot: an increase in the value of pre-owned RVs. Travel trailers, fifth wheels, Class A RVs, camping trailers, and truck campers have all seen valuation gains, which Troy explains could indicate a shift back to a more favorable market for consumers. This is particularly relevant for those who bought RVs during the COVID-19 pandemic and may now be looking to sell or refinance.
Garr and Stacy talk about the implications of these trends for RV rentals and sales, particularly the rising demand for fifth wheels and luxury RVs, which could influence future rental market dynamics. The conversation then shifts to the tools and technology RV Trader offers to simplify the selling process. Troy introduces RV Trader’s latest innovations, including AI-powered features that streamline listing creation, from automatically populating vehicle specs to generating detailed descriptions. These advancements not only save sellers time but also help ensure their listings stand out in a competitive market.
Troy also addresses the importance of online safety and fraud prevention, detailing the steps RV Trader takes to protect both buyers and sellers. With fraud becoming increasingly sophisticated, RV Trader is incorporating AI and other technologies to detect and block fraudulent activity. Additionally, Troy discusses future enhancements like vehicle history reports and VIN validation, which will add further layers of security to the buying and selling process.
Stacy and Garr share their experiences with selling RVs and provide practical tips for creating effective listings. They emphasize the importance of knowing your RV’s value before listing it, using detailed descriptions to attract buyers, and investing in exposure through premium listing packages on platforms like RV Trader. Stacy also touches on the differences between listing an RV on RV Trader versus more general marketplaces like Facebook, highlighting the benefits of working with a platform that specializes in RV sales.
Towards the end of the episode, the conversation expands to future developments in the RV marketplace, including the potential for fully digital transactions, encompassing financing, payments, and DMV documentation. Troy hints at exciting new features that will make RV Trader even more robust and user-friendly, setting it apart from other online marketplaces.
The episode concludes with some final advice from Troy on how to get the most out of your RV listing, including best practices for pricing, description writing, and using RV Trader’s tools to enhance your selling experience. Whether you’re an RV owner looking to sell, an industry professional, or simply interested in the latest market trends, this episode is packed with valuable insights and practical tips to help you succeed in the RV market.
Tune in to gain a deeper understanding of the RV industry and learn how to navigate the selling process with confidence, backed by the expertise of one of the leading figures in the RV marketplace.
Interested in selling your RV? List it on RVtrader, the #1 Marketplace for RV sales
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Transcript
Episode Transcript
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Hey, y'all, everybody.
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Welcome to another episode of RV Rental Secrets Podcast.
.998I am your co host, Gar Russell, here with my partner, co host Stacey Maxson. 4 00:00:13,239.999 --> 00:00:16,799.9985 And today we've got a special episode in store for you guys. 5 00:00:16,799.9985 --> 00:00:19,199.998 How are you doing, Stacey? Very good. 6 00:00:19,199.998 --> 00:00:20,549.998 I'm excited for today's episode. 7 00:00:21,404.999 --> 00:00:22,24.999 Yes, ma'am. 8 00:00:22,34.999 --> 00:00:22,594.999 Me too. 9 00:00:22,974.999 --> 00:00:27,334.999 We're going to get some insider information here that a lot of people don't get get privy to. 10 00:00:27,334.999 --> 00:00:33,234.999 So today we have the VP of product for RV trader, Mr. 11 00:00:33,234.999 --> 00:00:34,214.999 Troy Snyder. 12 00:00:34,214.999 --> 00:00:34,514.999 Mr. 13 00:00:34,514.999 --> 00:00:36,374.998 Troy, welcome to the podcast. 14 00:00:36,604.999 --> 00:00:37,734.998 Hey, Stacey Gard. 15 00:00:37,764.999 --> 00:00:38,384.9985 Good to be here. 16 00:00:38,384.9985 --> 00:00:39,144.999 Thanks for having me. 17 00:00:39,794.999 --> 00:00:40,644.999 Yeah, yeah. 18 00:00:40,644.999 --> 00:00:44,594.999 We're excited to chat with you and just talk RVs, the RV industry. 19 00:00:44,594.999 --> 00:00:48,84.999 You know, a lot of our episodes are around RV rentals. 20 00:00:48,674.999 --> 00:01:05,634.998 And just coaching those in the space and, you know, being in the space, you know, we'd like to know what's going on with, with the industry as a whole, you know, so selling and buying and all the different trends and, and I'm guessing RV trader has a little bit of data that they could possibly share. 21 00:01:05,634.999 --> 00:01:10,374.999 You guys have a little bit of experience in the RV industry, don't you? Yeah, we do. 22 00:01:10,374.999 --> 00:01:15,294.999 And we try to stay as Tapped into the market as we possibly can. 23 00:01:15,854.999 --> 00:01:28,684.998 Me being a big part of product, we react to market conditions and consumer sentiment, and we try to build products and software that make life easier on RV owners. 24 00:01:29,194.999 --> 00:01:36,874.999 But I'll get into some market trends that we're seeing that are really interesting and I think are very relevant to this discussion today. 25 00:01:37,524.999 --> 00:01:49,194.998 And we've all been discussing the macro economic conditions that we're going through, not just in the RV world, but across the entire consumer universe. 26 00:01:49,644.999 --> 00:01:53,394.999 But I'm going to give you a couple stats that shed some light. 27 00:01:53,809.999 --> 00:01:55,579.999 On what's really happening. 28 00:01:55,639.999 --> 00:01:58,219.999 Some positive signals were seeing as well. 29 00:01:58,849.999 --> 00:02:01,99.999 And here's some interesting tidbits. 30 00:02:01,159.999 --> 00:02:11,199.998 So when we took a look at June, and we looked at new RV registrations, we saw a decline of 21 percent year over year. 31 00:02:11,459.999 --> 00:02:12,549.998 So that's interesting. 32 00:02:12,549.999 --> 00:02:14,69.999 That's a very sluggish. 33 00:02:14,564.999 --> 00:02:22,204.999 New RV sales trend, and we're seeing retail selling prices down about 9%. 34 00:02:23,484.999 --> 00:02:27,664.998 So that's, those are some rough metrics there to consider. 35 00:02:27,714.999 --> 00:02:39,179.999 But even though there's some finance and equity headwinds around high interest rates, inflation, this very cautious consumer sentiment. 36 00:02:39,579.999 --> 00:02:45,59.999 We're seeing some gains, however, in pre owned RV valuations. 37 00:02:45,669.999 --> 00:02:50,779.999 More specifically, if you look at travel trailers, we see values are up 6%. 38 00:02:51,329.998 --> 00:02:54,379.999 We see fifth wheels are up 4%. 39 00:02:54,889.999 --> 00:02:57,529.999 Class A RV is up 3%. 40 00:02:57,929.999 --> 00:02:59,439.999 Camping trailers up 8%. 41 00:03:00,559.999 --> 00:03:02,879.999 And truck campers up 5%. 42 00:03:03,329.999 --> 00:03:06,19.999 So these are some very positive signals. 43 00:03:06,19.999 --> 00:03:12,409.999 We're starting to see and we haven't seen RV use valuations coming up in many quarters. 44 00:03:12,439.998 --> 00:03:14,119.999 They've been on a steady decline. 45 00:03:14,279.999 --> 00:03:19,339.899 So these are some health signals that things may be getting better just around the corner. 46 00:03:19,339.899 --> 00:03:37,594.799 You know, I love those stats because it's kind of like there's a shift back to the favor of the consumer, right? You know, because so many people bought RVs during COVID and they got these great financing terms and they're just flying off the shelves in the lots and. 47 00:03:38,144.899 --> 00:03:45,474.899 And then you fast forward ahead and every, not everybody, a lot of people are back to their normal travel patterns. 48 00:03:45,484.899 --> 00:03:50,634.8985 And so they're trying to sell these RVs and they're like, you know, competing with the dealerships almost. 49 00:03:50,634.8985 --> 00:03:57,124.799 So that's, that's cool to see there's been a shift as far as consumers are in a little better position now on those units. 50 00:03:57,124.899 --> 00:03:58,54.899 So that's right. 51 00:03:58,414.899 --> 00:04:03,684.899 And some during COVID now they're upside down in those, what we call COVID loans. 52 00:04:03,684.899 --> 00:04:05,764.899 We refer to them actually as COVID loans. 53 00:04:06,174.899 --> 00:04:09,184.899 So happy to see these values come back up. 54 00:04:09,184.899 --> 00:04:20,144.899 So if there were some RV owners stuck and some of those higher interest rates, maybe now's the time to begin to ease some of that pressure and get out of those loans. 