AAA: All Treats and No Tricks at the Pump This Halloween

WASHINGTON, D.C. — The national average for a gallon of gas dipped by two cents since last week to $3.13. Low oil costs and tepid domestic gasoline demand are the primary reasons.

“After the brief interruption caused by Hurricanes Helene and Milton, gas prices have resumed their gradual season decline,” said Andrew Gross, AAA spokesperson. “We are only about seven cents away from the national average’s 2024 low, and it will likely keep rolling and fall below $3 soon.”  

With an estimated 1.2 million AAA members living in households with one or more electric vehicles, AAA tracks the average kilowatt-per-hour cost for all levels of public charging by state. Today’s national average for a kilowatt of electricity at a public charging station dipped by a penny to 34 cents.

According to new data from the Energy Information Administration (EIA), gas demand rose slightly from 8.83 million b/d last week to 9.15. Meanwhile, total domestic gasoline stocks fell from 213.6 million barrels to 210.9, while gasoline production decreased last week, averaging 9.7 million barrels daily.

Today’s national average for a gallon of gas is $3.13, eight cents less than a month ago and 34 cents less than a year ago.

Oil Market Dynamics

At the close of Wednesday’s formal trading session, WTI rose by $1.40 to settle at $68.61 a barrel. The EIA reports that crude oil inventories decreased by 0.5 million barrels from the previous week. At 425.5 million barrels, U.S. crude oil inventories are about 4% below the five-year average for this time of year.

Quick Gas and Electricity Stats

Gas

The nation’s top 10 most expensive gasoline markets are Hawaii ($4.59), California ($4.56), Washington ($4.03), Nevada ($3.80), Oregon ($3.62), Alaska ($3.59), Utah ($3.34), Idaho ($3.34), Pennsylvania ($3.32), and Illinois ($3.31).

The nation’s top 10 least expensive gasoline markets are Texas ($2.68), Mississippi ($2.69), Oklahoma ($2.70), Tennessee ($2.74), Louisiana ($2.77), Missouri ($2.77), Arkansas ($2.78), Kansas ($2.78), Kentucky ($2.78), and Alabama ($2.8).

Electric

The nation’s top 10 least expensive states for public charging per kilowatt hour are  Kansas (21 cents), Missouri (24 cents), Nebraska (25 cents), Delaware (27 cents), North Dakota (27 cents), Texas (27 cents), Utah (29 cents), Vermont (30 cents,) Washington DC (30 cents), and Michigan (30 cents).

The nation’s top 10 most expensive states for public charging per kilowatt hour are Hawaii (56 cents), West Virginia (45 cents), New Hampshire (43 cents), Montana (43 cents), Arkansas (42 cents), Louisiana (42 cents), South Carolina (42 cents), Idaho (41 cents), Kentucky (41 cents), and Alaska (41 cents).

Drivers can find current gas and electric charging prices along their route using the AAA TripTik Travel planner.

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Alliance for Automotive Innovation Reaches Out to RV Industry

EDITOR’S NOTE: The following is a News & Insights report by the RV Industry Association (RVIA).

The Alliance for Automotive Innovation is extending an offer to RV manufacturers, and in turn to the attorneys representing them in franchise matters, to attend their 2024 Franchise Summit taking place on Tuesday, Dec. 10 at Toyota Motors North American Headquarters in Plano, Texas. The event will feature panels from practitioners discussing the latest developments and trends in automobile franchise law.

There would be a charge for registration ($350 is the early bird rate until 11/1; after that it will be $425). Topics will include:

  • Networking Breakfast
  • Understanding the Other Side: Franchise Trends & Tips
    • Panelists will discuss tactics that opposing counsel and experts have used in franchise matters. This panel will help you anticipate what the other side will do and be prepared for it. The audience will be encouraged to share their favorite stories too!
  • Franchise Legislation
    • Speakers will discuss the highs and lows of the 2024 state legislative sessions. Then the panel will delve into the numerous threats that await OEMs in 2025.
  • Developments in Warranty
    • Warranty was the hot topic of 2024 and provides plenty of food for thought. Panelists will discuss the flurry of activity on topics including time guides, litigation, reasonability, and EV batteries.
  • Networking Lunch
  • Data: Who, What, When, Where, & Why
    • Few topics in franchise involve as many stakeholders and complications as data does. Panelists will discuss the CDK breach, how FTC regulations could impact OEMs, and the continuing push by dealer associations to regulate access to data in their systems.
  • Dealership Consolidation: What it Means for Franchise Practitioners
    • The trend of dealership consolidation continues. The panel will discuss what it means for franchise practitioners and OEM dealer networks. Rights of first refusal, OEM evaluation of buy/sells, branding, and more.
  • Closing Remarks 

