ATV demand revvs up as families look for great outdoors adventures
Coronavirus causes surge in demand for off-road vehicles: Polaris CEO
As people remain hesitant to fly to take a vacation due to the threat of coronavirus, one recreational activity is seeing a burst of demand for its products.
Polaris CEO Scott Wine told FOX Business' Liz Claman on Thursday his company is getting a lot of inquiries from new customers who are craving freedom.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PII | POLARIS INC. | 66.28 | +1.07 | +1.65% |
"We're not sure how long this demand spike will last, but interestingly, it's mostly new customers coming in," Wine admitted during "The Claman Countdown." "It's not our traditional powersports customer. It's new people to the industry as they don't have soccer games, Little League baseball to go to."
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Wine credits the fact that riding an ATV can be a family activity and "there's no need for a mask when you've got a helmet on." Wine pointed to his company's adventure parks, Polaris Adventures, as the destination for families who are craving to get outside and explore.
"We've got more than 140 locations with almost 100 of those open," Wine said. "We had a record number of people go out last week. Our dealers are saying they're just getting a lot of families in that want to experience the outdoors on our vehicles."
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But anyone interested in purchasing a Polaris product might have to get in line.
"We've got a backlog that it's going to take us most of the rest of the year to try to dig out of but are really proud of the way our team has worked through the supply chain challenges and kept our plants up and running," Wine mentioned. "And we're running almost at full capacity to try to be able to deliver the value, the products that our customers and dealers want."
Polaris vehicles range in price from about $5,000 up to nearly $35,000.