Motorcycle, ATV, and All Other Motor Vehicle Dealers (U.S.)

NAICS 2022 code 441227 — an industry primer for public- and private-market investors

1. Overview

This industry is the retail storefront of the "powersports" world: the dealerships that sell a motorcycle, an all-terrain vehicle (ATV), a side-by-side utility vehicle (UTV), a snowmobile, a personal watercraft (PWC — e.g., a Jet Ski), plus a long tail of niche vehicles such as powered golf carts, utility trailers, and even small aircraft. NAICS (North American Industry Classification System) code 441227 covers the dealers, not the factories — the local and regional retailers that take manufacturer inventory, finance it on the showroom floor, sell it, and then keep earning on parts, service, repairs, and financing [1].

This is a retail-and-service business, not a manufacturing one. Dealers make money from new and used vehicle sales, financing and insurance products, parts and accessories, apparel, and the service bay — and from trading in and reselling used units [1][5].

Why it matters to an investor: this is a roughly $44-billion-a-year retail industry [2] built on discretionary, big-ticket, heavily financed purchases — which makes it a clean read on consumer confidence, interest rates, and rural/outdoor spending. It is also one of the last large, still-fragmented pockets of U.S. vehicle retail, which is exactly why consolidators have moved in.

The ways to get exposure differ sharply by investor type. Public-market investors have very few pure plays — realistically one small-cap dealer group in turnaround and one large auto retailer building a powersports arm — so most listed exposure runs through the manufacturers upstream (Harley-Davidson, Polaris, BRP) rather than the dealers themselves. Private investors are where this industry actually lives: the overwhelming majority of these ~6,700 stores are privately owned single-location or small-group dealerships, and buying, building, or rolling up dealerships is the dominant way capital participates [2][5].

2. What it is and how it's structured

Scope. NAICS 441227 comprises establishments primarily engaged in retailing new and/or used motorcycles, motor scooters, mopeds, off-road ATVs, personal watercraft, snowmobiles, utility trailers, powered golf carts, aircraft, and other motor vehicles — often bundled with repair service and the sale of replacement parts and accessories [1]. In plain terms it is "powersports retail" plus a scattering of odd adjacent vehicle types.

What it explicitly excludes (each sits in its own NAICS code, which matters when you size the industry) [1]:

• New automobiles and light trucks → 441110 (New Car Dealers)
• Used automobiles and light trucks → 441120 (Used Car Dealers)
• Recreational vehicles / motorhomes → 441210 (Recreational Vehicle Dealers)
• Boats, outboard motors, marine supplies → 441222 (Boat Dealers)
• Nonmotorized bicycles, and repair-only shops that do not also retail new vehicles, sit in other codes as well.

So a Harley or a Yamaha side-by-side is in 441227; a Winnebago motorhome or a bass boat is not.

How the industry layers up. In practice a store combines four activities: (1) franchised sale of new vehicles under one or more manufacturer agreements; (2) used-vehicle retailing sourced from trade-ins, direct consumer buys, auctions, and other dealers; (3) parts, accessories, apparel, and service/repair; and (4) finance and insurance products attached to the sale [5]. A single rooftop may be brand-specific (a dedicated Harley-Davidson or Honda store) or multi-line, carrying several motorcycle, ATV, and PWC brands under one roof.

Ownership mix. The industry is overwhelmingly independent and privately held. A dealer typically signs a franchise agreement with one or more original-equipment manufacturers (OEMs) — Harley-Davidson, Honda, Yamaha, Kawasaki, Suzuki, Polaris, BRP (Can-Am/Ski-Doo/Sea-Doo), Indian, Triumph, Ducati, BMW Motorrad and others — and often carries several brands. Structurally it looks like franchised auto retail in miniature: the manufacturer builds the product and controls the brand; the dealer owns the customer relationship, the location, the used-vehicle book, and the service bay. Manufacturer agreements can impose sales, service, and performance standards, and OEMs frequently must approve the acquisition, sale, relocation, or consolidation of a dealership [5]. Only recently have multi-store consolidators and one public roll-up reached meaningful scale. The federal statistics do not break out public-versus-private ownership, but the picture is clearly one of many local and regional private businesses with a thin layer of consolidators and private-equity-backed platforms on top.