For more information or questions about the Summit, please contact RV Industry Association Director of State Government Affairs Michael Ochs at [email protected]

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Top 50 Dealer Awards Sponsor: Protective Asset Protection

EDITOR’S NOTE: Now in its 14th year, the RVBusiness Top 50 program celebrates those North American RV dealerships that, in the eyes of an esteemed panel of independent judges, best exemplifies dealer excellence in customer and community service. Winning dealers will be recognized during a presentation Nov. 13 during the RV Dealers Convention/Expo at Paris Las Vegas.

The Top 50 program is made possible thanks to the generous sponsorship of the following organizations: Airxcel Inc., Brown & Brown InsuranceCummins Inc.GE AppliancesGenesis ProductsNorthpoint Commercial FinanceNTP-STAGPerformance Brokerage ServicesProtective Asset ProtectionRV Trader, and Wells Fargo.

RVBusiness will publish a profile of each Top 50 sponsor leading up to the RV Dealers Convention/Expo.

Not all RV insurance companies are created equal.

Bill Koster, Protective Asset Protection’s vice president for the RV, marine and powersports specialty segment, highlights what he believes makes his company stand out.

“At Protective, we do what we say we’re going to do. We’re not the cheapest company out there, but we pay claims, we provide products for dealers that an RV customer would want, and we offer wealth-building programs for dealerships,” he says. “We help dealers take care of their customers, we help them increase their profitability at the dealership, and we do all of that with reputable service and integrity.”

Protective Asset Protection has been serving dealers since 1962. Today, the company serves more than 10,000 dealerships and 500 financial institutions in the automotive, RV, powersports and marine industries. As a vertically integrated provider, Protective acts as both the insurer and the plan administrator, which Koster says offers many benefits, including greater efficiencies, reduced costs and generally quicker service, because everything is handled in-house.

“It’s a rarity in our space that you find a company that’s vertically integrated,” he says of the business, which is part of the financial services holding company, Protective Life Corp., based in Birmingham, Alabama.

Notably, Protective continues to make new offerings and services available to RV dealers. Earlier this year, the company rolled out its own RV GAP coverage (previously available through a third-party provider), and Protective has partnered with MenuMetric to make the company’s F&I menu system available free of charge for its specialty dealers so they can more clearly explain F&I products at the point of sale.

Meanwhile, Koster says Protective offers dealers a robust training program, which includes on-site F&I courses, webinar training sessions and online training modules.

“Training is important because the industry continues to evolve and we want to ensure our dealer partners are best positioned to satisfy their customers’ needs,” he says, noting some dealerships prefer the face-to-face interactions of live training while others prefer remote learning, either through scheduled webinars or on-demand training.

In much the same way that Protective sees itself as a standout in the RV F&I segment, Koster says he believes the annual RVBusiness Top 50 Dealer Awards are a truly unique way to recognize the industry’s top-performing dealerships.

“I’ve seen the applications. It doesn’t just focus on the biggest dealerships; it’s a combination of many attributes. These are dealers who take care of their customers and their employees and who run a superior operation in good times or in bad. That’s why we’ve been a sponsor since the very beginning,” he says. “To me, it’s very inspirational to see how these dealerships perform, and they should be commended for that.”

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2025 RV Hall Supplier Show Registrants Can Win a Free Booth

In September of 2025 the RV/MH Hall of Fame will once again host the industry’s suppliers in conjunction with the 2025 Elkhart Dealer Open House, offering an opportunity to exhibit in front of the wholesale side of the industry.

This event has been dubbed as “The premiere supplier exhibition to show in front of dealers, manufacturers and others,” according to a release from the Hall of Fame. 

