More changes at Fountain
 

Fountain Powerboats Reports Positive Dealer Interest;
Discontinues Factory Superstore

Washington, NC – December 1, 2010:

Amidst renewed interest from marine industry dealers, Fountain Powerboats is implementing new sales strategies and is discontinuing its factory-direct “Fountain Factory Superstore,” the company announced today.

Bill Gates, Fountain’s Chairman, stated, “The factory superstore was an effective interim selling solution prior to the Fountain’s reorganization, but today, retail interest is on the rise, our dealers are gaining confidence in our new management team, and other dealers are taking notice. Overall the market outlook surrounding Fountain Powerboats is very encouraging, and we are enacting new strategies that serve our long-term vision for the company.”

Previously, potential retail customers in North and South Carolina, Virginia and Open Areas not covered by dealers were offered the option of purchasing boats directly through the factory superstore, via its website and dedicated factory sales staff. Fountain has announced that it will discontinue this practice effective December 1, 2010.

Gates explained,”Providing Fountain’s end customers with a positive service experience is crucial, and there’s no better way to assure such an experience than by partnering closely with a strong dealer network. With that in mind, the decision was made to allow our dealers to do what they do best, while we refocus our own efforts on supporting them by designing and building the finest performance boats in the industry.”

Fountain and parent Liberty Associates, in its commitment to expand their Dealer network, is offering a minimum of $5.0 Million dollars in Floor Plan financing to dealers. John Walker, Fountain’s COO, stated that “Fountain and its affiliated companies have signed up 16 new dealers over the past 6 months with the assistance of this Program, and for a limited time, dealer’s are eligible for additional incentives under this Floor Plan Program.” Walker further stated that “Qualified dealers interested in coming on-board should contact a member of Fountain’s Dealer Development Team by calling 252-975-2000, as these additional incentives will only be available through the week of the Miami Boat Show ending on February 21, 2011.

Since 1979, Fountain Powerboats has established itself as one of the most significant names in offshore powerboats, amassing numerous offshore racing titles, fishing tournament championships, and accolades from boating publications, while building a loyal, worldwide customer base. Fountain manufactures virtually all its components in-house at its modern 250,000 square-foot facility on the Pamlico River in Eastern North Carolina. Today, the company produces a wide array of fishing boats, express cruisers, and high performance sport boats ranging in size from 31’ to 48’. To find out more, visit the company’s website at www.fountainpowerboats.com.

For more information on this story, contact: John Walker, Fountain’s COO at 252 – 975-2000.

Start puttin V-10's in them damn things already!!

Interesting who is not quoted in all of this!

Look for the "homogenization" of all of the performance brands under this umbrella. There is no sense in carrying 3 separate and distinct product lines in this market.... 3 separate labels and trim, yes...but the same wine inside the bottles.

Bye, bye to another independent, niche manufacturer. Hello to corporate speak. The dreaded guys in golf shirts have taken over Reggie's empire it seems.

Sadly the future seems to be global mega-companies for all your product wants and desires. If you can't find something that actually fits your needs at least the dumb downed product you settle for will be reasonably priced. If that's not enough then some Japanese/India/Chinese consortium is surely busy creating "virtual life" technology to lull you into complete complacency as we speak. You may not really have a boat, but with your goggles and control modules strapped on you'll barely know the difference.

George Orwell and Ayn Rand really could see the future.

Please pass the Soylent Green.

T2x

Think positive. There are a few new up & coming performance builders of both cats & V's, already making strides. And, they are American.

Fountain and parent Liberty Associates, in its commitment to expand their Dealer network, is offering a minimum of $5.0 Million dollars in Floor Plan financing to dealers. John Walker, Fountain’s COO, stated that “Fountain and its affiliated companies have signed up 16 new dealers over the past 6 months with the assistance of this Program, and for a limited time, dealer’s are eligible for additional incentives under this Floor Plan Program.”



Great news in a few years we will have a new supply of bank repo 2011 Fountains to chose from.Sorry but the industry is not ready for this and may not ever be.

I often thought that myself Rich.....
Jr.

If they are gonna finance the dealers they should let the dealers finance the customers. Maybe the dealers can get into the "rental business" and collect payments to cover thier interest.

is that the bill GATES? chairman of fountain i thought fountain was DONE

Done meaning the copmpany or the man himself!!:D:D

Believe it or not it's THE Bill Gates. I didn't believe it either until I saw the photo of him and the new COO.

Wait "Bill Gates" and "Johnny Walker" now run Fountain? This sounds like a country song.

Well said T2x....Cat you scared me had to look for myself...Bill Gates is standing to the right of the man in brown who deserves the finest of tailors...

http://i919.photobucket.com/albums/a...ine_merger.jpg
From left, Reggie Fountain, Bill Gates and John Walker of Liberty Associates with J. Keith Crisco, North Carolina’s secretary of commerce.

Momma's don't let your babys grow up to be boat builders.........

