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Passport Marine Officially Over

Old 04-04-2008, 09:58 AM
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Default Passport Marine Officially Over

Passport Marine, the #1 Formula Boat Dealer in the world has filed for bankruptcy and as of this morning is officially out of business. Their remaining boat inventory, which is substantial, will be repossessed by the bank.
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Old 04-04-2008, 10:08 AM
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what is there web site address
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Old 04-04-2008, 10:10 AM
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Gee - what a shocker!

5 Numb Nuts who HAD alot of money come into the Marine business to be the WORLD WIDE distributors to the WORLD for FORMULA, BUDDY DAVIS, EGG HARBOR, YADDA YADDA YADDA.............with no experience in the business.

I said they would implode in 1-2 years. Boy was I wrong on that one! More like less than 6 months.

I wonder how all of the former Formula dealers that were dumped for the NEXT LATEST AND GREATEST National Marine feel today? I think they will be enjoying I nice bottle of Cabernet tonight.

Anyone have a deal on a case of kneepads for the Formula folks?
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Old 04-04-2008, 10:12 AM
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http://www.buyformula.com/
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Old 04-04-2008, 10:16 AM
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Some dealers have turned to incentives. Passport Marine offers to buy out the first four years of interest for credit-worthy buyers, said Jim Dillon, president and CEO of the company with a dual headquarters in Miami and St. Petersburg. This can cut the initial payments for a $100,000 boat in half, he said.

To deal with the slow sales market in South Florida and the rising costs of boat ownership, Passport has begun including the first two years of fuel and insurance into the financing.


I hope the buyers got their money up front!
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Old 04-04-2008, 10:16 AM
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Originally Posted by DaveP View Post
Gee - what a shocker!

5 Numb Nuts who HAD alot of money come into the Marine business to be the WORLD WIDE distributors to the WORLD for FORMULA, BUDDY DAVIS, EGG HARBOR, YADDA YADDA YADDA.............with no experience in the business.

I said they would implode in 1-2 years. Boy was I wrong on that one! More like less than 6 months.

I wonder how all of the former Formula dealers that were dumped for the NEXT LATEST AND GREATEST National Marine feel today? I think they will be enjoying I nice bottle of Cabernet tonight.

Anyone have a deal on a case of kneepads for the Formula folks?
AMEN
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Old 04-04-2008, 10:36 AM
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Ouch
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Old 04-04-2008, 10:43 AM
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Originally Posted by DaveP View Post
Some dealers have turned to incentives. Passport Marine offers to buy out the first four years of interest for credit-worthy buyers, said Jim Dillon, president and CEO of the company with a dual headquarters in Miami and St. Petersburg. This can cut the initial payments for a $100,000 boat in half, he said.

To deal with the slow sales market in South Florida and the rising costs of boat ownership, Passport has begun including the first two years of fuel and insurance into the financing.


I hope the buyers got their money up front!
correct me if im wrong but that seems insane to finance fuel/insurance. If those are problems i would imagine one should re think their boating. At the end of the 2 years you would be upside down big time.
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Old 04-04-2008, 11:21 AM
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Didn't they buy Avanti speedboats also?
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Old 04-04-2008, 11:23 AM
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Yep....heard this was coming.
The Passport dealership at my marina shut their doors about 2 months ago.
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