Registration opened on Oct. 7 for suppliers who exhibited in 2024 and as of Oct. 31 the show is over 10% sold out. For past exhibitors, register by Dec. 31 to secure your same booth space as the 2024 show. For suppliers who register by the Dec. 31 deadline, their company will be included in a drawing to win a free booth (a $3,500 value). For new exhibitors or past exhibitors looking to expand or relocate, the Hall will begin assigning open booth spaces on Jan. 1. 

For new or past exhibitors, please find registration forms and other important information here: https://www.rvmhhalloffame.org/rv-hall-of-fame-suppliers-show/

For those looking to attend/walk the show please find a pre-registration form and more details here: https://www.rvmhhalloffame.org/attendee-information-and-pre-registration/

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GEN-Y Hitch Welcomes Nguyen, Marks & Alavarez to Team

NAPPANEE, Ind. – GEN-Y Hitch continues to expand its work force after having hired three additional team members: Thanh Nguyen, Brian Marks and Oscar Alvarez. Nguyen is heading the web development team as the Web Development Specialist, while Alvarez and Marks are expanding the sales team as Western Regional Sales Manager and Southeastern Regional Sales Manager, respectively.

“Thanh’s vast experience and knowledge in full-stack web development will be a great asset to the GEN-Y team across many areas, most notably our retail and dealer websites. Thanh is a true servant leader which matches the GEN-Y way!” said Adam Yoder, GEN-Y Hitch’s operations manager.

“We are excited to share that our wholesale team is expanding with the addition of Brian and Oscar, who will serve as territory managers for the Southeast and West Coast. Their local presence in these important regions will strengthen GEN-Y’s ability to introduce the line to prospect customers and enhance customer service, ultimately supporting the growth of our reseller and distribution network.” Luke Stump, GEN-Y Hitch’s Director of Wholesale.

Nguyen, Marks and Alvarez join the 80+ team at GEN-Y Group.

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Brown & Brown Completes Acquisition of Quintes Holding B.V.

DAYTONA BEACH, Fla. – Brown & Brown, Inc. (NYSE: BRO) today announced the completion of the previously announced acquisition of the insurance operations of Quintes Holding B.V.

The acquisition was first announced on July 30, 2004 (See “Brown & Brown to Aquire Quintes Holding B.V. in Netherlands”).

Quintes was founded in 2012 by Gijsbert van de Nieuwegiessen and is one of the largest independent insurance brokers in the Netherlands. Quintes serves approximately 200,000 customers across its three main divisions: broking, MGA and pension business. Headquartered in Waardenburg, Netherlands, Quintes is composed of approximately 700 insurance professionals operating across 18 locations in the Netherlands.

Quintes will continue to be led by Gijsbert van de Nieuwegiessen, chief executive officer and founder. Following the completion of the transaction, Gijsbert will report to Mike Bruce, chief executive officer of Brown & Brown (Europe) Limited, who also serves as a member of the Brown & Brown, Inc. senior leadership team.

On the transaction, Mike Bruce shared, “Gijsbert and the team at Quintes share our commitment to always doing what is best for customers, teammates and carrier partners. Their position as an industry leader in the Dutch market will further expand our international footprint and broaden the scope of our global capabilities.”

Barrett Brown, executive vice president and president of the Brown & Brown, Inc. Retail segment, shared, “We are very excited to have Gijsbert, Quintes leadership and their talented teammates join Brown & Brown. Their hub structure is closely aligned with our decentralized sales and service business model, and the breadth of their specializations will complement our existing capabilities and drive our continued growth.”

Gijsbert van de Nieuwegiessen stated, “After four successful years of strategic partnership with Aquiline, we have found a forever home in Brown & Brown. Quintes and Brown & Brown are like-minded organizations that share a common culture, values and purpose. For our customers, this move will bring access to additional capabilities, services and solutions, as well as the market strength of a global network. For our Quintes teammates, it will bring opportunities to grow professionally and personally. All of us at Quintes look forward to becoming teammates of an industry-leading and customer-focused group of professionals.”

Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, delivering risk management solutions to individuals and businesses since 1939. With over 16,000 teammates and 500+ locations worldwide, we are committed to providing innovative strategies to help protect what our customers value most. For more information or to find an office near you, please visit bbinsurance.com.

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Krug Expedition Explores U.S. Market with BEDROCK XT2

Expedition vehicles are well-equipped to conquer the most extreme conditions in all four corners of the world. Outfitted with a chassis of steel armor and sustainable off-grid features, these highly-capable rigs allow adventurers to safely and confidently take the road less traveled for extended periods of time.

Approximately 15 years ago, world traveler Viktor Yermolov purchased an expedition vehicle and immediately put it through the paces. The outdoor enthusiast quickly recognized several important shortcomings and sought to make necessary improvements. With an emphasis on quality construction, advanced engineering and mechanical superiority, he contracted various experts to help fine tune the minute details that ultimately separate a good product from a great experience. Two years later, Yermolov achieved a first-class build capable of traversing all terrain – and shaking up the market competition. 

While the first 3-5 years in business presented typical challenges in consumer education and market penetration, CEO Slawa Knorr said perseverance prevailed.

“We needed time to show the quality. [Before long,] production increased alongside sales. Now, we are the biggest manufacturer in Europe,” he said, noting the company’s core customer ranges from successful entrepreneurs to young families who want to travel the world independent of traditional infrastructure and external energy sources.

Engineered to Explore

Headquartered in the Austrian Alps, Krug Expedition operates two production facilities spanning 8,000 square meters and employs approximately 130 personnel who are committed to designing, engineering and manufacturing a superior expedition product.

Knorr emphasized every company module is manufactured in-house, which ensures quality control at all stages of production – from raw materials to the finished product. Modules are constructed with reinforced sandwich panels, resulting in superior insulation and high-performance characteristics.

“Our modules are completely free of cold bridges, which not only prevents condensation inside the unit, but also means less energy consumption in extreme cold and hot environments,” Knorr explained.

Furthermore, both the interior and exterior of the wall and ceiling panels are coated with GRP laminate. The outer GRP laminate is “extraordinarily resistant” to mechanical influences due to its high fiberglass percentage (70%) and cross-woven structure. It is a key quality distinguishing Krug Expedition from its competition, according to the company.

“Since the mechanical stress placed on the interior is significantly lower, we use a GRP laminate with a lower glass content compared to the laminate we use on the outside. This saves a significant amount of weight and enables the addition of an extra thick gelcoat layer that covers the laminate surface, resulting in a perfectly smooth interior finish,” Knorr added.

Thanks to the extraordinary thermal insulation properties in the polyurethane foam used between two laminate layers, the 60 mm (2.36”) panels offer the same level of insulation as a solid-wood wall with a thickness of approximately 300 mm (11.8”). All other custom structural parts, such as corner caps and uniquely-angled profiles, which are not readily available in GRP, are manufactured using fiberglass molding technology as well. Doing so ensures all bonded elements are made of the same material and have consistent thermal expansion properties.

With hundreds of complete-truck solutions and custom builds under its belt since 2010, the company is expanding stateside with its BEDROCK XT2 – a collaborative venture between Krug Expedition and Arctic Trucks that is specially tailored to not only deliver high performance across diverse terrain, but also meet the unique needs of U.S. customers.

“This is the right timing, from our perspective,” Knorr said, noting additional facility expansion is underway to ramp up future production. “There are expedition products in the U.S. but very different concepts. For us, the difference is in the details, like robust weight distribution and a [distinct] modeling concept.”

“We don’t have a competitor with the same offering,” he continued, emphasizing Krug Expedition offers an exclusive – and superior – product in a growing niche market.

Performance Packed

According to Knorr, BEDROCK XT2 is a testament to both form and function. He praised the platform’s stout chassis and suspension setup; chic, minimalistic interior design; creature-comfort upgrades; and dependable off-grid features to sustain four-season, long-distance travel.

“Expedition vehicles should be self-sufficient – independent as much as possible from external infrastructure,” Knorr said, emphasizing such capabilities are an investment in the experience.

