Latest news with #PeterStevensMotorcycles
News.com.au
24-05-2025
- Automotive
- News.com.au
Peter Stevens Motorcycles' collapse leaves customers in limbo
The looming collapse of an Australian motorcycle giant is a direct result of falling consumer confidence amid a cost of living crisis. News that dealer giant Peter Stevens Motorcycles fell into voluntary administration rocked the motorcycle industry this week. But it's bigger than that, representing a warning shot for the economy as a whole. Motorcycle sales in Australia have declined steadily in recent years, dropping from 123,530 annual sales in 2021, to 94,224 last year. Federal Chamber of Automotive Industries chief executive Tony Weber said 'motorcycles are often a discretionary purchase, and in the current environment of high living costs and interest rates, many Australians are understandably more cautious with their spending'. 'While there is a slight softening across all categories in the wake of current economic conditions, we expect to see enthusiasm among Australian riders to return as conditions stabilise and maybe ease.' We've heard that before. He said in 2024 that 'as Australians manage tighter finances, recreational products are often the first to be affected', and in 2023 that 'recreational products are often the first items removed from household budgets'. There are similar warning signs in the sports car market. While a new Ford Mustang has injected life into the affordable end of the performance car market, sales of every other car in the class – cars like the Mazda MX-5 and Toyota GR86 – have dropped by 10 to 50 per cent. Sales of sports cars priced over $90,000 have dropped by 11 per cent for the year to date, and more expensive models have dropped by 12.6 per cent. While people might not have a lot of confidence in purchasing a new motorcycle, folks who have already bought bikes from 15 Peter Stevens showrooms should feel confident they will be supported. The bust is expected to affect the jobs of about 400 staff members. However, the question remains: What protections exist for customers who paid for extended warranties or are waiting for warranty repairs? While the administration process unfolds, experts say customers still have legal avenues to pursue warranty support under Australian law. James Voortman, chief executive of the Australian Automotive Dealer Association, notes that customers can take comfort in the protections provided under the Australian Consumer Law. 'Under the Australian Consumer Law (ACL), the dealer and the manufacturer have a shared obligation to remedy consumer guarantees and warranty issues that arise as a result of a manufacturing defect," he said. He stressed that these Consumer Guarantees are statutory law and cannot be contracted out of, meaning they remain in place regardless of a dealership's financial situation. Voortman also clarified that customers are not without options, even if the retailer cannot fulfil warranty obligations during administration. 'In a case where the retailer is no longer operating because of a dealership closure, the customer will still have recourse through the manufacturer and potentially other dealerships within the network will take on warranty and ACL work,' he said. While Peter Stevens Motorcycles is still trading under administration, its future remains uncertain. According to the Herald Sun, several interested parties have contacted administrators KordaMentha requesting more financial information about taking over the retail business. The financial state of the 55-year-old family business will be further revealed at the first creditors' meeting, which is expected early next week. Sources said liquidation was unlikely at this early stage and that a sale, partial sale or restructure were all options. However, staff are believed to have received a four-week notice regarding the likely closure of the Peter Stevens businesses. In the meantime, Peter Stevens Motorcycle is urging consumers with concerns about existing warranties 'to contact their local store with any inquiries'.
