Formula in trouble??
07-07-2008, 07:32 AM
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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.
07-07-2008, 10:23 AM
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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.
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.
07-07-2008, 11:01 AM
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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.
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.
07-07-2008, 11:01 AM
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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 11:05 AM.
07-07-2008, 11:18 AM
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07-13-2008, 06:01 PM
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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.
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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