In a move designed to get more people on the water, Yamaha WaterCraft announced today two new programs that it’s calling industry firsts.
With a new guaranteed buyback program and leasing program Yamaha and its dealers will be able to reach more consumers than ever before, said Bryan Seti, Yamaha WaterCraft national marketing manager.
“We know the numbers are through the roof as far as people that go boating, that use a personal watercraft,” he said. “Our goal is to drive as many people as possible into the dealership to buy new.”
The nationwide guaranteed buyback program is for buyers of a new WaveRunner that finance on a 60-month term. Those buyers will have the opportunity to return the PWC after 36 months and either walk away or trade up to a new model. The WaveRunners will be valued based on National Automobile Dealers Association standards. If the owners owes more than the NADA value, Yamaha will pay the remaining loan balance, up to $2,500. There is no dealer fee for the program, which will be financed through either GE or Capital One.
The program is aimed at two groups of customers, Seti said: the first-time customer that isn’t sure about getting into the sport and the high-end customer that wants the “latest and greatest every three years.”
After 36 months, buyers will have a 30-day window to return or trade-in the watercraft.
“It’s a great way for our dealers to continue the conversation and marketing with this customer,” Seti said.
The WaveRunner lease program will be rolled out in six states to start: Arizona, California, Florida, Georgia, Nevada and Texas.
According to Seti, about 40 percent of potential PWC buyers can’t get financing approval. Those customers are the prime targets for the new program.
Yamaha estimates that about 90 percent of those who apply will be approved for the new 36- or 48-month lease options. At the end of the lease, the customers will have the option to return or purchase the WaveRunner.
“This helps to remove a lot of the barriers to ownership,” Seti said.
The option should also be attractive to those that are wary of making a long-term commitment to ownership and who are used to leasing their everyday vehicles.
“From the data that we have, about 25 percent of cars are leased, at least,” Seti said. “People want to get in and out.”