3. How big it is

Ground-truth federal figures for NAICS 441227. These come from different surveys and years and should not be read as a single-period financial statement.

A few things these numbers tell you. First, scale per store is modest: roughly $6.5 million of receipts and about 11 employees at the average location. Second, the U.S. Small Business Administration (SBA) draws the "small business" line at $40 million of receipts [4] — a threshold most dealers in this industry sit comfortably below, confirming how small the typical operator is. (The SBA line is a regulatory classification, not an estimate of typical dealer revenue.)

Reconciling with "powersports market" headlines. Private market-research firms often cite a U.S. powersports market of only ~$9–13 billion [17]. That is not a contradiction — those figures usually measure vehicles at wholesale/manufacturer value and for a subset of vehicle types, whereas the Census receipts figure is the full retail top line across all 6,688 stores: new and used units, plus parts, service, accessories, and finance income, across every vehicle type in the code. For sizing the dealer industry, the ~$43.5 billion federal figure is the right anchor [2].

Undercount and scope caveats. The Economic Census and County Business Patterns focus on establishments with paid employees, so they undercount the smallest owner-operators and omit private-party (peer-to-peer) sales entirely [2][3]. This is not a government- or gig-dominated industry, so those exclusions are secondary; the bigger nuance runs the other way — a lot of powersports retailing happens outside code 441227. Utility ATVs and UTVs are also sold through farm-and-ranch and agricultural-equipment dealers; entry-level units move through general and big-box retail; and a growing share of used units changes hands peer-to-peer or online, bypassing dealers. Meanwhile 441227 itself contains non-powersports oddments (golf carts, trailers, aircraft). So treat the code as "mostly powersports dealers, but the powersports economy is broader than the code" [1].

4. The investable universe

For a general investor the single most important fact is that there is essentially one publicly traded pure-play dealer, and it is small and in turnaround. The bulk of listed exposure comes from the manufacturers above the dealers or from diversified auto retailers moving in.

Publicly traded dealers (the code itself):

RideNow rebranded from RumbleOn and changed its ticker from RMBL to RDNW in August 2025, moving its headquarters back to its original Chandler, Arizona flagship [6]. It is the clearest listed read on dealer economics — but as a leveraged small-cap working through a demand downturn, it is a high-risk, idiosyncratic name, not a diversified industry proxy.

Publicly traded manufacturers (upstream — not in NAICS 441227, but the main liquid way to play the theme):

Most OEM revenue is not classified under NAICS 441227 — it is manufacturing/wholesale exposure to the dealer channel. These stocks move with the same demand cycle that drives the dealers, but with different balance sheets and brand dynamics.

Private and other owners — everyone else, which is to say almost the entire industry. Thousands of independent single-store and small-group dealers, family-owned multi-brand operations, and private-equity-backed platforms. Representative examples:

• Comoto Holdings — a private powersports aftermarket platform (RevZilla, Cycle Gear, J&P Cycles). Prospect Hill Growth Partners remains majority owner; Gemspring Capital made a minority investment in 2026. Its exposure is parts, apparel, accessories, and online retail rather than new-vehicle franchises [28].
• Zeigler Automotive Group — a family-owned dealer group whose Zeigler Motorsports is an 85,000-square-foot dealership and action park carrying 19 powersports brands [29].
• Triumph Motorcycles — a major private OEM, owned via Bloor Holdings (John Bloor) [30].

RideNow itself was assembled by acquiring large groups (RideNow, Freedom Powersports) and dozens of smaller stores [9]. For private capital, this fragmented base of family-owned rooftops is the practical arena.

5. How the money works

A powersports dealership earns from four stacked profit centers, and the mix — not the sticker price — determines whether it makes money.

1. New-unit sales. The headline volume driver, but the thinnest margin. New motorcycles and off-road units typically carry gross margins in the high-teens percent, and that spread compresses fast when demand softens and dealers discount to move aging inventory [18][19].

2. Used-unit sales. Structurally higher-margin than new and, crucially, supply the dealer controls (via trade-ins and cash-offer programs) — but requiring appraisal, reconditioning, and markdown discipline. In a soft new-vehicle market, used units are the profit stabilizer; RideNow explicitly pointed to rising used sales and improving used gross profit as demand for new units fell [7][8].