West Australian
20-05-2025
- Automotive
- West Australian
Peter Stevens Motorcycles enters voluntary administration, KordaMentha called in
A popular motorcycle retailer with a 55-year history has gone bust, putting some 400 jobs at risk. Peter Stevens Motorcycles, which boasts a network of wholesale and retail outlets nationwide, entered voluntary administration on Monday. The company's dealerships sell beloved brands including Harley-Davidson, Kawasaki, Honda, Suzuki, Yamaha and Vespa scooters. Its four major dealerships are located in Ringwood, Dandenong, Geelong and Adelaide. It also runs service centres, a finance division and an online store. Administrators Craig Shepard, Andrew Knight and Michael Korda from KordaMentha have now taken control of the company, which was founded in 1970 by brothers Vince, Steve and Peter Chiodo. 'The administrators intend to continue to operate the companies on a business-as-usual basis while they seek immediate expressions of interest for the sale or recapitalisation of the businesses,' KordaMentha said in a statement. Mr Shepard said there was a 'genuine turnaround opportunity' for the business. 'With more than 50 years of brand recognition, an established dealer footprint across the country and a significant share of the local motorcycle market, there is a genuine turnaround opportunity here,' he said. 'These are strong foundations for a new owner to set the business up for future success.' Motorcycle retailers have been battling through subdued economic conditions in recent months. The Federal Chamber of Automotive Industries revealed a 3.5 per cent decline in motorcycle sales between January and March this year compared with the same period in 2024. 'Motorcycles are often a discretionary purchase, and in the current environment of high living costs and interest rates, many Australians are understandably more cautious with their spending,' FCAI chief executive Tony Weber said. 'While there is a slight softening across all categories in the wake of current economic conditions, we expect to see enthusiasm among Australian riders to return as conditions stabilise and maybe ease.' Retailers sold 8073 road motorcycles, a 1.8 per cent fall, over the period. Off-road motorcycles slumped 5 per cent to 6897 units. Peter Stevens' tumble into administration also follows some big-name collapses in Australia's retail sector. ASX-listed Mosaic Brands entered administration in October last year and failed to find a buyer, throwing some 2500 workers out of a job.
Perth Now
20-05-2025
- Automotive
- Perth Now
400 jobs at risk as major retailer goes bust
A popular motorcycle retailer with a 55-year history has gone bust, putting some 400 jobs at risk. Peter Stevens Motorcycles, which boasts a network of wholesale and retail outlets nationwide, entered voluntary administration on Monday. The company's dealerships sell beloved brands including Harley-Davidson, Kawasaki, Honda, Suzuki, Yamaha and Vespa scooters. Its four major dealerships are located in Ringwood, Dandenong, Geelong and Adelaide. It also runs service centres, a finance division and an online store. Administrators Craig Shepard, Andrew Knight and Michael Korda from KordaMentha have now taken control of the company, which was founded in 1970 by brothers Vince, Steve and Peter Chiodo. 'The administrators intend to continue to operate the companies on a business-as-usual basis while they seek immediate expressions of interest for the sale or recapitalisation of the businesses,' KordaMentha said in a statement. Peter Stevens Motorcycles was founded in 1970. Supplied Credit: Supplied Mr Shepard said there was a 'genuine turnaround opportunity' for the business. 'With more than 50 years of brand recognition, an established dealer footprint across the country and a significant share of the local motorcycle market, there is a genuine turnaround opportunity here,' he said. 'These are strong foundations for a new owner to set the business up for future success.' Motorcycle retailers have been battling through subdued economic conditions in recent months. The Federal Chamber of Automotive Industries revealed a 3.5 per cent decline in motorcycle sales between January and March this year compared with the same period in 2024. 'Motorcycles are often a discretionary purchase, and in the current environment of high living costs and interest rates, many Australians are understandably more cautious with their spending,' FCAI chief executive Tony Weber said. 'While there is a slight softening across all categories in the wake of current economic conditions, we expect to see enthusiasm among Australian riders to return as conditions stabilise and maybe ease.' Retailers sold 8073 road motorcycles, a 1.8 per cent fall, over the period. Off-road motorcycles slumped 5 per cent to 6897 units. Peter Stevens' tumble into administration also follows some big-name collapses in Australia's retail sector. ASX-listed Mosaic Brands entered administration in October last year and failed to find a buyer, throwing some 2500 workers out of a job.