55 00:04:20,954.899 --> 00:04:30,854.899 Yeah, yeah, we actually, we created a program based on the response we were getting from RV owners when we would present our management program to them. 56 00:04:31,454.899 --> 00:04:39,4.899 And part of our process was educating the consumer, like, Hey, unfortunately, your RV is not worth as much as you owe on it. 57 00:04:39,434.899 --> 00:04:42,914.898 So we created a program called the principal pay down program. 58 00:04:43,309.899 --> 00:04:51,669.899 Where we would help them rent the RV out for a season or two, knock a big chunk off that principal and put them in a better position to sell. 59 00:04:51,669.899 --> 00:04:55,369.899 So it's great to see that this is also moving in their favor as well. 60 00:04:55,799.899 --> 00:05:03,669.898 Yeah, I'm glad you provided that education because finance is a very confusing element in any vehicle purchase. 61 00:05:03,669.898 --> 00:05:09,349.898 It's not crystal clear to everyone how rates work, how loan duration works. 62 00:05:09,959.899 --> 00:05:16,779.899 What, what's your value mean in terms of your loan? So I'm, I'm happy you're out there pushing some education and some support. 63 00:05:16,779.899 --> 00:05:17,359.899 It's needed. 64 00:05:18,469.899 --> 00:05:23,79.898 Yeah, it really, you know, it makes me think of, I have a background in real estate. 65 00:05:23,109.899 --> 00:05:28,869.899 I own a credit counseling company for over a decade and, and my niche was helping create homeowners. 66 00:05:29,819.899 --> 00:05:38,419.898 And, you know, there's so much education on the lending side of purchasing a home and disclosures and, okay, are you sure you understand this? Sign this paper. 67 00:05:38,419.899 --> 00:05:52,30.57014286 Okay, sure you understand how this works? Sign this paper, you know, and then you look at the RV or auto industry and the paper that's put in front of you is basically, hey, here's how low we were able to get your monthly payment. 68 00:05:52,30.57014286 --> 00:05:53,134.799 Sign the loan here. 69 00:05:53,374.899 --> 00:06:00,364.899 You know, there's not a lot as far as the interest or what they're going to end up paying in the interest over the terms of that loan. 70 00:06:00,364.899 --> 00:06:03,34.899 There's, there's not a lot of education and stuff in place. 71 00:06:03,44.899 --> 00:06:07,604.8985 So, yeah, it's good to see some of these things coming to head. 72 00:06:07,654.8985 --> 00:06:19,284.8975 Any, any insight you want to throw in on that, Stacey, as far as what we've talked about? One of the things I thought was interesting about the stats is some of the higher percentages were fifth wheels and then the truck campers. 73 00:06:19,809.8985 --> 00:06:24,529.8985 So I know we've talked about recently, Gar, how we feel like fifth wheels are the future. 74 00:06:24,849.8985 --> 00:06:30,589.8985 So I feel like that can kind of give an insight of what the demands might be for the rental market as well. 75 00:06:30,589.8985 --> 00:06:32,329.8985 Yeah, it's a really good point. 76 00:06:32,379.8985 --> 00:06:36,69.9005 And that valuation only creeps up if the demand is there. 77 00:06:36,659.9005 --> 00:06:43,969.8985 If, if inventory may be lighter there, but the demand is there, that's where that price point starts to inch up over time. 78 00:06:44,289.8995 --> 00:06:47,599.8995 So Stacy, I think you're spot on with your assumption there. 79 00:06:48,104.8995 --> 00:06:51,254.8995 Yeah, we see that right with these new campgrounds being built as well. 80 00:06:51,254.8995 --> 00:07:00,579.8995 They're It's all about the glamping white glove, you know, the days of tent camping, you know, those, those are far and few between. 81 00:07:00,579.8995 --> 00:07:06,439.8985 So what we're seeing is renters, they're stepping up their game as well. 82 00:07:06,439.8985 --> 00:07:14,479.8995 They don't want to travel trailer that maybe has a little bit more shape to it or that, you know, or, or doesn't have two, three AC units sitting on the top. 83 00:07:14,839.8995 --> 00:07:15,919.8995 They want the fifth wheels. 84 00:07:15,919.8995 --> 00:07:18,809.8995 Now they want the luxury class a is delivered. 85 00:07:18,809.8995 --> 00:07:26,279.899 And, and so Yeah, that's interesting to see it from both sides as far as the rental user demand and the pricing side of it. 86 00:07:26,709.899 --> 00:07:28,379.899 Definitely some similarities there. 87 00:07:28,899.898 --> 00:07:29,279.898 Yeah. 88 00:07:29,969.898 --> 00:07:30,469.899 All right. 89 00:07:30,479.899 --> 00:07:36,759.899 Stacy, you got any questions you want to ask? Otherwise, I've got, I don't, you know me, I don't want to control this whole conversation here. 90 00:07:36,989.899 --> 00:07:38,909.898 Yeah, I'll go into the next question. 91 00:07:39,929.899 --> 00:07:42,559.899 So, you know, we talked about trends a little bit. 92 00:07:42,929.899 --> 00:07:47,619.899 Obviously, RV Trader you guys are mostly using online things. 93 00:07:47,619.899 --> 00:08:06,674.899 So I was kind of wondering, like, how does some of the technology you use help provide personalized recommendations to the users? Yeah, Stacy, I appreciate you asking that and RV trader it for those that aren't aware, it is a marketplace website. 94 00:08:06,854.899 --> 00:08:16,224.899 And what I mean by marketplace website is it is a collection of new and pre owned RVs for sale. 95 00:08:16,614.899 --> 00:08:19,494.899 And this may be from dealers directly. 96 00:08:19,939.899 --> 00:08:24,689.899 And this may also be from people like us selling out of our driveway. 97 00:08:24,689.899 --> 00:08:28,899.899 We call that private marketplace or private party side of things. 98 00:08:29,519.899 --> 00:08:32,849.899 And so RV trader is this huge marketplace. 99 00:08:32,949.898 --> 00:08:41,589.899 There's currently 180, 000 listings or RVs for sale across all class types currently on the site. 100 00:08:42,19.899 --> 00:08:48,251.53233333 So it is a huge resource for RVers out there buying and selling. 101 00:08:48,251.53233333 --> 00:08:50,484.899 And that's why we exist. 102 00:08:51,4.899 --> 00:08:57,974.899 Our whole point is to make that part of RV ownership as simple and easy as possible. 103 00:08:58,334.899 --> 00:09:05,594.899 And our goal is to help you get as much for your RV when it's time to sell as much as possible. 104 00:09:06,164.899 --> 00:09:10,164.898 That's that retail side that we emphasize. 105 00:09:10,224.899 --> 00:09:19,534.899 And that's again why we try to stay so plugged in to the market in terms of what RV owners are looking for when buying and selling. 106 00:09:20,64.899 --> 00:09:30,929.899 And we incorporate a lot of technology into this product and this process to make this part of RV ownership super easy, a breeze. 107 00:09:31,219.899 --> 00:09:46,404.899 It's online after all, so all of us as consumers, we have a high expectation of how these things Websites and apps are going to work, right? We're trained by Amazon, a couple of clicks, and I want to be done with the experience and that's what we've done. 108 00:09:47,54.899 --> 00:09:53,934.898 And Stacy, I can get deeper into the process of listing your RV for sale. 109 00:09:53,934.898 --> 00:09:55,994.9 If you like as a next step here. 110 00:09:56,504.899 --> 00:09:57,304.9 Yeah, definitely. 111 00:09:58,49.9 --> 00:10:10,669.9 Okay, so we have released a new tool on RV Trader that makes listing your RV for sale literally a couple of clicks and you're done. 112 00:10:11,119.9 --> 00:10:13,549.9 And you talked about technology a moment ago. 113 00:10:13,914.9 --> 00:10:27,724.9 We are leaning pretty heavily on not just technology, but also AI in this process, where if you tell us the year make and model of your RV, that's where our technology kicks in. 114 00:10:28,284.9 --> 00:11:02,909.9 Our whole goal was to make this listing process as simple as possible and very fast, not just get you the most money that you possibly can, How do I get you to list your vehicle with two or three clicks if I possibly can? So if you tell me year, make, and model, we do what's called data mapping, where we see that set of year, make, and model, and we automatically spawn your listing or your ad for you, including all those model specs, slide outs, capacity. 115 00:11:03,434.9 --> 00:11:09,344.9 All that data that we have in our database, we spare you from needing to look up and enter yourself. 116 00:11:09,604.9 --> 00:11:14,664.9 We just create that part of the ad for you and to take it a step further. 117 00:11:14,964.9 --> 00:11:19,204.9 Here's where we start to bring in AI or artificial intelligence. 118 00:11:19,824.9 --> 00:11:32,584.9 You can write your own description of your RV if you like, but what you can also click one button and have AI write you a full description of your RV just based on a few simple user inputs. 119 00:11:32,864.899 --> 00:12:01,29.9 So again, saving you time, but this AI engine also Writes a really nice write up on your vehicle that can be the most time saving element of this whole process where it could take you 15 or 20 minutes previously to do a write up on what what your RV is all the cool selling points are AI engine does that for you and we also use some data on the back end to give you a suggested list price. 