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The Recreational Vehicle Industry Association (RVIA) reports
RV wholesale shipments in 2004 approximated 370,000 units, an
increase of 15% compared to 2003. The dollar value of RV wholesale
shipments in 2004 increased by more than 22% compared to 2003.
The RVIA reports that over the past three years, shipments have
been close to one million new units and year over year shipment
increases have been in the double digits on a percentage basis.
RVs encompass three general categories of vehicles, including
towable trailers, motorhomes, and conversion vehicles. American
Automotive purchases real estate utilized by retailers of
towable trailers and motorhomes but not of conversion vehicles.
The towable trailer and motorhome segments are the growth
segments of the industry, and represented a retail value of
approximately $14.7 billion in 2004.
Each of the RV categories comprise a broad number of vehicle
types. Towable trailers are towed by a motorized vehicle and
provide a living area of less than 220 square feet. Towables
include conventional type, hybrid type, fifth wheel, folding
camper, and truck camper trailers. In 2004, the RVIA reported
that towable trailer retail shipments approximated $5.9 billion.
Motorhomes are a vehicular unit constructed on a self-propelled
chassis which is primarily designed to provide temporary living
space for camping, travel, and recreational use.
Motorhomes comprise three types of recreational vehicle types.
Type A motorhomes provide the living area and the motorized
chassis in one integrated unit. Type B motorhomes, also referred
to as van campers, are panel type trucks which provide sleeping,
kitchen and/or toilet facilities along with a top panel extension
which provides additional headroom over the motorized cab.
Type C motorhomes are units built on manufactured van frames
with an attached cab section. Manufacturers of Type C motorhomes
construct the body section of the motorhome which contains
the living area and attaches it to the automotive manufacturer
supplied motorized cab section.
In 2004, the three types of motorhomes had the following unit
and retail shipment values according to the RVIA. Retail shipments
of all three types of motorhomes approximated $8.9 billion in
2004.
| Motorhome
Type |
Units (000s) |
Retail
Value ($ millions) |
| Type
A |
46.3 |
$7,136 |
| Type
B |
2.5 |
$171 |
| Type
C |
23.0 |
$1,546 |
For American Automotive Trust, there is a meaningful profit
margin between what RV dealers have to pay in wholesale pricing
to purchase the vehicles, and the retail prices which RV dealers
obtain when selling their RVs to individual consumers. This
helps make RV dealer property, and the related rent coverage
ratios, attractive. Long term trends, including a growing number
of older Americans with an increasing amount of leisure time
and disposable income, are expected to support future RV industry
growth.
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