Passport Marine Officially Over
#71
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I believe "z" guy and his brother were both long- time customers of the original HL, bought several Formulas from the Ellis brothers. Bad chit sometimes happens to good folks.
#72
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#73
They forget about the insane floorplan, the insurance and the limited buyer's pool. Everyone wants a boat but only a portion of the buyers can pull the trigger!
#74
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It's facility expense, staffing, advertising and boat show expense (huge) and lots of loss to make customers happy (clock time mostly). Basically, the problems show up, from what I see, when there is not one particular persons azz on the line. No desk where the "buck stops"
#75
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Not really. If you turn your inventory properly most of the floor costs are absorbed by the mfg. As an example a normal unit will come to you with anywhere from 3-6, to even 12 months on larger units. Insurance is costly but not big enough to put you under. As for buyers, there are usually enough buyers to sell your product to if you're willing to work hard enough to make a sale happen.
It's facility expense, staffing, advertising and boat show expense (huge) and lots of loss to make customers happy (clock time mostly). Basically, the problems show up, from what I see, when there is not one particular persons azz on the line. No desk where the "buck stops"
It's facility expense, staffing, advertising and boat show expense (huge) and lots of loss to make customers happy (clock time mostly). Basically, the problems show up, from what I see, when there is not one particular persons azz on the line. No desk where the "buck stops"
#76
OSO OG
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Boat companies (mfg's, dealers, etc) don't belong on any exchange. Somehow Brunswick pulls it off (though we'll see what happens over the next few years). It never works out.
#80
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Update for the ex-Passport employees who are calling me....
They had eight police cruisers and 12 captains from National Liquidators take boats by water yesterday at the Hi-Lift marina. Next they will be taking the two Egg Harbors behind Andy Sturners house, the Formulas he has been docking behind his friends' houses, and the Formulas being docked behind investors homes. Alot of boats being seized. Could be some real deals coming up.
They had eight police cruisers and 12 captains from National Liquidators take boats by water yesterday at the Hi-Lift marina. Next they will be taking the two Egg Harbors behind Andy Sturners house, the Formulas he has been docking behind his friends' houses, and the Formulas being docked behind investors homes. Alot of boats being seized. Could be some real deals coming up.