it looks like Reggie got a nice order for 24,, 42' interceptor boats
it looks like Reggie got a nice order for 24,, 42' interceptor boats
was there today and saw that 42 Interceptor. It was wild looking. 525's with six drives, 85 mph. How could you NOT keep Reggie in charge? I wish them well. Everyone there makes me feel like a valued customer!
That's good news!
Like sands through the hourglass...so are the days of our lives. People...Fountain Powerboats was fortunate to survive this one...it's time to park the ego and run this company like a company for profit, not a showcase for five plus page ads in Powerboat Magazines (they more than likely could have started their own boating publication for what they used to spend on advertisements).
Reggie Fountain is a dynamic individual...he's intelligent, charismatic and has been one of the greatest driving forces for the sport of offshore powerboating...not just at the racing level but also at the recreational consumer level as well...but (and there's always a but), it's time to get fiscally responsible and make this thing work.
I think 2-5 years for the industry to turn around might be about right...but that depends a lot on whether or not this country slips into a full-blown depression...and that's quite possible. There aren't a whole lot of economic indicators out there showing things getting a whole lot better...that is unless you gauge the level of reality TV on network television as an economic indicator (and it's not).
I wish them the best, both Fountain Powerboats and Reggie Fountain are icons in the industry. I can't help but think back on a statement that Reggie Fountain made after acquiring Baja....it went something like this, "if you take my worst year and their worst year and add them together, it's still better than my best year" Wow...I guess that was a quick way to jinx your company. In theory it might have made sense to some people and certainly there aren't too many people who were capable of seeing this tragic turn in our economy, but I think that statement was almost a way of challenging the gods of bad luck to show you different.
I just left the RV industry last year...it hit bottom quick. The banks are mostly to blame for the economy crashing down...they get their butts bailed out by an over aggressive government that doesn't put any stipulations on the money they're handing out and the banks simply shore up their financial statements. Bank lending STOPS almost completely, no retail financing...no wholesale financing...nothing. People with good credit, low income to debt ratios and bit downpayments were having problems getting loans for RV's and boats...it was crazy.
As a manufacturere you were unable to sell dealers product because their floor plan was full or frozen. Textron, GE Capital, Bank of America...they were all coming up with any reason they could not to loan money. Well...that killed everything...dealers went out of business....banks were forced to take back inventory...in a lot of cases they couldn't push the inventory back to the manufacturers because they were either out of business or flat broke...so the market floods with .20 to .30 cent on the dollar product and just as quickly retail consumers hear about all this, see the problems with dealers and are ALL expecting deals that just can't be done...not and put any profit back into a dealers hands to keep the lights on and businesses open.
When the dealers go out of business or don't have the credit or cashflow to purchase new inventory some manufactureres bit the dust and go out of business...it all trickles down from here...suppliers and vendors to the manufacturers find themsevles unable to dial back quickly enough and in many cases end up out of business as well.
I watched as all of this unfolded in Elkhart, Indiana (the RV capital of the world) which is also the home to numerous marine manufacturers (Godfrey Marine, Hurricane, Bennington, Azure, Rinker and many more that are in the area)...it was devastating...bad enough that it was President Obama's first stop after being elected....unemployment rose over 30% and quickly. The media never reported how high it got because many of the previously employed people were illegal aliens (that's another story) or Amish that don't regularly take part in unemployment benefits, thus they're not counted in the unemployment totals.
I guess my "off-topic" point to this is that the recreational markets are usually the first to suffer in these economic downturns...and in most cases the first to rebound. This economic downturn is a bit unique if you ask me...and I just don't see the plan or solution that's going to get us out of it. Too many decisions were made by our government in haste...with little thought...typically made by people (congressmen and senators) with no real business intelligence...no real economic savvy....you know, they're the kind of people who know their paycheck isn't going to change...they're retirement is fine, their benefits aren't going anywhere...so how can they think like you or me? They can't...all they're worried about are their own personal interest projects...the ones that pad their wallets or their friends wallets....and eventually pad their own even more.
Until this country gets sick and tired of how our leaders are running this country and elect new leaders...ones that not only know what they're doing, but also care about doing the right thing...well, until that day comes don't expect things to get a whole lot better. Our country has survived only because of the great people of this nation, not because of it's leaders...we haven't had strong leadership in this country for quite some time. I'm not looking to bash Republicans or Democrats...I'm an equal opportunity criticiser...both parties are hindering this country.
Back on topic...I wish Fountain Powerboats the best as they continue to rebuild their company. They build a great product and it would have killed a lot of offshore enthusiasts to see them fall by the wayside. So...call your bank, get a home equity loan if you have any equity left and go buy a boat!!
Sadly, a very truthful description of some of the recreational industries woes!
The good news here is that out of the politicians potty boxes and the governments waste cans the best rises to the top and the good hard working American people just roll up their shirt sleeves, tighten their belts, put their heads up and generally get back to work in spite of all the crap and destruction that a few of those unethical people who call themselves leadership are always laying on this country in the name of politics and government.
This is what really makes the good old USA such a special place and such a great country!! The real strength and special virtue of Amercica the Beautiful is its average people who have no choice but to try and make a better life for themselves and their families!
In spite of those who are so self centered , greedy, dishonest, disingenuine, phony. deceiving, uncaring, self serving, unreliable, and generally just poor excuses for human beings, good Americans will prevail and we will see a better day!
Never Give UP! Never say I quit!, Never say its OK to be one of these types! We must be better than that. As great Amercian Patriots we owe that to our country , our families, friends and our great fellow countrymen!
Never Stop Believing in this Great Democracy , We can make it Better!
Ray @ Raylar
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