Robert Mack: No. I mean when we give market share data, Robin, we can only really give it for the folks that participate in ROVA and some of the Chinese manufacturers don’t participate in the trade organization. So we don’t get their reported data. But the other thing to keep in mind is that as you look at some of these — the Chinese entrants, we certainly — we don’t dismiss any competitor ever. But the bulk of the products they have been selling, especially during the pandemic has been lower end products in a range that we don’t participate in, in a meaningful way. So to some degree, it’s probably grown the market more than it’s changed the share dynamics.
Michael Speetzen: Yes. And Robin, I mean, I’ll reiterate what Bob said, we will not be dismissive of a competitor. But we do know — I mean we spend a lot of time out meeting with dealers, Bob, Steven, Edo and I and — the consistent dialogue from the dealers is the majority of the folks buying those are not necessarily customers for businesses like ours or higher-end competitors. And we’ve also seen that the dynamic has changed quite a bit. The issue was when none of us had availability and they were able to get product in, they were able to move it. Now they’re at a point where they’re at a surplus and the dealers are really pushing back hard on how much inventory is being pushed in the channel. So it’s kind of — it’s come back in to parity.
And I think as the availability of our products as well as the rest of what I’ll call the legacy higher-end industry improves, I think you’ll see that dynamic at least coming back in a parity. That said, we’re taking a hard look at it to understand how we — how — if we and how we potentially compete against that particular end of the market, and obviously, don’t want to necessarily take Polaris down into a super cheap value play, but we’re going to continue to look at that and monitor it and react accordingly.
Operator: The next question comes from David MacGregor with Longbow Research.
David MacGregor: Just a question on PG&A. You noted attachment rates are healthy. with reduced dealer whole goods inventory targets in 2023, does that extend the PG&A or do you lean more aggressively into attachment sales with higher dealer in stocks?
Michael Speetzen: Certainly, there — they operate PG&A on an RFM model, similar to we do whole goods. So obviously, that will tamp down any of the, call it, in-store traffic. But — that said, if you’re seeing fewer whole goods move, typically, people are buying oil kits, maintaining the vehicles because we know people are still writing the same rates that they have historically as well as if they’re going to hold on to a vehicle for another year or 2, they’re likely to buy some accessories. And so there’ll be some of that. The attachment, the factory install, we call it, in terms of shipping a whole good with the accessories on it, we’ve seen that steadily increasing. And so I anticipate that, that will continue. And even with a more muted whole good growth rate, you’re still going to see PG&A attachment rates inching up.
probably not at the same leaps and bounds that it had over the last 5 years. But there’s still a lot of accessories. We’ve got new products that are coming out this year, and there’s more accessories available on those products than we’ve ever had historically on a new product launch. So the team’s really gotten to a good cadence recognizing that it’s a great way for the customer to be able to customize the vehicle, but it’s also a great margin opportunity for both Polaris and the dealer.