120 00:12:01,409.9 --> 00:12:07,339.9 Everybody wants to know what can I possibly get for my RV when I'm posting it for sale online. 121 00:12:07,759.9 --> 00:12:14,529.9 We give you that instant retail value so that you have some guidance there and you know what to list your vehicle for. 122 00:12:14,809.9 --> 00:12:24,349.9 So Stacey hitting on that technology piece one more time, really give us a couple minor bits RV that you're looking to sell. 123 00:12:24,694.9 --> 00:12:36,994.9 And our technology, our AI and our data mapping kick in to build you a really nice listing or add and merchandise your RV the best possible. 124 00:12:36,994.9 --> 00:12:37,754.899 I love that. 125 00:12:37,764.899 --> 00:12:39,804.9005 And, to compare to. 126 00:12:40,399.9005 --> 00:12:51,149.9005 You know, probably one of your competitors, like listening on Facebook marketplace, you know, you could easily be there for a half hour trying to, get pictures and figure out what to write. 127 00:12:51,159.9005 --> 00:12:54,299.9005 So I love that you're just making it really easy for your customers. 128 00:12:55,59.9005 --> 00:12:55,619.9005 Yeah. 129 00:12:55,709.8995 --> 00:13:00,759.9005 And Facebook's kind of easy to pick on because they are not RV people. 130 00:13:00,979.9005 --> 00:13:12,429.9005 Like we are, and the process of listing your class A for sale on Facebook isn't that different than listing your lamp for sale that you no longer want out of your family room. 131 00:13:12,879.9005 --> 00:13:15,569.9005 That's where our expertise kind of kicks in. 132 00:13:15,959.9005 --> 00:13:18,819.8995 We do live and breathe this environment. 133 00:13:18,999.9005 --> 00:13:24,179.9005 So every part of your experience RV lifestyle. 134 00:13:24,389.9005 --> 00:13:25,719.9005 We've got more data. 135 00:13:26,89.9005 --> 00:13:28,519.9005 On RVing than anybody online. 136 00:13:28,519.9005 --> 00:13:33,719.9005 So we use all of that to provide the best online RV experience possible. 137 00:13:33,719.9005 --> 00:13:34,409.8995 That's awesome. 138 00:13:34,679.9005 --> 00:13:41,329.9005 Actually, I'm logged into my RV Trader account right now because I've sold a couple RVs on RV Trader. 139 00:13:41,329.9005 --> 00:13:51,59.9005 And that's what I always recommend when somebody, we reach out about our management program, because we'll reach out to people on Marketplace and tell them about our management program. 140 00:13:51,59.9005 --> 00:13:54,159.8995 And they'll let us know, Hey, we're just, we're really just trying to sell this. 141 00:13:54,994.9005 --> 00:13:57,204.9005 And I tell them, Hey, you need to go spend. 142 00:13:57,214.9005 --> 00:14:05,204.9005 I was trying to figure out when I logged in my account, I was trying to figure out what I spent, but I think I was like right around 200 for like the good enhanced listing or something. 143 00:14:05,514.9005 --> 00:14:05,854.9005 Yeah. 144 00:14:05,894.9005 --> 00:14:06,624.9005 That sounds about right. 145 00:14:07,89.9005 --> 00:14:12,519.9005 I said, you've got to go spend that couple hundred dollars because you're literally getting like nationwide exposure. 146 00:14:12,989.9005 --> 00:14:16,99.9005 Like, one of my units that I sold was down here in Florida. 147 00:14:16,449.9005 --> 00:14:18,199.9005 A family from Minnesota bought it. 148 00:14:18,809.9005 --> 00:14:23,969.9005 And, you know, on Marketplace, somebody from Minnesota isn't going to see your travel trailers in Florida. 149 00:14:24,279.8995 --> 00:14:24,559.8995 Right. 150 00:14:25,289.8995 --> 00:14:27,909.8995 So, yeah, it's, it's, yeah, you're going to the experts. 151 00:14:28,564.9005 --> 00:14:43,719.9005 What are you guys doing in regards to that as far as like safety on the marketplace and safety features and just, you know, protecting consumers and the sellers? Yeah, great question because online fraud is real. 152 00:14:43,809.9005 --> 00:14:45,199.9005 It happens every day. 153 00:14:45,349.9005 --> 00:14:46,969.9005 It's a threat to everybody. 154 00:14:47,499.9005 --> 00:14:53,219.9005 And part of our responsibility is to keep people safe when they're using our tools. 155 00:14:53,869.9005 --> 00:15:08,594.9005 And fraud is all around us on the buyer side within these transactions, meaning there'll be fraudsters that Act like they want to purchase an RV and they are trying to contact the seller and get something out of them. 156 00:15:08,944.9005 --> 00:15:16,344.9005 So we're using tech and AI to sniff out that fraud and block and prevent it as much as possible. 157 00:15:16,934.9005 --> 00:15:26,709.9005 And then on the seller side, we do many layers of fraud prevention to make sure RVs are legitimate when they hit our listing site. 158 00:15:26,789.9005 --> 00:15:30,809.9005 It's not somebody fishing for money with an RV that doesn't exist. 159 00:15:31,229.9005 --> 00:15:37,829.9005 So we use a lot of data and layers of fraud to do checkpoints on both sides. 160 00:15:37,829.9005 --> 00:15:44,639.9005 And this is how this is active 24 seven, because the fraudsters don't take a break and they're very aggressive. 161 00:15:45,169.9005 --> 00:15:47,369.9005 And we're also layering in AI. 162 00:15:47,859.9005 --> 00:15:51,329.9005 to try to stay out ahead of the fraudsters as well. 163 00:15:51,759.9005 --> 00:15:55,349.9005 And this is something that all online marketplaces are going through. 164 00:15:55,399.9005 --> 00:16:03,759.8995 We're trying to protect everybody on both sides of the transaction and we're bringing in additional layers as well. 165 00:16:04,149.8995 --> 00:16:06,729.9005 Because again, these fraudsters are aggressive. 166 00:16:06,779.9005 --> 00:16:11,589.9005 The tech that we have, they have, it's a cat and mouse game that's, it's not going to end. 167 00:16:12,69.9005 --> 00:16:14,169.9005 But we're getting more aggressive as well. 168 00:16:14,179.9005 --> 00:16:18,839.9005 For instance, we're going to start bringing vehicle history reports into play. 169 00:16:19,269.9005 --> 00:16:28,839.8995 And it's hard to fake a listing if you have a real vehicle history report showing odometer readings, accidents, lean details. 170 00:16:29,109.9005 --> 00:16:31,439.8995 That's pretty hard to, to fake. 171 00:16:31,529.8995 --> 00:16:37,109.9005 So that'll bring in a layer, but we're also going to do what's called VIN validation. 172 00:16:37,439.9005 --> 00:16:39,619.9005 So we're going to triangulate that VIN. 173 00:16:39,944.9005 --> 00:16:43,904.9005 Make sure it is indeed registered in that state, do an odometer check. 174 00:16:44,284.9005 --> 00:16:56,694.8995 So we feel like we're staying a couple of steps ahead of the fraudsters and we continue to develop this side of the business because it's real and we just want to keep everybody safe and enjoy the experience. 175 00:16:56,694.8995 --> 00:16:57,74.8995 Awesome. 176 00:16:57,84.8995 --> 00:16:57,534.8995 Awesome. 177 00:16:57,534.8995 --> 00:17:18,9.8995 Yeah, it makes me think of my credit counseling days again where dealing with credit reports and information and the three major credit bureaus that just that the access that they had to data, you know, you go in there to pull a credit report on somebody and they'd say, In 2018, you owned one of these three vehicles. 178 00:17:18,9.8995 --> 00:17:28,619.8995 Was it a, you know, a Chevy Impala, a, you know, and, and so, yeah, there's, that definitely stops a fraudster right in their tracks when you start getting asked questions like that to confirm data. 179 00:17:29,239.8995 --> 00:17:39,479.8995 Those learnings, those learnings from even the real estate industry or the credit industry, Are moving their way into our RV industry very quickly. 180 00:17:39,899.8995 --> 00:17:42,279.8995 Those checkpoints work very well. 181 00:17:42,639.8995 --> 00:17:54,309.8995 Those out of wallet or knowledge based questions, which address did you not live at? Which one of these vehicles did you own in the past? Those types of things are hard to fake. 182 00:17:54,529.8995 --> 00:17:56,209.8995 And hard to scam. 183 00:17:56,659.8995 --> 00:18:01,79.8995 So that type of layering is coming into play as well. 184 00:18:01,499.8995 --> 00:18:08,899.8995 We're also requiring or considering requiring login before you participate in any transaction on our marketplace. 185 00:18:08,899.8995 --> 00:18:11,979.8995 That way we can do another round of checks as well in the background. 186 00:18:13,154.9005 --> 00:18:14,334.9005 Yeah, that's a great idea. 187 00:18:14,874.9005 --> 00:18:17,814.9005 It'll be amazing to see where we are five years from now. 188 00:18:18,254.9005 --> 00:18:28,604.9005 Heck, even where we are today from a year ago, you know, they'll be saying 80 percent of your Uber Eats orders are from where? McDonald's, Jimmy John's, or Burger King? Right. 189 00:18:28,605.0005 --> 00:18:30,364.7995 Yeah. 190 00:18:30,644.8995 --> 00:18:36,874.9005 Any data that can be used that only you might know is, is a valid consideration. 191 00:18:37,404.9005 --> 00:18:38,514.9005 Yeah, definitely. 192 00:18:39,264.9005 --> 00:18:46,154.9005 Just out of curiosity, and maybe you don't know this, but I know RV Trader has been around as long as I can remember. 