Structurally, the heavy-duty 6×4 is supported by a premium Arctic Trucks AT44 XT2 Ford F-550 chassis, which houses a 6.7L V8 diesel with direct injection 330 horsepower and a 10-speed automatic gearbox.

In addition to its 176” wheelbase, the BEDROCK XT2 boasts an Arctic Trucks 3” suspension system, Old Man Emu BP-51 internal bypass shocks, as well as an innovative three-axle design, which helps prevent an overloaded rear axle. As such, Knorr said load distribution remains “perfectly balanced,” greatly improving breakover and departure angles. The additional tag rear axle not only decreases ground pressure by upwards of 25%, but also features hydraulic disc brakes for improved control and reduced braking distances.

An 8-link rear air suspension system permits independent control from inside the cab, allowing adventurers to make air pressure adjustments on the fly and accommodate varying payloads or terrain. Performance is further enhanced with a set of 365/80R20 Continental MPT tires, delivering ultimate traction in rugged terrain and reliably-smooth operation when driving on road.

Travel Farther, Stay Longer

According to Krug Expedition, the BEDROCK XT2 is designed to provide a fully-electric experience. Powerful solar panels, a generously-sized battery bank and matching components guarantee a reliable supply of energy no matter how remote one travels. With Krug Expedition, adventurers can charge from a 120V or 230V power supply, making it possible to power up anywhere in the world.

In addition, all modules are equipped with a diesel-powered air heating system. The Truma Combi D6 E air and water heater offers short heat-up times, low-noise operation and infinitely variable power control to deliver a consistent temperature throughout. Among many significant features, travelers receive peace of mind with an anti-freeze mode, frost-protection feature and proven performance efficiency at altitudes up to 9,000 feet.

Heading off-grid also requires reliable drinking water in unreliable conditions. Onboard the BEDROCK XT2, water purification undergoes a multi-step process. First, fresh water is pre-filtered via a three-stage filtration system featuring activated carbon and a fine filter capacity of up to one micron. Then the water is treated with a PURION 1000 UV lamp, which ensures germs, bacteria, viruses and spores are eliminated. Fresh water from the tap in the kitchen is filtrated through a General Ecology Seagull IV-X2 system as well. The carbon activated pre-filter safeguards against chemical and visible contaminants, including herbicides, pesticides, chlorine and other particles exceeding 0.4 micron (4 nanometres). The filter also removes any unpleasant taste, odor and turbidity.

The final layer of drinking water treatment is UV LED, which serves as a failsafe to eliminate any remaining residual bacteria or viruses that were unfiltered during the previous stages. Knorr said the UV LED disinfection unit is fully automatic with no warm-up phase – unlike traditional UV lamps.

The BEDROCK XT2 features a 118-gallon fresh water tank, 60-gallon grey water tank and 17-gallon black water tank with a macerator toilet option. All tanks are located inside the module and are equipped with an automatic frost-protection system. The fill levels of the tanks are monitored by sensors and displayed on the central control panel inside the living module. The grey tank is emptied via an electric control switch located in the garage compartment, or manually in case of an emergency.

Upscale Living – On the Road

While the exterior is all business, the BEDROCK XT2 interior showcases high-end living quarters, with luxury vinyl flooring throughout. A well-appointed kitchen features sturdy but lightweight cabinetry and useful safety locks, plus a Fenix NTM soft touch, anti-fingerprint worktop and foldable extension for additional counterspace. From an induction stovetop with two cooking zones and convenient oven-microwave to a stainless-steel, scratch-resistant sink and fridge-freezer combination, the BEDROCK XT2 ensures the conveniences of home while on the road.

Comfort extends to the dining room, with high-quality fabric upholstery and a dinette table that can be converted for additional sleeping. Customers can opt for leather upholstery in a variety of colors, as well as decorative HPL or wooden veneer on visible surfaces.

The master bedroom is conveniently positioned above the cabover to maximize space and features a comfortable king-sized bed. A roof hatch is situated directly overhead. Constructed of insulated sandwich panels, it includes an insect screen and warning buzzer.

