Canada RVDA Seeks Solution to Credit Crisis

April 20, 2010 by · Leave a Comment 

RVDA of Canada Chairman Kim Stone addresses the Canadian Parliament on April 20, 2010.

RVDA of Canada Chairman Kim Stone addresses an audience in the Canadian Parliament today.

Representatives from the Recreation Vehicle Dealers Association (RVDA) of Canada are on Parliament Hill in Ottawa, Canada, today (April 20) to highlight the continuing and urgent need for a solution to the emerging credit crisis in the retail RV sector, according to the Canadian News Service.

“Last year, we voiced our concerns about the unprecedented credit crisis. Our 420 dealer members reported the lack of floorplan financing as the biggest concern facing their businesses in 2009, and this trend is continuing in 2010,” stated Kim Stone, RVDA of Canada chairman and president and CEO of Stones RV and Homes Center in New Glasgow, Nova Scotia. “This is extremely difficult to grasp, as more and more Canadians continue to move towards the affordable and flexible travel offered by RV ownership.”

In the face of this financial crisis, the RVDA of Canada would like to work together toward finding a credit solution. “The RV industry recognizes recent measures taken by the government of Canada to help alleviate the financial crisis,” said Stone. “However, a more targeted approach is needed to meet the specific needs of the RV industry.”

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 industry continues to urge the government of Canada to develop a lending model that would more directly inject funding into the RV marketplace.

The impact of the retail RV sector is not simply one time retail sales. “RVing and the RV lifestyle make important economic contributions to ongoing tourism and recreation spending in every region of Canada,” said 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% of Canadian households currently own an RV.”

The RV market has stability, profitability and a long history of low-risk loans. The RVDA of Canada would like to work collaboratively towards finding a credit solution that makes sense for the RV industry and the economy. Indeed, the entire future of the RV industry depends on finding solutions to the liquidity crisis.

The RVDA of Canada is a national, volunteer federation of provincial and regional RVDA associations and their members, who have united to form a professional trade association for all businesses involved in the recreation vehicle industry.

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