193 00:18:46,434.8995 --> 00:18:57,79.9005 Like, do you know what year, like they got started online and created that marketplace? It's been, it's been at least 20 years. 194 00:18:57,629.9005 --> 00:19:00,899.8995 And it's grown substantially since launch. 195 00:19:00,969.8995 --> 00:19:08,639.9005 Of course, there's anywhere between five to 7 million shoppers and buyers online each month. 196 00:19:09,259.8995 --> 00:19:12,449.8995 So that audience size is massive. 197 00:19:12,619.9005 --> 00:19:18,969.9005 And going back to that technology point, you can understand where technology helps us serve. 198 00:19:19,334.9005 --> 00:19:22,24.9005 That size of an audience every day. 199 00:19:22,574.9005 --> 00:19:30,84.9005 And it's not just that consumer audience size, but 1, 800 dealers with their listings currently active. 200 00:19:30,174.9005 --> 00:19:36,314.9005 That's, that's a huge audience set that continues to grow Stacy. 201 00:19:36,314.9005 --> 00:19:38,894.9005 So taking us back more than 20 years. 202 00:19:39,379.9005 --> 00:19:40,989.9005 Each year's regrow. 203 00:19:41,239.9005 --> 00:19:46,329.9005 We need even more technology to make sure we serve and satisfy everybody. 204 00:19:47,29.9005 --> 00:19:58,269.9005 Yeah, I figured, it had been a while and you have all of those innovations and everything that you've been doing year after year, which has made you the leading marketplace at this point. 205 00:19:58,349.9005 --> 00:20:10,299.9005 On that point, and we were talking a little bit about what's coming and not just on the fraud and security side, and Gar, you were talking about that nationwide element. 206 00:20:10,839.9005 --> 00:20:25,229.9005 What's next up for us is more of that online retailing element of financing online, making an offer and having it accepted online, doing instant payment purchase for that RV. 207 00:20:26,209.9005 --> 00:20:30,809.9005 delivery, digital DMV, docs, and titling. 208 00:20:31,149.9005 --> 00:20:37,49.9005 So those four or five elements really complete the ecosystem online. 209 00:20:37,419.9005 --> 00:20:45,29.9005 Whereas today it's primarily shopping, contacting buyer and seller, trying to settle on a price. 210 00:20:45,509.8995 --> 00:20:52,19.9005 We're taking this all a step further so that you can actually complete a full transaction online. 211 00:20:52,409.9005 --> 00:20:55,649.9005 And again, that's going to up the game for technology. 212 00:20:56,19.9005 --> 00:20:58,519.9005 And safety and security online. 213 00:20:58,629.9005 --> 00:21:01,809.9005 So this is something we're pretty deep into at the moment. 214 00:21:01,809.9005 --> 00:21:05,809.8995 And these are releases of our software that will be coming out very soon. 215 00:21:06,59.9005 --> 00:21:07,499.9005 And I'll keep you guys updated. 216 00:21:07,499.9005 --> 00:21:15,649.9005 We're pretty excited about it and it should make the RV trader product, the most robust there is online. 217 00:21:15,679.9005 --> 00:21:16,839.9005 And again, you were mentioning. 218 00:21:17,274.9005 --> 00:21:18,354.9005 Facebook earlier. 219 00:21:18,354.9005 --> 00:21:24,74.9005 These are steps that marketplaces like Facebook are never going to step into. 220 00:21:24,74.9005 --> 00:21:25,494.9005 Yeah, that's exciting. 221 00:21:25,494.9005 --> 00:21:27,354.8995 You guys are the Carvana of RVs. 222 00:21:27,664.9005 --> 00:21:44,34.9005 Are you familiar with the NRVIA? Yes, Terry Cooper, man, that that would be a great partnership for those who want to integrate an inspection of an RV, especially if they're not going to see it until it's delivered. 223 00:21:44,544.9005 --> 00:21:44,964.9005 Right. 224 00:21:45,834.9005 --> 00:21:53,434.9005 Yes, that inspection tech we have integrated today, and we were just talking about vehicle history reports. 225 00:21:53,654.9005 --> 00:22:03,564.9005 That's a good historical snapshot of that RV, but an in person inspection gives you that now bumper to bumper review of what are you buying. 226 00:22:04,54.9005 --> 00:22:15,884.9005 And as we transact more online, that's going to become so important for somebody trying to buy a couple states away that may not be able to get out and touch and feel that RV that's for sale. 227 00:22:16,234.9005 --> 00:22:22,134.9005 You can send out a professional inspector, do a thorough report on that RV that's for sale. 228 00:22:22,464.9005 --> 00:22:27,234.9005 Then that helps give you some buyer confidence and you can make that decision to purchase. 229 00:22:27,364.9005 --> 00:22:32,14.9005 So all these elements are starting to tie together digitally guard to your point. 230 00:22:32,314.9005 --> 00:22:43,84.9005 And those partnerships are starting to open up even more where we become a stronger complementary business to some of these other RV entities out there. 231 00:22:43,84.9005 --> 00:22:47,294.9005 Yeah, I can see having a listing on there that's already been inspected. 232 00:22:47,724.9005 --> 00:23:04,134.9005 And you've got the report right there, and it's got that seal, you know, NRVIA inspected and yeah, yeah, speaking my language, Gar, those little product labels that help buyers and sellers communicate to each other pretty quickly at the listing level. 233 00:23:04,764.8995 --> 00:23:05,904.8995 Yeah, exactly. 234 00:23:06,524.8995 --> 00:23:06,914.8995 Awesome. 235 00:23:06,924.9005 --> 00:23:08,554.9005 Well, man, thanks for coming on today. 236 00:23:08,654.9005 --> 00:23:09,804.9005 Some great information. 237 00:23:10,214.9005 --> 00:23:30,674.9 Stacy, you got any closing thoughts or questions you want to ask? I think just one last thing if someone is interested in selling their RV I know you made it sound super simple, but any special tips you can give them on how they can kind of get their listing, viewed more or kind of get Best practices to sell their RV quickly. 238 00:23:30,674.9 --> 00:23:31,374.9 Sure. 239 00:23:31,504.9 --> 00:23:35,394.9 One thing is know what your RV is worth. 240 00:23:35,434.9 --> 00:23:43,34.899 It's important to know that before you list it, you want to get the most for your RV as you possibly can. 241 00:23:43,294.899 --> 00:23:50,134.9 So understanding what that current suggested retail value is, is, is very important. 242 00:23:50,594.9 --> 00:23:53,614.9 We can save you a step within our tool. 243 00:23:53,884.9 --> 00:23:58,594.9 That sits at the sell my RV link at the top of rvtrader. 244 00:23:58,594.9 --> 00:23:59,54.9 com. 245 00:23:59,444.9 --> 00:24:07,174.9 So if you go in there, we'll give you that valuation, save you the trouble from searching online for that valuation. 246 00:24:07,764.9 --> 00:24:14,704.9 And we have different packages in terms of exposure for your listing on rvtrader. 247 00:24:14,704.9 --> 00:24:15,164.9 com. 248 00:24:15,534.9 --> 00:24:20,114.8 And we have a best package that's juiced up with some services that you can use. 249 00:24:20,204.9 --> 00:24:25,394.9 are a bit of an advanced state from the enhanced package in the basic package. 250 00:24:25,394.9 --> 00:24:32,444.9 So it's your typical good, better, best package set up and you can shop those and determine what's right for you. 251 00:24:33,14.9 --> 00:24:37,389.9 So a couple things there as well as Know your odometer reading. 252 00:24:37,419.9 --> 00:24:40,119.9 That's going to be important to a buyer. 253 00:24:40,119.9 --> 00:24:45,69.9 They want to know what the mileage has been on that RV if it's applicable. 254 00:24:45,459.9 --> 00:24:48,889.899 And write up a good description of your RV. 255 00:24:48,889.9 --> 00:24:52,209.899 It's so important to merchandise your RV. 256 00:24:52,599.9 --> 00:24:58,289.9 You'd be surprised the better you write the description, the more buyers you're going to attract. 257 00:24:58,449.9 --> 00:25:02,319.9 So that's worth taking some time to massage that language. 258 00:25:02,639.899 --> 00:25:07,699.9 That's where we kick in the AI tool to try to give you a good base description. 259 00:25:07,699.9 --> 00:25:09,329.9 If you want to tweak that, go for it. 260 00:25:09,779.899 --> 00:25:11,409.9 But try to be detailed. 261 00:25:11,509.9 --> 00:25:15,729.9 RVs are substantial vehicles, houses on wheels. 262 00:25:15,974.9 --> 00:25:22,224.9 So do your best to describe every bit of it that you think is going to be important to a prospective buyer. 263 00:25:22,224.9 --> 00:25:22,574.9 Great. 264 00:25:22,604.9 --> 00:25:24,784.8995 Thank you so much for the insider information. 265 00:25:24,784.8995 --> 00:25:26,474.9 I think it'll be really helpful for our listeners. 266 00:25:26,474.9 --> 00:25:27,884.9 Yeah, that's good advice. 267 00:25:27,984.9 --> 00:25:29,664.9 Well, thanks for coming on the show today. 268 00:25:29,664.9 --> 00:25:33,244.9 A lot of great information and we'll call that a wrap. 269 00:25:33,754.9 --> 00:25:34,264.9 Thank you, Mr. 270 00:25:34,264.9 --> 00:25:34,594.9 Troy. 271 00:25:34,964.899 --> 00:25:35,714.899 Thank you, Stacey. 272 00:25:35,714.899 --> 00:25:35,854.899 Gar. 273 00:25:35,854.9 --> 00:25:36,484.9 Appreciate it.