3. Parts, service, and accessories (PSA). The steady, high-margin annuity. Service labor, parts, apparel, and accessories keep cash flowing between vehicle-buying cycles and are far less cyclical than unit sales; for many dealers PSA gross profit underwrites the fixed cost of keeping the doors open [19].

4. Finance and insurance (F&I). The profit multiplier. Dealers arrange consumer loans and sell add-ons (extended service contracts, gap coverage, prepaid maintenance, theft protection), booking income per unit sold. Powersports F&I runs around ~$700 of income per unit, and finance penetration — the share of buyers who finance through the store — has reached roughly half of deals; F&I can represent 40–60% of a dealer's total per-unit profit [18].

What the mix looks like at scale. RideNow's 2025 results show the shape of a large operator: about $778.8 million of vehicle revenue, $197.8 million of PSA revenue, and $97.3 million of F&I revenue — but gross profit of roughly $106.6 million, $92.3 million, and $97.3 million respectively, i.e., the smaller PSA and F&I lines together threw off as much gross profit as the far larger vehicle line. These are company-specific figures, not industry averages, but they illustrate why the back end matters [5].

The cost that defines the business: floor-plan financing. Dealers do not buy inventory with their own cash — they borrow against it on a revolving "floor-plan" line and pay interest until each unit sells. That makes profitability acutely sensitive to two things at once: interest rates (the carrying cost) and inventory turns (how fast units sell). When rates are high and units sit, floor-plan interest quietly eats the thin unit margin, and carrying excess inventory can cost a mid-size store hundreds of thousands of dollars a year in interest alone [18].

The scorecard. Because unit margins are thin and floor-plan and fixed costs are heavy, even healthy powersports dealers net only about 2–5% at the bottom line, with ~7% considered a strong result [18]. The metrics operators and investors actually watch are the powersports analogues of auto-retail KPIs: same-store sales (organic growth stripped of acquisitions), unit volume and gross-profit-per-unit (new and used separately), F&I income per unit and penetration, PSA gross profit, service-labor utilization, inventory days-of-supply and days-to-sale, floor-plan interest, and cash flow after inventory purchases. Sales are seasonal — weighted to spring and summer riding season (and to winter for snowmobiles) — so quarter-to-quarter comparisons need a year-over-year lens [5].

6. What drives demand

• Consumer confidence, disposable income, and credit. These are discretionary, financed, deferrable purchases. When real incomes tighten or borrowing costs rise, buyers wait — the industry's 2024–25 downturn tracked exactly this [12][20].
• Interest rates — twice. Rates hit demand (higher monthly payments on consumer loans) and supply economics (higher dealer floor-plan cost). High rates squeeze both ends simultaneously [7][20].
• Outdoor recreation and the rural/utility economy. Recreation is the largest use case — off-roading, hunting, trail riding across a large permitted-trail network — but the fastest-growing demand is utility: farmers, ranchers, construction, and land managers using ATVs and especially UTVs/side-by-sides as work vehicles. UTVs/side-by-sides are now the dominant and fastest-growing category of the off-road market, and Polaris has reported utility-oriented products outperforming more discretionary recreational ones [13][21].
• Product mix and price bifurcation. Demand has split by price. Entry-level units have weakened sharply while premium, high-priced touring and adventure machines have held up better — affluent, experience-driven buyers are more resilient than value buyers [20].
• Weather and geography. Snowmobile demand hinges on snowfall; off-road demand skews to Sun Belt and rural states (Texas is a notable UTV hub). Dealer footprints follow this geography [20][21].
• New product and incentives. Fresh model launches and manufacturer discounting move traffic and can pull demand forward or clear aging inventory [5].
• Demographics and electrification (longer-term). An aging core motorcycle rider base is a structural headwind for on-road bikes, while family-oriented side-by-sides broaden the buyer pool. Electrification (LiveWire, electric UTVs) is an emerging but still tiny demand vector [15][21].

Editorial judgment: near-term demand is likely to stay uneven. Utility vehicles, used inventory, and service should prove more resilient than premium discretionary motorcycles and recreational products. A durable improvement in credit availability and sentiment would help, but investors should not assume a rapid return to peak-cycle volumes.

7. Regulation

Regulation splits by product and by how the dealer sells.

