Bravo : Fountain4402
And all the rest of you guys who think the same way....
I'm proud of you guys !!!Someone has to carry the banner and you guys are going about it in the right way !
This country has always seen bad times ,they will come and go again as they have in the past. Just may take a little longer this time. I'm positive of that... Good luck
Mark to Market accounting - you may have paid 900K for your house but a year ago the most youd probably get was 500K so thats what it was worth all of the sudden and for loan purposes and mortgages that what you would get a refi for.
with no assets held out for a better deal and only the instant right now value considered we almost went over the edge.
Would Scott or someone with knowledge comment on SBA's new pilot program for dealer floor plan financing launched last month?
Is this badly needed relief for smaller boat dealers or just another bull**** "fix" from Washington, like HAMP?
Dave hit the nail on the head as far as the underlying problem causing dysfunction. The result of course is that banks often can't cover their losses on repo boats if they sell at current market prices. Neither can upside-down owners. So there's a lot of "shadow inventory" sitting unsold.
Last edited by dodgeman111; 03-26-2011 at 09:19 AM.
"Friends don't let friends roll around in trash cans" - OSO Steve
True. Actually I'll be very happy with my boat soon I'm sure. I got a ton more boat than I could have if I went new. I have to love the blue motors in a cruiser. Surprises a lot of people. I've had a lot of issues but after putting in another 10k It should be awesome. My question is : Do any used boat dealers offer any warranty or am I just not used to the boating industry?
Without getting political, the current administration does not seem to like the marine industry to much.
If you do not have a good local bank you can work with you will have problems. Trying to get floor plan today in the marine industry is very difficult and getting an SBA outside of real estate purpose in marine is next to impossible.
Until small business is back in business and start hiring people, the problem will continue.
This is what we refer to as the "New Economy" and you have to find ways to survive and make money. If you can make money now and then it gets better you will be that much further ahead.
I feel that consignment hurts the value of boats.
Shogren or any other dealer dont care about you or your boat or how much you have into it.
they dont want your boat sitting around in there showroom so the cheaper they listed the faster it sells,
on an average dealers charge 10% to sell your boat,if your boat is worth 100k and they list it for that it might sit around for a while and it cost them money and at the end of the sale they make 10k,so if they listed for 75k the boat sells much faster,they collect $7.500 from you and they move on,
they made money while you gave your boat away.
just my 2 cents
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