Hey, y'all, everybody.
(00:01):
Welcome to another episode of RV Rental Secrets Podcast.
.998I am your co host, Gar Russell, here with my partner, co host Stacey Maxson. 4 00:00:13,239.999 --> 00:00:16,799.9985 And today we've got a special episode in store for you guys. 5 00:00:16,799.9985 --> 00:00:19,199.998 How are you doing, Stacey? Very good. 6 00:00:19,199.998 --> 00:00:20,549.998 I'm excited for today's episode. 7 00:00:21,404.999 --> 00:00:22,24.999 Yes, ma'am. 8 00:00:22,34.999 --> 00:00:22,594.999 Me too. 9 00:00:22,974.999 --> 00:00:27,334.999 We're going to get some insider information here that a lot of people don't get get privy to. 10 00:00:27,334.999 --> 00:00:33,234.999 So today we have the VP of product for RV trader, Mr. 11 00:00:33,234.999 --> 00:00:34,214.999 Troy Snyder. 12 00:00:34,214.999 --> 00:00:34,514.999 Mr. 13 00:00:34,514.999 --> 00:00:36,374.998 Troy, welcome to the podcast. 14 00:00:36,604.999 --> 00:00:37,734.998 Hey, Stacey Gard. 15 00:00:37,764.999 --> 00:00:38,384.9985 Good to be here. 16 00:00:38,384.9985 --> 00:00:39,144.999 Thanks for having me. 17 00:00:39,794.999 --> 00:00:40,644.999 Yeah, yeah. 18 00:00:40,644.999 --> 00:00:44,594.999 We're excited to chat with you and just talk RVs, the RV industry. 19 00:00:44,594.999 --> 00:00:48,84.999 You know, a lot of our episodes are around RV rentals. 20 00:00:48,674.999 --> 00:01:05,634.998 And just coaching those in the space and, you know, being in the space, you know, we'd like to know what's going on with, with the industry as a whole, you know, so selling and buying and all the different trends and, and I'm guessing RV trader has a little bit of data that they could possibly share. 21 00:01:05,634.999 --> 00:01:10,374.999 You guys have a little bit of experience in the RV industry, don't you? Yeah, we do. 22 00:01:10,374.999 --> 00:01:15,294.999 And we try to stay as Tapped into the market as we possibly can. 23 00:01:15,854.999 --> 00:01:28,684.998 Me being a big part of product, we react to market conditions and consumer sentiment, and we try to build products and software that make life easier on RV owners. 24 00:01:29,194.999 --> 00:01:36,874.999 But I'll get into some market trends that we're seeing that are really interesting and I think are very relevant to this discussion today. 25 00:01:37,524.999 --> 00:01:49,194.998 And we've all been discussing the macro economic conditions that we're going through, not just in the RV world, but across the entire consumer universe. 26 00:01:49,644.999 --> 00:01:53,394.999 But I'm going to give you a couple stats that shed some light. 27 00:01:53,809.999 --> 00:01:55,579.999 On what's really happening. 28 00:01:55,639.999 --> 00:01:58,219.999 Some positive signals were seeing as well. 29 00:01:58,849.999 --> 00:02:01,99.999 And here's some interesting tidbits. 30 00:02:01,159.999 --> 00:02:11,199.998 So when we took a look at June, and we looked at new RV registrations, we saw a decline of 21 percent year over year. 31 00:02:11,459.999 --> 00:02:12,549.998 So that's interesting. 32 00:02:12,549.999 --> 00:02:14,69.999 That's a very sluggish. 33 00:02:14,564.999 --> 00:02:22,204.999 New RV sales trend, and we're seeing retail selling prices down about 9%. 34 00:02:23,484.999 --> 00:02:27,664.998 So that's, those are some rough metrics there to consider. 35 00:02:27,714.999 --> 00:02:39,179.999 But even though there's some finance and equity headwinds around high interest rates, inflation, this very cautious consumer sentiment. 36 00:02:39,579.999 --> 00:02:45,59.999 We're seeing some gains, however, in pre owned RV valuations. 37 00:02:45,669.999 --> 00:02:50,779.999 More specifically, if you look at travel trailers, we see values are up 6%. 38 00:02:51,329.998 --> 00:02:54,379.999 We see fifth wheels are up 4%. 39 00:02:54,889.999 --> 00:02:57,529.999 Class A RV is up 3%. 40 00:02:57,929.999 --> 00:02:59,439.999 Camping trailers up 8%. 41 00:03:00,559.999 --> 00:03:02,879.999 And truck campers up 5%. 42 00:03:03,329.999 --> 00:03:06,19.999 So these are some very positive signals. 43 00:03:06,19.999 --> 00:03:12,409.999 We're starting to see and we haven't seen RV use valuations coming up in many quarters. 44 00:03:12,439.998 --> 00:03:14,119.999 They've been on a steady decline. 45 00:03:14,279.999 --> 00:03:19,339.899 So these are some health signals that things may be getting better just around the corner. 46 00:03:19,339.899 --> 00:03:37,594.799 You know, I love those stats because it's kind of like there's a shift back to the favor of the consumer, right? You know, because so many people bought RVs during COVID and they got these great financing terms and they're just flying off the shelves in the lots and. 47 00:03:38,144.899 --> 00:03:45,474.899 And then you fast forward ahead and every, not everybody, a lot of people are back to their normal travel patterns. 48 00:03:45,484.899 --> 00:03:50,634.8985 And so they're trying to sell these RVs and they're like, you know, competing with the dealerships almost. 49 00:03:50,634.8985 --> 00:03:57,124.799 So that's, that's cool to see there's been a shift as far as consumers are in a little better position now on those units. 50 00:03:57,124.899 --> 00:03:58,54.899 So that's right. 51 00:03:58,414.899 --> 00:04:03,684.899 And some during COVID now they're upside down in those, what we call COVID loans. 52 00:04:03,684.899 --> 00:04:05,764.899 We refer to them actually as COVID loans. 53 00:04:06,174.899 --> 00:04:09,184.899 So happy to see these values come back up. 54 00:04:09,184.899 --> 00:04:20,144.899 So if there were some RV owners stuck and some of those higher interest rates, maybe now's the time to begin to ease some of that pressure and get out of those loans. 55 00:04:20,954.899 --> 00:04:30,854.899 Yeah, yeah, we actually, we created a program based on the response we were getting from RV owners when we would present our management program to them. 56 00:04:31,454.899 --> 00:04:39,4.899 And part of our process was educating the consumer, like, Hey, unfortunately, your RV is not worth as much as you owe on it. 57 00:04:39,434.899 --> 00:04:42,914.898 So we created a program called the principal pay down program. 58 00:04:43,309.899 --> 00:04:51,669.899 Where we would help them rent the RV out for a season or two, knock a big chunk off that principal and put them in a better position to sell. 59 00:04:51,669.899 --> 00:04:55,369.899 So it's great to see that this is also moving in their favor as well. 60 00:04:55,799.899 --> 00:05:03,669.898 Yeah, I'm glad you provided that education because finance is a very confusing element in any vehicle purchase. 61 00:05:03,669.898 --> 00:05:09,349.898 It's not crystal clear to everyone how rates work, how loan duration works. 62 00:05:09,959.899 --> 00:05:16,779.899 What, what's your value mean in terms of your loan? So I'm, I'm happy you're out there pushing some education and some support. 63 00:05:16,779.899 --> 00:05:17,359.899 It's needed. 64 00:05:18,469.899 --> 00:05:23,79.898 Yeah, it really, you know, it makes me think of, I have a background in real estate. 65 00:05:23,109.899 --> 00:05:28,869.899 I own a credit counseling company for over a decade and, and my niche was helping create homeowners. 66 00:05:29,819.899 --> 00:05:38,419.898 And, you know, there's so much education on the lending side of purchasing a home and disclosures and, okay, are you sure you understand this? Sign this paper. 67 00:05:38,419.899 --> 00:05:52,30.57014286 Okay, sure you understand how this works? Sign this paper, you know, and then you look at the RV or auto industry and the paper that's put in front of you is basically, hey, here's how low we were able to get your monthly payment. 68 00:05:52,30.57014286 --> 00:05:53,134.799 Sign the loan here. 69 00:05:53,374.899 --> 00:06:00,364.899 You know, there's not a lot as far as the interest or what they're going to end up paying in the interest over the terms of that loan. 70 00:06:00,364.899 --> 00:06:03,34.899 There's, there's not a lot of education and stuff in place. 71 00:06:03,44.899 --> 00:06:07,604.8985 So, yeah, it's good to see some of these things coming to head. 72 00:06:07,654.8985 --> 00:06:19,284.8975 Any, any insight you want to throw in on that, Stacey, as far as what we've talked about? One of the things I thought was interesting about the stats is some of the higher percentages were fifth wheels and then the truck campers. 