Product safety and emissions (federal). Off-road vehicles — ATVs, snowmobiles, dirt bikes — fall under the Consumer Product Safety Commission (CPSC), not the highway regulator: every ATV must meet the mandatory CPSC standard (16 CFR Part 1420, incorporating the ANSI/SVIA — American National Standards Institute / Specialty Vehicle Institute of America — standard), operate under a CPSC-approved "ATV action plan," and carry a compliance label; the standard was refreshed to the 2023 ANSI/SVIA edition effective January 1, 2025, and youth-ATV rules apply to smaller machines [22]. The Environmental Protection Agency (EPA) regulates exhaust and evaporative emissions from the gasoline engines in highway motorcycles and recreational vehicles, including off-highway motorcycles and ATVs [23], and the California Air Resources Board (CARB) sets stricter certification requirements for covered vehicles sold in California, which several states follow [24]. On-highway motorcycles are motor vehicles regulated by the National Highway Traffic Safety Administration (NHTSA) under the Federal Motor Vehicle Safety Standards; NHTSA also oversees safety recalls and defect investigations, and dealers must manage the sale or delivery of units under an open recall [25]. NHTSA expressly does not regulate primarily off-road vehicles [22].

Dealer franchise and licensing law (state). This is where dealers get real protection. Most states run motor-vehicle/motorcycle dealer franchise statutes and license every dealership. These laws typically require franchise agreements to be filed and reviewed; bar manufacturers from forcing unordered inventory on dealers or coercing unfair terms; restrict a manufacturer's ability to terminate or fail to renew a franchise without good cause; and — importantly for downside protection — require the manufacturer to repurchase new, unused units, parts, and certain equipment (usually within 60 days) if a franchise ends [26]. In practice these statutes make a dealership franchise a durable, defensible asset, which is part of why the stores are worth acquiring.

Consumer finance and used-vehicle disclosure. Because dealers arrange loans and sell F&I products, they are subject to federal and state consumer-lending, truth-in-lending, and insurance-product rules — an area of ongoing regulatory attention across all vehicle retail. Note one wrinkle: the Federal Trade Commission's (FTC) Used Car Rule, which requires a "Buyers Guide" on most used cars, expressly excludes motorcycles — though state disclosure and warranty rules may still apply [27].

Regulatory risk is usually manageable for an established dealer, but recalls, emissions changes, financing violations, or state franchise disputes can create material costs.

8. Competitive dynamics and consolidation

By any standard measure this is a highly fragmented industry. The four largest firms account for just 4.6% of receipts, the top eight for 6.7%, the top twenty for 10.4%, and even the top fifty for only 15.7% [2]. The Herfindahl-Hirschman Index (HHI, a standard concentration gauge where higher means more concentrated) sits near 10.6 — essentially the low end of the scale, indicating a market of many small players and no dominant firm [2]. RideNow, the largest operator, likewise describes the U.S. powersports retail marketplace as highly fragmented [5].

That fragmentation is the investment thesis for consolidators. The playbook is the one that reshaped auto retail a generation ago: buy independent stores, then centralize F&I, financing, marketing, procurement, used-vehicle sourcing, inventory transfers, and back-office systems (a shared dealer management system, or DMS) to extract scale from a business that has historically run store-by-store. RideNow/RumbleOn was the first to attempt it at national scale, assembling the largest U.S. group through acquisitions [5][9]. More tellingly, established automotive retail groups — most visibly Sonic Automotive — are now entering powersports and acquiring dealerships (including Harley-Davidson stores), betting that professional multi-store operators can out-earn mom-and-pop competitors [10][11].

But consolidation is genuinely hard here. Manufacturer approvals, local franchise laws, technician shortages, geographic overlap, brand standards, and owner relationships all limit the value of simply accumulating rooftops. And the cautionary tale is fresh: RideNow's aggressive debt-funded consolidation ran straight into the 2024–25 demand downturn, forcing a restructuring, a rebrand, and the exit of non-core lines [7][6]. Expect continued roll-up activity, but selective — concentrated where a buyer can measurably improve used sourcing, service utilization, and inventory control rather than just add stores.

