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07-07-2008, 08:32 AM
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#1
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Platinum Member
 Platinum Member
Join Date: Aug 2002
Location: Eastern Lake Ontario
Posts: 2,864
1989 Formula F-311-SR1
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Formula in trouble??
Hearing a lot of rumors as to Formula being in jeopardy with that Florida dealer going t1ts-up and having to take back like 200 boats or some such thing. Any truth to this? I can't find any real information, just talk.
__________________
It's an old resin bucket but, it's my old resin bucket and I like it!
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07-07-2008, 11:23 AM
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#2
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Registered
Join Date: Aug 2006
Location: Ft. Lauderdale
Posts: 2,074
'77 Hornet II
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It wasn't just the Florida dealer was it? I thought it was all Passport locations? They're finally starting to list some for sale: http://miami.craigslist.org/mdc/boa/742374048.html
I wonder if Formula and Key Bank will work out a "loss sharing" agreement. I also wonder if other Formula dealers around the country are able/willing to help move the inventory.
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07-07-2008, 12:01 PM
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#3
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Registered
Join Date: Feb 2004
Location: Cow Hampshire
Posts: 529
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What happened that they had to take them back?????? Did Formula still hold the paper on these boats? I thought that the dealer paid for the inventory upon delivery, no?
At any rate it would be helpful to everyone if dealers around the country took in this stock so the Formula market wasn't flooded by a bunch of cheap stock and lowered the prices.
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07-07-2008, 12:01 PM
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#4
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Charter Member #415
 Charter Member
Join Date: Nov 2000
Location: Jasper,Alabama
Posts: 3,337
1968 Switzer Shooting Star,1967 Switzer Shooting Star,1963 Glasspar G-3
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Formula is fine,not to worry,guys. Our industry is in a slump.no secret there,and the Passport mess came at a bad time,but Formula will come thru just fine. Over the years they have been building boats,there have been bad times,along with good times,but the Porters always pull thru cause they are good folks that know what they are doing,and keep their employees,their dealers,and Formula owners at the top of their concerns. Tough times,but Formula is fine.Also,any of you considering one of these repo depot boats might want to check first with your local Formula dealer on a new boat.You might be surprised at what you can buy a new one for,versus the price on some of the "demos" that I have heard are "well used"
Last edited by Magicfloat; 07-07-2008 at 12:05 PM.
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07-07-2008, 12:18 PM
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#5
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Diamond Member #001
Charter Member
Join Date: Oct 2000
Location: Upper Chesapeake Bay!
Posts: 4,125
Formula 382 w/600 Innovations; 28 Batboat w/Ilmor 725 Indy
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Thanks, Robert - That's good to hear, and nice to get a heads-up on the demo hardware...
__________________
Retired! Boating full-time now.
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07-07-2008, 10:36 PM
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#6
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S.O.B (single O/B) now
Join Date: Sep 2004
Location: Richmond VA
Posts: 7,175
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Robert...just curious...what's the MSRP on the 330SS you have in stock???
(I'm pushing someone to call you)
Russ C.
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07-13-2008, 01:58 AM
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#7
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sleek1
Join Date: Jan 2006
Location: Phoenix, AZ
Posts: 1,127
2001 Formula Fastech 353
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What is the "passport mess"? I'm not familiar with that.
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07-13-2008, 10:53 AM
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#8
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Charter Member #415
Charter Member
Join Date: Nov 2000
Location: Jasper,Alabama
Posts: 3,337
1968 Switzer Shooting Star,1967 Switzer Shooting Star,1963 Glasspar G-3
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Long story,search in GD for Passport Marine.
Last edited by Magicfloat; 07-13-2008 at 10:59 AM.
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07-13-2008, 02:16 PM
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#9
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sleek1
Join Date: Jan 2006
Location: Phoenix, AZ
Posts: 1,127
2001 Formula Fastech 353
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Will do, thanks.
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07-13-2008, 07:01 PM
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#10
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Registered
Join Date: Jun 2005
Posts: 5,232
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Quote:
Originally Posted by handfulz28
It wasn't just the Florida dealer was it? I thought it was all Passport locations? They're finally starting to list some for sale: http://miami.craigslist.org/mdc/boa/742374048.html
I wonder if Formula and Key Bank will work out a "loss sharing" agreement. I also wonder if other Formula dealers around the country are able/willing to help move the inventory. |
National Marine Liquidators have a bunch of the Formulas too!
www.yachtauctions.com
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