A contemporary design, Waterless Separett Tiny dry separation toilet with 7.5L (two gallons) urine tank or optional ceramic gravity toilet, plus a standup shower and a concealed underfloor shower tray complete the bathroom area. Maxxair roof ventilators are installed in both the living space and bathroom, featuring air inlet, outlet and air conditioning modes, an automatic rain sensor and a proprietary insulated hood that prevents condensation in low outside temperatures.

In addition, a vibration-resistant washing machine with dryer can be mounted inside the module, then connected to the energy, water supply system and grey water tank.

“We design the full package for customers [to enjoy],” Knorr said, noting each BEDROCK XT2 can be customized in materials, upgrades and accessories to comfortably accommodate 2-4 people.

He pointed to a central tire inflation system, Webasto auxiliary diesel heater, advanced liquid heating system, Nomadic Cooling X3 AC and high-performance submersible pump as examples. In addition, those who want to remain fully connected during exploration can upgrade to a sophisticated 5G/WIFI/GPS router with an external antenna and Starlink installation.

From a premium outdoor kitchen to a Nespresso coffeemaker or complete set of cutlery, tableware and cookware, the module can be personalized to accommodate any lifestyle.

A base BEDROCK XT2 may cost $690,000, but there is no price tag on freedom.

Looking Ahead

Looking ahead, Knorr and team are laser focused on stateside expansion efforts. Krug Expedition will produce all living modules at headquarters to ensure quality control but plans to assemble the chassis in the U.S. with its domestic supplier. While the company is based overseas, customers benefit from ongoing technical support at its Salt Lake City, UT service center.

Currently, all sales are direct-to-consumer, with plans to partner at the dealer level in the future. As a new manufacturer in the U.S. market, Knorr believes it is critical to work hand-in-hand with customers to become better acquainted with how they think, as well as where Krug Expedition can fine tune its offerings even further.

“We have a team of 10 engineers involved in product development and processes that are always considering new problems and new solutions,” he said. “At the moment, for example, we’re working to extend our service ability to remote monitoring of different systems, so we can support customers during their full journey.”

In addition, Krug Expedition is dedicated to building an authentic following in the U.S. – attending industry shows and expos, connecting with fellow travelers along the way, growing its social media presence and building a network of ambassadors to elevate the brand.

“We’re a success story in Europe looking to lean into that success in the U.S. market and, eventually, worldwide,” Knorr said.

Like any company, Krug Expedition has sales goals but for Knorr, “It’s not just about the quantity of vehicles we’re building, rather the community of expedition travelers [we’re gaining].”

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Community Foundation of Elkhart Reports $461M in Assets

ELKHART, Ind. — The Community Foundation of Elkhart County celebrated the successes of the last fiscal year, awarded grants to nonprofits, and announced leadership changes at its Annual Celebration recently.

Strongly supported by the RV industry, The Community Foundation of Elkhart County partners with donors to leverage their philanthropy in ways that transform lives. Since 1989, the Community Foundation has helped generous donors to meet community needs, provide scholarship opportunities to local students, and make grants to nonprofit organizations working to improve Elkhart County. The Community Foundation strives to be a local entity known for inspiring good and impacting success. To learn more, go to www.InspiringGood.org.

As Candy Yoder retires as Chief Program Officer at the end of 2024, two people will take over those duties, according to President Pete McCown.

Guy Fisher, who joined the Community Foundation a year ago, will become the new Chief Program Officer as well as continuing as the Career Pathways program officer. Guy has past experience at Bethel University and Goodwill Industries. He will coordinate grantmaking with Vonnie Trumble and Ray Caldwell, as well as the other staff and volunteers who help with that process.

Andy Murray will become Director of Strategic Initiatives for Building Strong Brains and the Pumpkinvine Trails Coalition, initiatives the Community Foundation is leading. Murray retired from Lippert Components Inc. and is passionate about helping others as a board member and now as a foundation employee.

“I am deeply grateful to Candy for her immense work on behalf of the foundation and grateful that she is staying involved to help guide Building Strong Brains in her retirement from full-time work,” said McCown. “Guy and Andy are capable leaders who will help our collective work moving forward.”

At the annual celebration with 350 people gathered in the Lerner Theatre’s Crystal Ballroom, McCown announced that the Community Foundation closed the 2023-24 fiscal year with $461 million in total assets. As the foundation’s assets grow, the amount it can grant to the community grows, too. 