9. Risks

• Cyclicality and rate sensitivity. Discretionary, financed, big-ticket demand plus floor-plan-financed inventory makes both the top line and the balance sheet highly rate- and confidence-sensitive. The 2024–25 downturn — industry unit sales peaking near 1.2 million in 2022 and falling roughly 9% in 2024, with continued year-over-year declines into 2025 — is the current live example [20].
• Inventory overhang. When demand rolls over after a supply-constrained boom, units pile up. Days-of-supply of new vehicles ran well above the healthy 90–120-day range into 2025 (one large group reported ~178 days at end-2024), forcing margin-destroying discounts and rising floor-plan interest [20].
• Thin margins, high leverage. Bottom-line margins of ~2–5% leave little cushion; a debt-funded roll-up (RideNow carried ~$207.6 million of long-term debt against a net loss) can move quickly from growth story to solvency question [7][18].
• Manufacturer dependence. Dealers rely on OEM product, incentives, and floor-plan support; a weak product cycle, supply disruption, recall, or franchise dispute at a key brand hurts its dealers. Harley-Davidson's own volume declines and dealer-network strains are a direct read-through [12].
• Tariffs and input costs. Imported vehicles, engines, and accessories can face higher landed costs that squeeze margins or dealer/consumer affordability.
• Service-labor scarcity. Skilled technicians drive the high-margin service annuity and are hard to hire and retain.
• Structural demographic drift. An aging on-road motorcycle rider base is a slow headwind, only partly offset by the broader appeal of side-by-sides.
• Channel and product disruption. Peer-to-peer and online used sales, big-box and ag-dealer competition for utility units, and a still-unproven electrification transition all pressure the traditional franchised model.
• Data limitations. Federal statistics omit the smallest operators and private-party activity, and private dealer financials are rarely standardized — so underwriting leans on primary diligence, not published benchmarks.

10. How to invest and the outlook

Public-market routes.

• Direct (dealers). Genuinely limited. RideNow Group (RDNW) is the only listed pure-play dealer — a small, leveraged, turnaround name whose fortunes track powersports demand and its own deleveraging, not a diversified proxy [5][7]. Watch same-store trends, units sold, gross profit per unit, F&I and PSA attachment, used-inventory aging, floor-plan interest, store closures, acquisition integration, debt, and liquidity. Sonic Automotive (SAH) offers indirect, diluted exposure: a large auto retailer whose growing powersports arm is still a minor part of a car-dominated business [10].
• Upstream (manufacturers). The deeper, more liquid pool. Harley-Davidson (HOG), Polaris (PII), and BRP (DOOO/DOO) are the primary listed ways to express a powersports view, with LiveWire (LVWR) a small electric-motorcycle option; the big Japanese OEMs (Honda HMC; Yamaha, Suzuki, Kawasaki in Tokyo) add diversified exposure [12][13][14][15][16]. For these, track dealer retail sales, wholesale shipments, dealer inventory, discounts, PSA, warranty costs, and captive-finance credit performance — manufacturer growth does not automatically mean dealer profitability.
• Adjacent. Consumer lenders and floor-plan/F&I providers that finance the channel are another indirect angle.

Private-market routes (where most of the real capital goes). Buying an existing franchised dealership; building or acquiring a multi-store group and professionalizing F&I, service, and procurement; or backing a regional roll-up. Underwrite normalized EBITDA (earnings before interest, taxes, depreciation, and amortization) after replacing owner labor with market compensation, and diligence inventory aging, floor-plan terms, manufacturer-transfer approvals, service-bay capacity and technician retention, real-estate ownership, F&I compliance, working capital, and customer concentration. Compare valuation multiples only after normalizing for the inventory cycle and debt. The fragmentation (top-50 firms under 16% of the market) and the legal durability of franchise rights make dealerships attractive, cash-generative small-business assets — offset by cyclicality, floor-plan risk, and OEM dependence [2][26].

Near-term outlook (forward-looking judgment). The demand backdrop entering 2026 is soft but showing early signs of stabilizing rather than deteriorating: industry unit sales were still declining year-over-year through much of 2025, yet the leading dealer group posted rising adjusted profitability, improving used-vehicle margins, and a return to modest revenue growth in early 2026 as it worked down inventory [7][8]. The swing factors are the familiar ones — the path of interest rates (which governs both consumer affordability and dealer carrying costs), the pace of inventory normalization, and continued strength at the premium end even as entry-level stays weak. Longer term, this is a fragmented, asset-heavy retail industry with real consolidation potential but no simple growth narrative: the best businesses pair strong local franchises with disciplined inventory turns, high service retention, diversified brands, and conservative leverage. Public investors get the cleanest direct read through RideNow and broader-but-less-pure exposure through the OEMs; private investors can pursue control and operational improvement, but success depends more on underwriting and execution than on industry growth alone.

