Company: ONEW
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001772921-25-000025
Chunk: 67

Company: OneWater Marine Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 compared to the six months ended March 31, 2024, partially offset by a $10.9 million decrease in new boat sales.

New Boat Sales

New boat sales decreased by $10.9 million, or 1.9%, to $557.5 million for the six months ended March 31, 2025 from $568.4 million for the six months ended March 31, 2024. The decrease was primarily attributable to the decrease in average sales price.

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Pre-owned Boat Sales

Pre-owned boat sales increased by $14.6 million, or 11.1%, to $146.5 million for the six months ended March 31, 2025 from $131.9 million for the six months ended March 31, 2024. We sell a wide range of brands and sizes of pre-owned boats under different types of sales arrangements (e.g., trade-ins, brokerage, consigned and wholesale), which causes periodic and seasonal fluctuations in the average sales price. The increase in pre-owned boat sales was primarily attributable to the increase in both units sold and average unit price. 

Finance & Insurance Income

We generate revenue from arranging finance & insurance products, including financing, insurance and extended warranty contracts, to customers through various third-party financial institutions and insurance companies. Finance & insurance income increased by $2.3 million, or 10.5%, to $24.4 million for the six months ended March 31, 2025 from $22.1 million for the six months ended March 31, 2024. The increase was primarily due to an increase in penetration. We remain very focused on improving sales of finance & insurance products throughout our dealer network and implementing best practices at acquired dealer groups and existing dealerships. Finance & insurance income is recorded net of related fees, including fees charged back due to any early cancellation of loan or insurance contracts by a customer. Since finance & insurance income is fee-based, we do not incur any related cost of sale.

Service, Parts & Other Sales

Service, parts & other sales increased by $1.0 million, or 0.8%, to $130.9 million for the six months ended March 31, 2025 from $129.9 million for the six months ended March 31, 2024. The increase in service, parts & other sales is primarily due to the increase in new and pre-owned revenue. Revenues for the