The foundation received $39 million in gifts and granted $31 million to the community in the fiscal year that ended June 30.

Prior to the annual celebration, the Community Foundation’s board met and approved the following grants:

Kids and Families grants totaling $488,800

  • CAPS, Healthy Workplace Initiative, $79,000
  • Horizon Education Alliance, Early Childhood Research, $35,000
  • RETA, Operational Support, $225,000
  • Ryan’s Place, Operational Support, $50,000
  • 11 grants of $25,000 or less totaling $99,800

Building Strong Brains Initiative

  • Expenditures of $385,278 were approved from reserved funds to support the Building Strong Brains Initiative.

Career Pathways grants totaling $692,500

  • enFocus, Fellowships and Catalyst Internships, $125,000
  • ETHOS, GLC Operational Support, $200,000
  • Startup Moxie, $90,000 (split over three years)
  • Horizon Education Alliance, Triple P Teen, $120,000
  • Premier Arts, Annex Expansion, $100,000
  • 3 grants of $25,000 or less totaling $57,500

Placemaking grants totaling $506,750

  • Elkhart County Parks Department, DeFries Gardens Homestead Renovation, $100,000
  • Elkhart County Symphony Association, Operational Support, $65,000
  • Humane Society of Elkhart County, Capital Campaign – Clinic Expansion, $100,000
  • 32 grants of $25,000 or less totaling $241,750

Connected Network of Trails Initiative

  • Expenditures of $367,586 were approved from reserved funds to support the Connected Network of Trails Initiative.

Opportunity Fund 

  • 34 grants for sponsorships and memberships totaling $245,095 were approved

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Cavco Sees Positive Q2 Results, $100M Stock Repurchase

PHOENIX – Cavco Industries, Inc. (Nasdaq: CVCO) announced financial results for the second fiscal quarter ended Sept. 28, 2024.

Quarterly Highlights

  • Net revenue was $507 million, up $55 million or 12.3% compared to $452 million in the second quarter of the prior year, primarily on home sales volume growth.
  • Home sales volume is up 15.7% and capacity utilization is up to approximately 70% from approximately 60% in the second quarter of the prior year.
  • Factory-built housing Gross profit as a percentage of Net revenue was 22.9%, compared to 23.2% in the prior year period.
  • Financial services Gross profit as a percentage of Net revenue was 21.8%, compared to Gross profit of 35.9% in the prior year period.
  • Income before income taxes was $55.0 million, up $3.3 million or 6.4% compared to $51.7 million in the prior year period.
  • Net income per diluted share attributable to Cavco common stockholders was $5.28 compared to $4.76 in the prior year quarter.
  • Backlogs totaled $276 million at the end of the quarter, up $44 million, or 19%, from $232 million three months ago, with modules in the backlog growing 20%.
  • Stock repurchases were approximately $44 million in the quarter.
  • On October 29, 2024, the Company’s Board of Directors approved an additional $100 million stock repurchase program.
Cavco President & CEO Bill Boor, left, with Tim Gage, the company’s vice president of Park Models, Cabins & Specialty Products.

Commenting on the quarter, President and Chief Executive Officer Bill Boor said, “Our second quarter results were strong as our plants ramped production in line with order growth. Additionally, our Financial Services segment showed improvement following the previously communicated $4 million in claims resulting from Hurricane Beryl early in the period.

He continued, “Our continuing prayers and support are with all those affected by Hurricanes Helene and Milton. Thankfully, our employees and their families remained safe; however, many suffered devastating property damage. While dealing with their personal challenges, our Cavco teammates resumed operations, minimizing any negative home shipment effects. Our thanks go out to all our dedicated co- workers in the region for their grit and commitment to providing homes for our customers. The critical importance of that work has never been more apparent than in the aftermath of these catastrophes.”

About Cavco

Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. Our products are marketed under a variety of brand names including Cavco, Fleetwood, Palm Harbor, Nationwide, Fairmont, Friendship, Chariot Eagle, Destiny, Commodore, Colony, Pennwest, R-Anell, Manorwood, MidCountry and Solitaire. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco’s finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage- backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.

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