---

Sources

1. U.S. Census Bureau. "2022 NAICS Definition — 441227 Motorcycle, ATV, and All Other Motor Vehicle Dealers." (2022). https://www.census.gov/naics/?input=441227&year=2022
2. U.S. Census Bureau. "2022 Economic Census — Concentration of Largest Firms, NAICS 441227." (2025). Firms 6,569; receipts ~$43.5B; CR4 4.6%, CR8 6.7%, CR20 10.4%, CR50 15.7%; HHI ~10.6. https://data.census.gov/table/ECNSIZE2022.EC2200SIZECONCEN
3. U.S. Census Bureau. "County Business Patterns: 2023 — NAICS 441227." (2025). Establishments 6,688; employees 74,882; annual payroll ~$4.03B; Q1 payroll ~$936.7M. https://www.census.gov/data/datasets/2023/econ/cbp/2023-cbp.html
4. U.S. Small Business Administration. "Table of Size Standards (NAICS 441227 — $40 million)." (2023). https://www.sba.gov/document/support-table-size-standards
5. RideNow Group, Inc. "2025 Form 10-K." (2026). 48 powersports locations at Dec 31, 2025; vehicle/PSA/F&I revenue and gross-profit breakdown; seasonality; fragmentation; manufacturer-approval and franchise terms. https://www.sec.gov/Archives/edgar/data/1596961/000159696126000015/rdnw-20251231.htm
6. PR Newswire / RumbleOn. "RumbleOn Rebrands as RideNow Group, Announces HQ Move and New Structure for Dealership Operations." (2025). Ticker RMBL→RDNW effective Aug 13, 2025; ~54 dealerships. https://www.prnewswire.com/news-releases/rumbleon-rebrands-ridenow-group-announces-hq-move-and-new-structure-for-dealership-operations-302528655.html
7. PR Newswire / RideNow Group. "RideNow Group, Inc. Reports Fourth Quarter and Full Year 2025 Financial Results." (2026). Revenue ~$1.08B (-10.5%); adj. EBITDA $46.2M; net loss $52.4M; LT debt $207.6M. https://www.prnewswire.com/news-releases/ridenow-group-inc-reports-fourth-quarter-and-full-year-2025-financial-results-302708563.html
8. Powersports Business. "RideNow Group reports improving Q4 margins as used unit sales rise." (2026). https://powersportsbusiness.com/news/dealers/2026/03/11/ridenow-group-reports-improving-q4-margins-as-used-unit-sales-rise/
9. RideNow / RumbleOn Investor Relations. "RumbleOn Completes Acquisition of Freedom Powersports." (2022). https://investors.ridenow.com/rumbleon-completes-acquisition-of-freedom-powersports/
10. PR Newswire / Sonic Automotive. "Sonic Automotive Accelerates Strategic Growth Trajectory with Breakout Powersports Expansion." (2026). https://www.prnewswire.com/news-releases/sonic-automotive-accelerates-strategic-growth-trajectory-with-breakout-powersports-expansion-302747702.html
11. Powersports Business. "Sonic expands footprint with five Harley dealership acquisitions." (2026). https://powersportsbusiness.com/top-stories/2026/04/21/sonic-expands-footprint-with-five-harley-dealership-acquisitions/
12. Harley-Davidson, Inc. "2025 Form 10-K" and Q3 earnings coverage (global retail motorcycle sales -6% YoY; high rates and soft confidence cited). (2025–2026). https://www.sec.gov/Archives/edgar/data/793952/000079395226000011/hog-20251231.htm
13. Polaris Inc. "2025 Form 10-K." (2026). Utility-oriented products outperforming discretionary recreational products amid inventory management. https://www.sec.gov/Archives/edgar/data/931015/000162828026008033/pii-20251231.htm
14. BRP Inc. "Annual Information Form." (2026). Nasdaq: DOOO; TSX: DOO. https://investors.brp.com/
15. LiveWire Group, Inc. "2025 Form 10-K" and news archive. (2024–2026). https://www.sec.gov/Archives/edgar/data/1898795/000189879526000028/lvwr-20251231.htm
