Well just be prepared. Every time this topic comes up, people who wish to engage in conversation get accused of beating a dead horse and not getting over. They can screw off for all I care, I engage in topics I want to and ignore those I don't.
SO...as I see it the reason why is incompetent management. I base this assessment on some undisputed facts. Victory first turned a full year profit in 2006 and it grew every year except for 1 recession year up to its best year in 2012. In the 2010-2012 time frame it was growing at 15-20% a year. This coincides with the release of the Cross models which are undeniably good selling models. At this time Polaris R&D was working on lots of new tech like electric windshields for a fork mounted fairing, keyless ignition, remote locks, touchscreen infotainment. In addition their subsidiary in Europe was busy developing a lighter weight water cooled mid sized model. But management decided not to use any of this in their popular and growing brand. They intentionally withheld it from one brand, to buy it in their new brand, which competes in the same market. So they developed the tech riders want, but stacked the deck keeping it away from Victory. So it's no surprise that Victory sales flattened out when the very company that owns Victory created a new competitor for it AND better outfitted that competitor. What's amazing is that Victory sales didn't fall further faster than they did.
In case that doesn't scream "incompetent management" loud enough consider this: Victory was growing 10-20%. Had the Cross Country been updated in 2013 like it could have been, had the Octane been released in 2014 like it could have been, had Polaris not spent a bunch of money squiring Indian like it could have been...I don't think it's a stretch at all to say at the very least Victory would have maintained its growth trajectory, possibly even accelerated it beyond 20%. In which case if you grow 2012 Vic sales by that trajectory Polaris would be ahead of where they are today after spending all that money on Indian!
Just an exclamation point on incompetence. Polaris brass tried to justify the closure by claiming Victory lost 100 million dollars over its life span. This after they spent almost 50 million dollars on Brammo and selling a handful of them with Victory stickers. They spent over 30 million dollars on a paint booth plant expansion...that didn't work because they cut corners on the curing chamber. They spent millions more expanding the R&D facility, but all the additional production, none of it went into Victory. And they spent millions more on Swiss Auto, but again, moved its products over to Indian. Hmmm, we're talking about a cumulative total of more than 100 million dollars here aren't we? So they spent a whole bunch of money and a whole lot of IP resources to get to a sales level that's less today than it would have been had they just stayed the course and continued to develop Victory. That's the genius running Indian Motorcycles right now.