Reggie Fountain: Still at Fountain
#61
OSO OG
Gold Member
But wont that just be a kick in the nuts to the recent Fountain buyers ? If I bought a 2011 42 with 700's all loaded up for whatever they sell for 500k? then the new Reggie wave smasher 42 comes out at 300k less than I spent, now whats mine worth 80-90k a year later.
I know alot people would never buy one again if that happened, you would have to hope for alot of new buyers.
I know alot people would never buy one again if that happened, you would have to hope for alot of new buyers.
My business did over $20,000,000 in 2006. It did less than $2,000,000 in 2007. We all got CRUSHED. Were the new boat prices obscene? yes. So how bout you get a 50 or 100K credit toward your next boat? actually 200K...
#62
Registered
Join Date: Jan 2003
Location: Stafford Va.
Posts: 2,806
Likes: 0
Received 0 Likes
on
0 Posts
But if you have a loan on it for say 400k and a new one is 200k you will never be able to sell. I hope you like it. Seems like it would just be a mini problem just like the housing market now, then more stripped boats will be at the repo yards not worth 1/4 of the loan they skipped out on.
#63
Registered
Join Date: Oct 2000
Location: Chesterfield Mo/Loto
Posts: 1,378
Likes: 0
Received 11 Likes
on
2 Posts
Thanks, contrary to belief in the Baja forum... I know a few things about the marine biz. I'll call RMF at home the minute he goes this direction. Everyones main gripe is the price of new boats. So what if a new 42 w/ 700's copuld sell for $199,900? and what if you could get into a 35X for $89,900 with 0% financing for 72 months? See what Im saying?
later
#64
Registered
Join Date: Jan 2003
Location: Stafford Va.
Posts: 2,806
Likes: 0
Received 0 Likes
on
0 Posts
Other builders might try to sue him, remember a few years ago when Mercury sued Yamaha for dumping( selling motors cheaper than merc felt they could build them). I dont know the outcome of it but I think it was the Verado and I think it worked they seem to have the market back as far as outboards go.
#65
Registered
Join Date: Jan 2010
Location: Winterville NC
Posts: 150
Likes: 0
Received 0 Likes
on
0 Posts
So let me understand, Hes dumping so can buy it back for less? Isnt Liberty an investment group, and why is the feild behind and the back parking lot filling up with molds from other companies that liberty owns. Is that how dumping works Im not sure.
#66
Registered
VIP Member
Join Date: Oct 2004
Location: Long Island, NY
Posts: 870
Likes: 0
Received 0 Likes
on
0 Posts
My opinion of the Fountain situation. Mr. Reggie Fountain built an empire, probably way bigger than he ever imagined. When the economy went in the toilet, he was screwed. He needed to sell a certain # of boats every month just to survive. He wasn't hitting that # ( either was anybody else ), he needed major help to save his business and his life long passion. Bill Gates stepped up to the plate to help out. He invested money and did all the legal BS that goes with "Buying a company". I haven't seen Bill Gates in any pictures testing boats or cruising in a poker run. That's odd, since the guy "owns" the company. Reggie is still very active in all areas. What does that tell you ? It tells me that Gates is an extremely smart businessman, and he knows his investment will ten fold when the economy gets back to where it should, with Reggie at the helm. Gates is not a billionaire because he's stupid. I'd bet he's right with his investment. Mr. Fountain, I anticipate I will see you and Fountain Powerboats for a very long time. Good luck
#68
Registered
VIP Member
Join Date: Oct 2004
Location: Long Island, NY
Posts: 870
Likes: 0
Received 0 Likes
on
0 Posts
#70
Platinum Member
Platinum Member
I may be wrong but I dont see any passion for boat building with the new guys..
Many of us, as business owners etc, have made mistakes. My saying is make many small mistakes but get a few big things right in life. Thats the formula. If you ever spent any real time with Reggie you would be knocked over at his passion for fast boats. I've spent countless hours at the factory, at dinner, with customers, at the factory and hanging around the office with this man and there are only 2 things Mr. Fountain thinks about 23 hrs a day....... FAST BOATS and beautiful women. That simple.
That passion can't be re-created because the numbers look good. Say what you want but I'll always back him. And, for the record, the new guys made a FATAL mistake by not having him sign a non-compete before the deal. It's over for them if they dont work with Mr. Fountain.
Many of us, as business owners etc, have made mistakes. My saying is make many small mistakes but get a few big things right in life. Thats the formula. If you ever spent any real time with Reggie you would be knocked over at his passion for fast boats. I've spent countless hours at the factory, at dinner, with customers, at the factory and hanging around the office with this man and there are only 2 things Mr. Fountain thinks about 23 hrs a day....... FAST BOATS and beautiful women. That simple.
That passion can't be re-created because the numbers look good. Say what you want but I'll always back him. And, for the record, the new guys made a FATAL mistake by not having him sign a non-compete before the deal. It's over for them if they dont work with Mr. Fountain.
Last edited by Bullhead; 12-09-2010 at 10:47 PM.