73 00:06:19,809.8985 --> 00:06:24,529.8985 So I know we've talked about recently, Gar, how we feel like fifth wheels are the future. 74 00:06:24,849.8985 --> 00:06:30,589.8985 So I feel like that can kind of give an insight of what the demands might be for the rental market as well. 75 00:06:30,589.8985 --> 00:06:32,329.8985 Yeah, it's a really good point. 76 00:06:32,379.8985 --> 00:06:36,69.9005 And that valuation only creeps up if the demand is there. 77 00:06:36,659.9005 --> 00:06:43,969.8985 If, if inventory may be lighter there, but the demand is there, that's where that price point starts to inch up over time. 78 00:06:44,289.8995 --> 00:06:47,599.8995 So Stacy, I think you're spot on with your assumption there. 79 00:06:48,104.8995 --> 00:06:51,254.8995 Yeah, we see that right with these new campgrounds being built as well. 80 00:06:51,254.8995 --> 00:07:00,579.8995 They're It's all about the glamping white glove, you know, the days of tent camping, you know, those, those are far and few between. 81 00:07:00,579.8995 --> 00:07:06,439.8985 So what we're seeing is renters, they're stepping up their game as well. 82 00:07:06,439.8985 --> 00:07:14,479.8995 They don't want to travel trailer that maybe has a little bit more shape to it or that, you know, or, or doesn't have two, three AC units sitting on the top. 83 00:07:14,839.8995 --> 00:07:15,919.8995 They want the fifth wheels. 84 00:07:15,919.8995 --> 00:07:18,809.8995 Now they want the luxury class a is delivered. 85 00:07:18,809.8995 --> 00:07:26,279.899 And, and so Yeah, that's interesting to see it from both sides as far as the rental user demand and the pricing side of it. 86 00:07:26,709.899 --> 00:07:28,379.899 Definitely some similarities there. 87 00:07:28,899.898 --> 00:07:29,279.898 Yeah. 88 00:07:29,969.898 --> 00:07:30,469.899 All right. 89 00:07:30,479.899 --> 00:07:36,759.899 Stacy, you got any questions you want to ask? Otherwise, I've got, I don't, you know me, I don't want to control this whole conversation here. 90 00:07:36,989.899 --> 00:07:38,909.898 Yeah, I'll go into the next question. 91 00:07:39,929.899 --> 00:07:42,559.899 So, you know, we talked about trends a little bit. 92 00:07:42,929.899 --> 00:07:47,619.899 Obviously, RV Trader you guys are mostly using online things. 93 00:07:47,619.899 --> 00:08:06,674.899 So I was kind of wondering, like, how does some of the technology you use help provide personalized recommendations to the users? Yeah, Stacy, I appreciate you asking that and RV trader it for those that aren't aware, it is a marketplace website. 94 00:08:06,854.899 --> 00:08:16,224.899 And what I mean by marketplace website is it is a collection of new and pre owned RVs for sale. 95 00:08:16,614.899 --> 00:08:19,494.899 And this may be from dealers directly. 96 00:08:19,939.899 --> 00:08:24,689.899 And this may also be from people like us selling out of our driveway. 97 00:08:24,689.899 --> 00:08:28,899.899 We call that private marketplace or private party side of things. 98 00:08:29,519.899 --> 00:08:32,849.899 And so RV trader is this huge marketplace. 99 00:08:32,949.898 --> 00:08:41,589.899 There's currently 180, 000 listings or RVs for sale across all class types currently on the site. 100 00:08:42,19.899 --> 00:08:48,251.53233333 So it is a huge resource for RVers out there buying and selling. 101 00:08:48,251.53233333 --> 00:08:50,484.899 And that's why we exist. 102 00:08:51,4.899 --> 00:08:57,974.899 Our whole point is to make that part of RV ownership as simple and easy as possible. 103 00:08:58,334.899 --> 00:09:05,594.899 And our goal is to help you get as much for your RV when it's time to sell as much as possible. 104 00:09:06,164.899 --> 00:09:10,164.898 That's that retail side that we emphasize. 105 00:09:10,224.899 --> 00:09:19,534.899 And that's again why we try to stay so plugged in to the market in terms of what RV owners are looking for when buying and selling. 106 00:09:20,64.899 --> 00:09:30,929.899 And we incorporate a lot of technology into this product and this process to make this part of RV ownership super easy, a breeze. 107 00:09:31,219.899 --> 00:09:46,404.899 It's online after all, so all of us as consumers, we have a high expectation of how these things Websites and apps are going to work, right? We're trained by Amazon, a couple of clicks, and I want to be done with the experience and that's what we've done. 108 00:09:47,54.899 --> 00:09:53,934.898 And Stacy, I can get deeper into the process of listing your RV for sale. 109 00:09:53,934.898 --> 00:09:55,994.9 If you like as a next step here. 110 00:09:56,504.899 --> 00:09:57,304.9 Yeah, definitely. 111 00:09:58,49.9 --> 00:10:10,669.9 Okay, so we have released a new tool on RV Trader that makes listing your RV for sale literally a couple of clicks and you're done. 112 00:10:11,119.9 --> 00:10:13,549.9 And you talked about technology a moment ago. 113 00:10:13,914.9 --> 00:10:27,724.9 We are leaning pretty heavily on not just technology, but also AI in this process, where if you tell us the year make and model of your RV, that's where our technology kicks in. 114 00:10:28,284.9 --> 00:11:02,909.9 Our whole goal was to make this listing process as simple as possible and very fast, not just get you the most money that you possibly can, How do I get you to list your vehicle with two or three clicks if I possibly can? So if you tell me year, make, and model, we do what's called data mapping, where we see that set of year, make, and model, and we automatically spawn your listing or your ad for you, including all those model specs, slide outs, capacity. 115 00:11:03,434.9 --> 00:11:09,344.9 All that data that we have in our database, we spare you from needing to look up and enter yourself. 116 00:11:09,604.9 --> 00:11:14,664.9 We just create that part of the ad for you and to take it a step further. 117 00:11:14,964.9 --> 00:11:19,204.9 Here's where we start to bring in AI or artificial intelligence. 118 00:11:19,824.9 --> 00:11:32,584.9 You can write your own description of your RV if you like, but what you can also click one button and have AI write you a full description of your RV just based on a few simple user inputs. 119 00:11:32,864.899 --> 00:12:01,29.9 So again, saving you time, but this AI engine also Writes a really nice write up on your vehicle that can be the most time saving element of this whole process where it could take you 15 or 20 minutes previously to do a write up on what what your RV is all the cool selling points are AI engine does that for you and we also use some data on the back end to give you a suggested list price. 120 00:12:01,409.9 --> 00:12:07,339.9 Everybody wants to know what can I possibly get for my RV when I'm posting it for sale online. 121 00:12:07,759.9 --> 00:12:14,529.9 We give you that instant retail value so that you have some guidance there and you know what to list your vehicle for. 122 00:12:14,809.9 --> 00:12:24,349.9 So Stacey hitting on that technology piece one more time, really give us a couple minor bits RV that you're looking to sell. 123 00:12:24,694.9 --> 00:12:36,994.9 And our technology, our AI and our data mapping kick in to build you a really nice listing or add and merchandise your RV the best possible. 124 00:12:36,994.9 --> 00:12:37,754.899 I love that. 125 00:12:37,764.899 --> 00:12:39,804.9005 And, to compare to. 126 00:12:40,399.9005 --> 00:12:51,149.9005 You know, probably one of your competitors, like listening on Facebook marketplace, you know, you could easily be there for a half hour trying to, get pictures and figure out what to write. 127 00:12:51,159.9005 --> 00:12:54,299.9005 So I love that you're just making it really easy for your customers. 128 00:12:55,59.9005 --> 00:12:55,619.9005 Yeah. 129 00:12:55,709.8995 --> 00:13:00,759.9005 And Facebook's kind of easy to pick on because they are not RV people. 130 00:13:00,979.9005 --> 00:13:12,429.9005 Like we are, and the process of listing your class A for sale on Facebook isn't that different than listing your lamp for sale that you no longer want out of your family room. 131 00:13:12,879.9005 --> 00:13:15,569.9005 That's where our expertise kind of kicks in. 132 00:13:15,959.9005 --> 00:13:18,819.8995 We do live and breathe this environment. 