More changes at Fountain
12-05-2010 | 03:02 PM
#41
OSO OG
Joined: Feb 2004
Posts: 7,030
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From: Blue Martini Hall of Fame
My first FP to take on Fountain was only $1mm. I did 3-4MM a year wholesale with them on that 1mm alone. You don't need any more than that to make it work. And that was almost 10 years ago........
12-05-2010 | 05:18 PM
#43
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Joined: Jun 2005
Posts: 11,903
Likes: 1,140
On top of the debt/sales issue, how many buyers have been spoiled by the "inventory blowout prices" on leftover models. If you could buy a new leftover 08 38 Lightning w/525's for 189K (asking) how is a dealer going to ask 350K for the same boat as a 2011 model?
12-05-2010 | 06:55 PM
#44
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Joined: May 2006
Posts: 4,224
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From: West Creek NJ
On top of the debt/sales issue, how many buyers have been spoiled by the "inventory blowout prices" on leftover models. If you could buy a new leftover 08 38 Lightning w/525's for 189K (asking) how is a dealer going to ask 350K for the same boat as a 2011 model?
12-05-2010 | 06:59 PM
#45
Banned
Joined: Apr 2008
Posts: 2,004
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From: Boca/Brentwood
And you my friend along with a few, very few, small custom builders that are not in dept with a large overhead
are the ones that will still be around in the years to come.
Somehow you guys, A.T. , Pantera, Sunsation, and a few others that don't have the big money /oversea's customers need to figure out how to get the banks back on line for the everyday average joe working schmuck to get back in the game.
Who the hell are these guys kidding? 5m. floor plan from the get go? Never gona happen, they will be lucky to do 1---2 boats a month.
are the ones that will still be around in the years to come.
Somehow you guys, A.T. , Pantera, Sunsation, and a few others that don't have the big money /oversea's customers need to figure out how to get the banks back on line for the everyday average joe working schmuck to get back in the game.
Who the hell are these guys kidding? 5m. floor plan from the get go? Never gona happen, they will be lucky to do 1---2 boats a month.
12-05-2010 | 07:06 PM
#46
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Banks are going to need a few years to forget about the beatings they took on boats, airplanes, rvs and other toys. The housing bust was hard enough on them and those "assets" couldn't move/get stolen/stripped etc.
I recently heard of a guy with 20MM in assets get turned down on a new 4MM yacht with a 1MM downpayment. Bank didn't want the risk, if it repo'd the yacht the 1MM wouldn't even cover year 1 depreciation. Buyer didn't want to pay cash for it, thought cash was way more important than a boat so NO SALE.
I recently heard of a guy with 20MM in assets get turned down on a new 4MM yacht with a 1MM downpayment. Bank didn't want the risk, if it repo'd the yacht the 1MM wouldn't even cover year 1 depreciation. Buyer didn't want to pay cash for it, thought cash was way more important than a boat so NO SALE.
12-05-2010 | 07:59 PM
#47
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Joined: Mar 2009
Posts: 102
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From: LOTO
Prices have got to come down on new boats. In the last 10 years boat prices have sky rocketed! The average joe blow could only afford a new boat because of the crazy (dumb) 10 - 20 year loans the banks were offering. This is what got the boat industry in trouble in the 1st place. Now that banks are not financing anyone for crazy long terms, things are going to have to change.... 28 ft single engine's for over 125k ? Come on, how many "normal" people can afford that?
12-06-2010 | 05:06 AM
#49
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Joined: Apr 2008
Posts: 2,004
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From: Boca/Brentwood
My 02!
12-06-2010 | 08:06 AM
#50
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Joined: Oct 2000
Posts: 9,398
Likes: 33
Prices have got to come down on new boats. In the last 10 years boat prices have sky rocketed! The average joe blow could only afford a new boat because of the crazy (dumb) 10 - 20 year loans the banks were offering. This is what got the boat industry in trouble in the 1st place. Now that banks are not financing anyone for crazy long terms, things are going to have to change.... 28 ft single engine's for over 125k ? Come on, how many "normal" people can afford that?