16. Honda Motor Co., Yamaha Motor, Suzuki Motor, and Kawasaki Heavy Industries — investor-relations / stock information. (2025–2026). NYSE: HMC; Tokyo: 7272 (Yamaha), 7269 (Suzuki), 7012 (Kawasaki). https://global.honda/en/investors/faq.html
17. IMARC Group. "United States Powersports Market Size, Trends & Outlook." (2025). ~$9–13B market at manufacturer/wholesale value for a subset of vehicle types. https://www.imarcgroup.com/united-states-powersports-market
18. Motorcycle & Powersports News. "Your F&I Menu Was Built for a Camry, But You Sell Side-by-Sides" and related dealer-economics coverage. (2025). F&I ~$700/unit, ~50%+ finance penetration, floor-plan cost, net margin 2–5%. https://www.motorcyclepowersportsnews.com/your-fi-menu-was-built-for-a-camry-but-you-sell-side-by-sides/
19. Motorcycle & Powersports News. "Total Store Gross Margins." (2025). New-unit margins vs. PSA/used margin mix. https://www.motorcyclepowersportsnews.com/total-store-gross-margins/
20. Motorcycle & Powersports News (Statistical Surveys). "State of the Powersports Industry — July / August 2025." (2025). Unit sales peaked ~1.2M in 2022, -9% in 2024; days-of-supply; entry-level vs. premium bifurcation. https://www.motorcyclepowersportsnews.com/state-powersports-industry-august-2025/
21. Market Data Forecast / Mordor Intelligence. "North America ATV and UTV Market." (2025). UTV/side-by-side share and utility/agriculture demand. https://www.marketdataforecast.com/market-reports/north-america-atv-and-utv-market
22. U.S. Consumer Product Safety Commission. "All-Terrain Vehicles — Business Guidance," and Federal Register "Standard for All-Terrain Vehicles" (final rule; 16 CFR Part 1420; 2023 ANSI/SVIA edition effective Jan 1, 2025); plus NHTSA off-road interpretation. (2024–2025). https://www.cpsc.gov/Business--Manufacturing/Business-Education/Business-Guidance/ATV
23. U.S. Environmental Protection Agency. "Regulations for Emissions from Recreational Vehicles" and "…from Non-Highway Motorcycles." https://www.epa.gov/regulations-emissions-vehicles-and-engines/regulations-emissions-recreational-vehicles
24. California Air Resources Board. "New Vehicle and Engine Certification Executive Orders — MY2025 Highway Motorcycles." (2025). https://ww2.arb.ca.gov/new-vehicle-and-engine-certification-executive-orders-my2025-highway-motorcycles
25. National Highway Traffic Safety Administration. "Check for Recalls" and defect-investigation authority. (2026). https://www.nhtsa.gov/recalls
26. Code of Virginia, Title 46.2, Article 7.4 "Motorcycle Franchises" (representative state dealer-franchise statute — filing, termination protection, 60-day repurchase). https://law.lis.virginia.gov/vacodefull/title46.2/chapter15/article7.4/
27. Federal Trade Commission. "Dealer's Guide to the Used Car Rule." (2016, updated 2025). Buyers Guide required for most used cars; motorcycles excluded. https://www.ftc.gov/business-guidance/resources/dealers-guide-used-car-rule
28. Latham & Watkins. "Latham Advises Comoto on Investment by Gemspring Capital." (2026). Prospect Hill majority owner; Gemspring minority investment. https://www.lw.com/en/news/2026/06/Latham-Advises-Comoto-on-Investment-by-Gemspring-Capital
29. Zeigler Racing. "About Zeigler Automotive Group / Zeigler Motorsports." (2026). 85,000 sq ft; 19 powersports brands. https://www.zeiglerracing.com/about-zeigler-automotive-group/
30. Triumph Motorcycles. "Frequently Asked Questions" (Bloor Holdings / John Bloor ownership). (2026). https://www.triumph-motorcycles.ca/global-content/frequently-asked-questions