133 00:13:18,999.9005 --> 00:13:24,179.9005 So every part of your experience RV lifestyle. 134 00:13:24,389.9005 --> 00:13:25,719.9005 We've got more data. 135 00:13:26,89.9005 --> 00:13:28,519.9005 On RVing than anybody online. 136 00:13:28,519.9005 --> 00:13:33,719.9005 So we use all of that to provide the best online RV experience possible. 137 00:13:33,719.9005 --> 00:13:34,409.8995 That's awesome. 138 00:13:34,679.9005 --> 00:13:41,329.9005 Actually, I'm logged into my RV Trader account right now because I've sold a couple RVs on RV Trader. 139 00:13:41,329.9005 --> 00:13:51,59.9005 And that's what I always recommend when somebody, we reach out about our management program, because we'll reach out to people on Marketplace and tell them about our management program. 140 00:13:51,59.9005 --> 00:13:54,159.8995 And they'll let us know, Hey, we're just, we're really just trying to sell this. 141 00:13:54,994.9005 --> 00:13:57,204.9005 And I tell them, Hey, you need to go spend. 142 00:13:57,214.9005 --> 00:14:05,204.9005 I was trying to figure out when I logged in my account, I was trying to figure out what I spent, but I think I was like right around 200 for like the good enhanced listing or something. 143 00:14:05,514.9005 --> 00:14:05,854.9005 Yeah. 144 00:14:05,894.9005 --> 00:14:06,624.9005 That sounds about right. 145 00:14:07,89.9005 --> 00:14:12,519.9005 I said, you've got to go spend that couple hundred dollars because you're literally getting like nationwide exposure. 146 00:14:12,989.9005 --> 00:14:16,99.9005 Like, one of my units that I sold was down here in Florida. 147 00:14:16,449.9005 --> 00:14:18,199.9005 A family from Minnesota bought it. 148 00:14:18,809.9005 --> 00:14:23,969.9005 And, you know, on Marketplace, somebody from Minnesota isn't going to see your travel trailers in Florida. 149 00:14:24,279.8995 --> 00:14:24,559.8995 Right. 150 00:14:25,289.8995 --> 00:14:27,909.8995 So, yeah, it's, it's, yeah, you're going to the experts. 151 00:14:28,564.9005 --> 00:14:43,719.9005 What are you guys doing in regards to that as far as like safety on the marketplace and safety features and just, you know, protecting consumers and the sellers? Yeah, great question because online fraud is real. 152 00:14:43,809.9005 --> 00:14:45,199.9005 It happens every day. 153 00:14:45,349.9005 --> 00:14:46,969.9005 It's a threat to everybody. 154 00:14:47,499.9005 --> 00:14:53,219.9005 And part of our responsibility is to keep people safe when they're using our tools. 155 00:14:53,869.9005 --> 00:15:08,594.9005 And fraud is all around us on the buyer side within these transactions, meaning there'll be fraudsters that Act like they want to purchase an RV and they are trying to contact the seller and get something out of them. 156 00:15:08,944.9005 --> 00:15:16,344.9005 So we're using tech and AI to sniff out that fraud and block and prevent it as much as possible. 157 00:15:16,934.9005 --> 00:15:26,709.9005 And then on the seller side, we do many layers of fraud prevention to make sure RVs are legitimate when they hit our listing site. 158 00:15:26,789.9005 --> 00:15:30,809.9005 It's not somebody fishing for money with an RV that doesn't exist. 159 00:15:31,229.9005 --> 00:15:37,829.9005 So we use a lot of data and layers of fraud to do checkpoints on both sides. 160 00:15:37,829.9005 --> 00:15:44,639.9005 And this is how this is active 24 seven, because the fraudsters don't take a break and they're very aggressive. 161 00:15:45,169.9005 --> 00:15:47,369.9005 And we're also layering in AI. 162 00:15:47,859.9005 --> 00:15:51,329.9005 to try to stay out ahead of the fraudsters as well. 163 00:15:51,759.9005 --> 00:15:55,349.9005 And this is something that all online marketplaces are going through. 164 00:15:55,399.9005 --> 00:16:03,759.8995 We're trying to protect everybody on both sides of the transaction and we're bringing in additional layers as well. 165 00:16:04,149.8995 --> 00:16:06,729.9005 Because again, these fraudsters are aggressive. 166 00:16:06,779.9005 --> 00:16:11,589.9005 The tech that we have, they have, it's a cat and mouse game that's, it's not going to end. 167 00:16:12,69.9005 --> 00:16:14,169.9005 But we're getting more aggressive as well. 168 00:16:14,179.9005 --> 00:16:18,839.9005 For instance, we're going to start bringing vehicle history reports into play. 169 00:16:19,269.9005 --> 00:16:28,839.8995 And it's hard to fake a listing if you have a real vehicle history report showing odometer readings, accidents, lean details. 170 00:16:29,109.9005 --> 00:16:31,439.8995 That's pretty hard to, to fake. 171 00:16:31,529.8995 --> 00:16:37,109.9005 So that'll bring in a layer, but we're also going to do what's called VIN validation. 172 00:16:37,439.9005 --> 00:16:39,619.9005 So we're going to triangulate that VIN. 173 00:16:39,944.9005 --> 00:16:43,904.9005 Make sure it is indeed registered in that state, do an odometer check. 174 00:16:44,284.9005 --> 00:16:56,694.8995 So we feel like we're staying a couple of steps ahead of the fraudsters and we continue to develop this side of the business because it's real and we just want to keep everybody safe and enjoy the experience. 175 00:16:56,694.8995 --> 00:16:57,74.8995 Awesome. 176 00:16:57,84.8995 --> 00:16:57,534.8995 Awesome. 177 00:16:57,534.8995 --> 00:17:18,9.8995 Yeah, it makes me think of my credit counseling days again where dealing with credit reports and information and the three major credit bureaus that just that the access that they had to data, you know, you go in there to pull a credit report on somebody and they'd say, In 2018, you owned one of these three vehicles. 178 00:17:18,9.8995 --> 00:17:28,619.8995 Was it a, you know, a Chevy Impala, a, you know, and, and so, yeah, there's, that definitely stops a fraudster right in their tracks when you start getting asked questions like that to confirm data. 179 00:17:29,239.8995 --> 00:17:39,479.8995 Those learnings, those learnings from even the real estate industry or the credit industry, Are moving their way into our RV industry very quickly. 180 00:17:39,899.8995 --> 00:17:42,279.8995 Those checkpoints work very well. 181 00:17:42,639.8995 --> 00:17:54,309.8995 Those out of wallet or knowledge based questions, which address did you not live at? Which one of these vehicles did you own in the past? Those types of things are hard to fake. 182 00:17:54,529.8995 --> 00:17:56,209.8995 And hard to scam. 183 00:17:56,659.8995 --> 00:18:01,79.8995 So that type of layering is coming into play as well. 184 00:18:01,499.8995 --> 00:18:08,899.8995 We're also requiring or considering requiring login before you participate in any transaction on our marketplace. 185 00:18:08,899.8995 --> 00:18:11,979.8995 That way we can do another round of checks as well in the background. 186 00:18:13,154.9005 --> 00:18:14,334.9005 Yeah, that's a great idea. 187 00:18:14,874.9005 --> 00:18:17,814.9005 It'll be amazing to see where we are five years from now. 188 00:18:18,254.9005 --> 00:18:28,604.9005 Heck, even where we are today from a year ago, you know, they'll be saying 80 percent of your Uber Eats orders are from where? McDonald's, Jimmy John's, or Burger King? Right. 189 00:18:28,605.0005 --> 00:18:30,364.7995 Yeah. 190 00:18:30,644.8995 --> 00:18:36,874.9005 Any data that can be used that only you might know is, is a valid consideration. 191 00:18:37,404.9005 --> 00:18:38,514.9005 Yeah, definitely. 192 00:18:39,264.9005 --> 00:18:46,154.9005 Just out of curiosity, and maybe you don't know this, but I know RV Trader has been around as long as I can remember. 193 00:18:46,434.8995 --> 00:18:57,79.9005 Like, do you know what year, like they got started online and created that marketplace? It's been, it's been at least 20 years. 194 00:18:57,629.9005 --> 00:19:00,899.8995 And it's grown substantially since launch. 195 00:19:00,969.8995 --> 00:19:08,639.9005 Of course, there's anywhere between five to 7 million shoppers and buyers online each month. 196 00:19:09,259.8995 --> 00:19:12,449.8995 So that audience size is massive. 197 00:19:12,619.9005 --> 00:19:18,969.9005 And going back to that technology point, you can understand where technology helps us serve. 198 00:19:19,334.9005 --> 00:19:22,24.9005 That size of an audience every day. 199 00:19:22,574.9005 --> 00:19:30,84.9005 And it's not just that consumer audience size, but 1, 800 dealers with their listings currently active. 