Herald Sun
20-05-2025
- Automotive
- Herald Sun
Peter Stevens Motorcycles collapse leaves 400 jobs in limbo
Don't miss out on the headlines from SA News. Followed categories will be added to My News. One of Australia's largest motorcycle retailers, Peter Stevens Motorcycles, has collapsed into administration and put at risk around 400 jobs. The business has appointed voluntary administrators Craig Shepard, Michael Korda and Andrew Knight of KordaMentha Restructuring. Established in 1970 by the Chiodo family in Melbourne, Peter Stevens is one of the biggest motorcycle retailers in Australia, with 15 dealerships across Victoria, New South Wales, South Australia and Western Australia. The company has four main dealer sites – Ringwood, Dandenong and Geelong in Victoria, and Adelaide in South Australia. The Peter Stevens business includes new and used motorcycle sales, parts and accessories, servicing, and finance and insurance offerings. Its dealer network comprises Peter Stevens Motorcycles, as well as Ducati, Triumph and Harley Heaven franchise dealerships. Peter Stevens represents eight of the top 12 selling motorcycle brands in Australia, including Harley Davidson, Yamaha, BRP, Ducati and Triumph. Together, these brands comprise more than 85 per cent of Australian motorcycle sales, with Peter Stevens selling around 8000 units per year. It also stocks a large and diverse range of pre-owned motorcycles, selling around 2000 units per year. Last year, Peter Stevens had an annual turnover of around $250m and currently employs around 400 people. Mr Shepard said the administrators would continue trading while seeking immediate expressions of interest in all or parts of the Peter Stevens Motorcycles business. 'With more than 50 years of brand recognition, an established dealer footprint across the country and a significant share of the local motorcycle market, there is a genuine turnaround opportunity here,' he said. 'These are strong foundations for a new owner to set the business up for future success.' In addition to its range of motorcycle brands, the company is a partner of Canada's Bombardier Recreational Products, supplying its watercraft product, the Sea-Doo, to the Australian market. Originally published as Peter Stevens Motorcycles collapse leaves 400 jobs in limbo
News.com.au
20-05-2025
- Automotive
- News.com.au
Peter Stevens Motorcycles enters voluntary administration, KordaMentha called in
A popular motorcycle retailer with a 55-year history has gone bust, putting some 400 jobs at risk. Peter Stevens Motorcycles, which boasts a network of wholesale and retail outlets nationwide, entered voluntary administration on Monday. The company's dealerships sell beloved brands including Harley-Davidson, Kawasaki, Honda, Suzuki, Yamaha and Vespa scooters. Its four major dealerships are located in Ringwood, Dandenong, Geelong and Adelaide. It also runs service centres, a finance division and an online store. Administrators Craig Shepard, Andrew Knight and Michael Korda from KordaMentha have now taken control of the company, which was founded in 1970 by brothers Vince, Steve and Peter Chiodo. 'The administrators intend to continue to operate the companies on a business-as-usual basis while they seek immediate expressions of interest for the sale or recapitalisation of the businesses,' KordaMentha said in a statement. Mr Shepard said there was a 'genuine turnaround opportunity' for the business. 'With more than 50 years of brand recognition, an established dealer footprint across the country and a significant share of the local motorcycle market, there is a genuine turnaround opportunity here,' he said. 'These are strong foundations for a new owner to set the business up for future success.' Motorcycle retailers have been battling through subdued economic conditions in recent months. The Federal Chamber of Automotive Industries revealed a 3.5 per cent decline in motorcycle sales between January and March this year compared with the same period in 2024. 'Motorcycles are often a discretionary purchase, and in the current environment of high living costs and interest rates, many Australians are understandably more cautious with their spending,' FCAI chief executive Tony Weber said. 'While there is a slight softening across all categories in the wake of current economic conditions, we expect to see enthusiasm among Australian riders to return as conditions stabilise and maybe ease.' Retailers sold 8073 road motorcycles, a 1.8 per cent fall, over the period. Off-road motorcycles slumped 5 per cent to 6897 units. Peter Stevens' tumble into administration also follows some big-name collapses in Australia's retail sector. ASX-listed Mosaic Brands entered administration in October last year and failed to find a buyer, throwing some 2500 workers out of a job.
