Quote:

156M in sales ... not outlay for Gemcar ...




That's what I said. That's the total for the ON ROAD division (to include Goupil, Gemcar, Indian, Victory and the Polaris Breeze), as reflected in Polaris' 2012 for 2011 annual report.


Quote:


Polaris to my knowledge didn't sell a single Gemcar in 2011 other than orders placed earlier via Chrysler. They didn't own it til August.




They don't have to. When you acquire a company (as they did Goupil, Gemcar and Indian), as a subsidiary you inherit and include their current balance sheet and sales figures. Then you reflect them as your own.
As did Polaris and rightly so.


Quote:


You really think they paid 70M for it. . I have not seen that number anyplace but you may be right.




I didn't say that. I have not mentioned payments or investments anywhere. They are irrelevent to this discussion regarding sales figures and revenues.
That was the combined revenue of Goupil of France and Gemcar which be included in the 156M total revenues for the ON Road section of the Polaris Annual Report (2012 for 2011).


Quote:


They finished Indian orders only in 2011.




Correct and I'm referring to the Polaris 2012 report for 2011.


Quote:


So you figure they sold 500 Indians ...




As I said, that was a wild guess on my part, but I wouldn't think it was less.
I think I was being conservative.
I don't think it an unreasonable "guestimate" that Indian could have sold 500 bikes last year.

If it was more, then the Victory sales numbers would be correspondingly even lower.


Quote:


and 4000 Victory bikes?




That's if Indian didn't sell more than 500 bikes (I strongly suspect they did) and if we use your median wholesale sales price ($12,500) to dealers, probably somewhere in that region.
I do think 12500 was rather low, but have no reason to dispute it.


Here's another thought ...

Since Polaris have deep pockets and have produced a pretty solid (reliable) engine in the Victorys, if they restyle the Indian bikes and expand the model range, they would be able to make a killing on the basis of the brand name and heritage alone.
They have both the capacity and experience in bike building now.

They would achieve what the Gilroy operation couldn't, almost 10 years back (when they failed).
Perhaps that's the plan, rather than keeping Indian a niche product.

Last edited by Bedouin; 03/18/2012 4:03 AM.
Bedouin. Blessed are those eyes that have seen more roads than any man! (Homer).