200 00:19:30,174.9005 --> 00:19:36,314.9005 That's, that's a huge audience set that continues to grow Stacy. 201 00:19:36,314.9005 --> 00:19:38,894.9005 So taking us back more than 20 years. 202 00:19:39,379.9005 --> 00:19:40,989.9005 Each year's regrow. 203 00:19:41,239.9005 --> 00:19:46,329.9005 We need even more technology to make sure we serve and satisfy everybody. 204 00:19:47,29.9005 --> 00:19:58,269.9005 Yeah, I figured, it had been a while and you have all of those innovations and everything that you've been doing year after year, which has made you the leading marketplace at this point. 205 00:19:58,349.9005 --> 00:20:10,299.9005 On that point, and we were talking a little bit about what's coming and not just on the fraud and security side, and Gar, you were talking about that nationwide element. 206 00:20:10,839.9005 --> 00:20:25,229.9005 What's next up for us is more of that online retailing element of financing online, making an offer and having it accepted online, doing instant payment purchase for that RV. 207 00:20:26,209.9005 --> 00:20:30,809.9005 delivery, digital DMV, docs, and titling. 208 00:20:31,149.9005 --> 00:20:37,49.9005 So those four or five elements really complete the ecosystem online. 209 00:20:37,419.9005 --> 00:20:45,29.9005 Whereas today it's primarily shopping, contacting buyer and seller, trying to settle on a price. 210 00:20:45,509.8995 --> 00:20:52,19.9005 We're taking this all a step further so that you can actually complete a full transaction online. 211 00:20:52,409.9005 --> 00:20:55,649.9005 And again, that's going to up the game for technology. 212 00:20:56,19.9005 --> 00:20:58,519.9005 And safety and security online. 213 00:20:58,629.9005 --> 00:21:01,809.9005 So this is something we're pretty deep into at the moment. 214 00:21:01,809.9005 --> 00:21:05,809.8995 And these are releases of our software that will be coming out very soon. 215 00:21:06,59.9005 --> 00:21:07,499.9005 And I'll keep you guys updated. 216 00:21:07,499.9005 --> 00:21:15,649.9005 We're pretty excited about it and it should make the RV trader product, the most robust there is online. 217 00:21:15,679.9005 --> 00:21:16,839.9005 And again, you were mentioning. 218 00:21:17,274.9005 --> 00:21:18,354.9005 Facebook earlier. 219 00:21:18,354.9005 --> 00:21:24,74.9005 These are steps that marketplaces like Facebook are never going to step into. 220 00:21:24,74.9005 --> 00:21:25,494.9005 Yeah, that's exciting. 221 00:21:25,494.9005 --> 00:21:27,354.8995 You guys are the Carvana of RVs. 222 00:21:27,664.9005 --> 00:21:44,34.9005 Are you familiar with the NRVIA? Yes, Terry Cooper, man, that that would be a great partnership for those who want to integrate an inspection of an RV, especially if they're not going to see it until it's delivered. 223 00:21:44,544.9005 --> 00:21:44,964.9005 Right. 224 00:21:45,834.9005 --> 00:21:53,434.9005 Yes, that inspection tech we have integrated today, and we were just talking about vehicle history reports. 225 00:21:53,654.9005 --> 00:22:03,564.9005 That's a good historical snapshot of that RV, but an in person inspection gives you that now bumper to bumper review of what are you buying. 226 00:22:04,54.9005 --> 00:22:15,884.9005 And as we transact more online, that's going to become so important for somebody trying to buy a couple states away that may not be able to get out and touch and feel that RV that's for sale. 227 00:22:16,234.9005 --> 00:22:22,134.9005 You can send out a professional inspector, do a thorough report on that RV that's for sale. 228 00:22:22,464.9005 --> 00:22:27,234.9005 Then that helps give you some buyer confidence and you can make that decision to purchase. 229 00:22:27,364.9005 --> 00:22:32,14.9005 So all these elements are starting to tie together digitally guard to your point. 230 00:22:32,314.9005 --> 00:22:43,84.9005 And those partnerships are starting to open up even more where we become a stronger complementary business to some of these other RV entities out there. 231 00:22:43,84.9005 --> 00:22:47,294.9005 Yeah, I can see having a listing on there that's already been inspected. 232 00:22:47,724.9005 --> 00:23:04,134.9005 And you've got the report right there, and it's got that seal, you know, NRVIA inspected and yeah, yeah, speaking my language, Gar, those little product labels that help buyers and sellers communicate to each other pretty quickly at the listing level. 233 00:23:04,764.8995 --> 00:23:05,904.8995 Yeah, exactly. 234 00:23:06,524.8995 --> 00:23:06,914.8995 Awesome. 235 00:23:06,924.9005 --> 00:23:08,554.9005 Well, man, thanks for coming on today. 236 00:23:08,654.9005 --> 00:23:09,804.9005 Some great information. 237 00:23:10,214.9005 --> 00:23:30,674.9 Stacy, you got any closing thoughts or questions you want to ask? I think just one last thing if someone is interested in selling their RV I know you made it sound super simple, but any special tips you can give them on how they can kind of get their listing, viewed more or kind of get Best practices to sell their RV quickly. 238 00:23:30,674.9 --> 00:23:31,374.9 Sure. 239 00:23:31,504.9 --> 00:23:35,394.9 One thing is know what your RV is worth. 240 00:23:35,434.9 --> 00:23:43,34.899 It's important to know that before you list it, you want to get the most for your RV as you possibly can. 241 00:23:43,294.899 --> 00:23:50,134.9 So understanding what that current suggested retail value is, is, is very important. 242 00:23:50,594.9 --> 00:23:53,614.9 We can save you a step within our tool. 243 00:23:53,884.9 --> 00:23:58,594.9 That sits at the sell my RV link at the top of rvtrader. 244 00:23:58,594.9 --> 00:23:59,54.9 com. 245 00:23:59,444.9 --> 00:24:07,174.9 So if you go in there, we'll give you that valuation, save you the trouble from searching online for that valuation. 246 00:24:07,764.9 --> 00:24:14,704.9 And we have different packages in terms of exposure for your listing on rvtrader. 247 00:24:14,704.9 --> 00:24:15,164.9 com. 248 00:24:15,534.9 --> 00:24:20,114.8 And we have a best package that's juiced up with some services that you can use. 249 00:24:20,204.9 --> 00:24:25,394.9 are a bit of an advanced state from the enhanced package in the basic package. 250 00:24:25,394.9 --> 00:24:32,444.9 So it's your typical good, better, best package set up and you can shop those and determine what's right for you. 251 00:24:33,14.9 --> 00:24:37,389.9 So a couple things there as well as Know your odometer reading. 252 00:24:37,419.9 --> 00:24:40,119.9 That's going to be important to a buyer. 253 00:24:40,119.9 --> 00:24:45,69.9 They want to know what the mileage has been on that RV if it's applicable. 254 00:24:45,459.9 --> 00:24:48,889.899 And write up a good description of your RV. 255 00:24:48,889.9 --> 00:24:52,209.899 It's so important to merchandise your RV. 256 00:24:52,599.9 --> 00:24:58,289.9 You'd be surprised the better you write the description, the more buyers you're going to attract. 257 00:24:58,449.9 --> 00:25:02,319.9 So that's worth taking some time to massage that language. 258 00:25:02,639.899 --> 00:25:07,699.9 That's where we kick in the AI tool to try to give you a good base description. 259 00:25:07,699.9 --> 00:25:09,329.9 If you want to tweak that, go for it. 260 00:25:09,779.899 --> 00:25:11,409.9 But try to be detailed. 261 00:25:11,509.9 --> 00:25:15,729.9 RVs are substantial vehicles, houses on wheels. 262 00:25:15,974.9 --> 00:25:22,224.9 So do your best to describe every bit of it that you think is going to be important to a prospective buyer. 263 00:25:22,224.9 --> 00:25:22,574.9 Great. 264 00:25:22,604.9 --> 00:25:24,784.8995 Thank you so much for the insider information. 265 00:25:24,784.8995 --> 00:25:26,474.9 I think it'll be really helpful for our listeners. 266 00:25:26,474.9 --> 00:25:27,884.9 Yeah, that's good advice. 267 00:25:27,984.9 --> 00:25:29,664.9 Well, thanks for coming on the show today. 268 00:25:29,664.9 --> 00:25:33,244.9 A lot of great information and we'll call that a wrap. 269 00:25:33,754.9 --> 00:25:34,264.9 Thank you, Mr. 270 00:25:34,264.9 --> 00:25:34,594.9 Troy. 271 00:25:34,964.899 --> 00:25:35,714.899 Thank you, Stacey. 272 00:25:35,714.899 --> 00:25:35,854.899 Gar. 273 00:25:35,854.9 --> 00:25:36,484.9 Appreciate it.
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