Or.... I was drunk the day Fountain got out of bankruptcy!:evilb:

That's the pic I saw. Yes Reggie sorely needs a good tailor because whoever tailored that suit should be banned from every sewing machine in the world lol. Just look at the difference in sleeve length and the total bagginess of the suit itself. He looks like a trailer park country bumpkin in that mess. :rolleyes:

He should have gone for the racing jump suit !!!:bigbird:

I didn't know there were 16 boat dealers left in the country. Must be talking international, they'd better set up shop in Dubai.
;)

I dont disagree, however, If he didn't want the "corporate golf shirts" to take over his company, maybe he should have run it a little better/tighter, stayed out of bankruptcy and not put it up for sale. He was more than happy to take the check, now he argues the details...typical. :rolleyes:
Fountain wasn't a niche builder although a couple models of his were corvettes and a few ZR 1's, the rest are Malibu's, the classifieds alone on this site are indicative of that. The fact that a company sees enough in the boat market in this economy to invest and further production shows that there may be hope for a turn around in boat sales.



** before anyone gets their panties in a wad, the car reference is for illustration purposes only**

[QUOTE=offshoredrillin;3266681]I dont disagree, however, If he didn't want the "corporate golf shirts" to take over his company, maybe he should have run it a little better/tighter,
doint see u writing the checks he has wrote for offshore racing . shure have not seen offshore drilling sponser a offshoe race , so so insted of down him walk a few miles in his shoes and see how u do . bet not as well as he did . robbie

Well robbie,
I have been a corporate sponsor on a race boat for a couple races so I am quite aware of what it takes. As a matter of fact I have been a corporate sponsor on Championship race teams in a couple of different race series, one for TPC racing who won the rolex 24 hours at Daytona in 2006 with me as a sponsor, and with Team lexus, who was numerous SCCA championships. I sponsored both teams for 5 years, and I came out fine.. I didnt go over budget and spent what was necessary and affordable to my company. feel free to do the research

http://www.tpcracing.net/info/about-us you'll see my corporate sponsorship logo on the front, this was a 5 car team this year, so I had product on 5 cars continuously.

Team lexus was a 6 car team that I had product and dollars in.

Not to mention I took my boat to the inaugural 2008 Don Aronow race to Bimini and back and won my class and I actively participate in poker runs up and down the east coast and have been as far west as LOTO, all within my corporate and personal budgets and have never declared bankruptcy.

What have you done?

Oh and have a nice day:flag:

[QUOTE=fountain1fan;3266747]I saw an artilce where Reggie said he spent 3 million a year on racing!!

[QUOTE=fountain40icbm;3266757]Dont care if he spent 3 dollars, if it put the company in bankruptcy it was a stupid business move.

What part of poor management decisions don't you understand? Hell he even admitted that in an article.

[QUOTE=fountain40icbm;3266757]If he didnt do that for his last couple of years someone that counts beans for a living wouldnt be showing him the door to the empire that he built.
Kudos to all that he has done over the years for the whole sport though.

Whole topic is a shame in more ways than 1.

[QUOTE=catastrophe;3266764]Exactly

[QUOTE=offshoredrillin;3266761]I wasnt saying it as a positive thing at all. Its exactly why he is where he is today.

Cat,
Clearly the sleeves are the same length. Its Reggies LEFT arm that has stretched over the yrs because hes WIDE OPEN on the Fountain throttles......:grinser010:

:bong::bong::bong::bong:

They look like boat evangelists.

Ha! Was thinking the same...:D

Ha Ha!

:bsflag:

Christ is that a piss poor attempt at a Zoot Suit or did a helper in the glass shop taylor that for him.

All kidding aside I respect the man ,his Ego drove that outfit to the wins and records.

lol..The intent of my earlier post was not to pick on the well dressed man, but to suggest the serial entrepreneur below is not the Bill Gates in the photo :)

http://i919.photobucket.com/albums/a...770/images.jpg

Too bring this thread full circle:

Does anyone here even know anyone that is seriously considering a purchase in the next 6 months of any of the 4 brands?

They can floorplan the 80MM worth of boats (16 dealers at 5MM min) but unless someone buys the boats it is just inventory that dealers are suffering with like they did in 07/08/09.

Finally........
And what banks will do the loans?

I talk with LOTS of people. And I dont know ANYONE looking at new. Obviously some will be sold but I don't see demand at all. And, as stated before, who is going to finance them??

The only way a bank will take the notes is if the factory somehow guarantees the values.

The only stuff I see selling new is NT, OL, Cig etc....not production stuff like Fountain/Donzi/Baja.

BTW the article fails to mention that there is a fair amount of unsold 07-09 new Fountain/Donzi inventory out there.

The other alternative is going to be redone boats like Shogren did with XXX and Phil has done recently with ugly cigs.

And Joker /Epic keeps plugging along. Our 10th year now! :kiss:

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.

If the dealers take on that floorplan idea they will be the next guys being walked to the curb by the beancounter from Liberty Associates.

Its not the environment to do that in now.