I agree. It's only worth what someone will pay. Regardless of any book value.

Bravo : Fountain4402
Jmeng
Endeavor1
And all the rest of you guys who think the same way....
I'm proud of you guys !!!Someone has to carry the banner and you guys are going about it in the right way !
This country has always seen bad times ,they will come and go again as they have in the past. Just may take a little longer this time. I'm positive of that... Good luck


Jim

So true- that concept brought us right to the brink of ruin and financial disaster.

Mark to Market accounting - you may have paid 900K for your house but a year ago the most youd probably get was 500K so thats what it was worth all of the sudden and for loan purposes and mortgages that what you would get a refi for.

with no assets held out for a better deal and only the instant right now value considered we almost went over the edge.




Dave Sampson

Would Scott or someone with knowledge comment on SBA's new pilot program for dealer floor plan financing launched last month?

Is this badly needed relief for smaller boat dealers or just another bull**** "fix" from Washington, like HAMP?

Dave hit the nail on the head as far as the underlying problem causing dysfunction. The result of course is that banks often can't cover their losses on repo boats if they sell at current market prices. Neither can upside-down owners. So there's a lot of "shadow inventory" sitting unsold.

Hmmmm

Floorplanning through any common source (GE, Textro, etc) is, to put it mildly, VERY difficult even in the best of times. You need plenty of cash, lots of assets and the right contacts. Like most SBA programs I think this one is mainly smoke and mirrors. It would take 6-12 months to put into place and more than likely not really work for dealers. Boat dealers work very differently than car dealers. I have not read through the program but I'll try to get my hands on some info and see what the details are.

new smaller is bound to have less issues and cost less to maintain. Bigger older you going to be fixing it more and things like insurance and gas cost more. So you have to balance it.

Thanks for the note and I agree with some of the doggin that goes on in here but it't not all true. Alot of it is just that society changes and sometime not how older generations like it. But say what you want about the younger generation but we really havent had our time to shine yet minus fighting some long wars. There are some punks and idiots as with any generation but I think people from the ages of about 24-35 really have a good head on their shoulders because we kind of grew up in the new age but kinda didn't.

I m not trying to flame anybody here or a certain group but let me make an observation here. The older generation specifically the 40-65 crowd are the ones that are making all the decisions in the world and they ran us into the ground. Another thing is look at divorce rates divorce did not become as big as it is until people my parents age started coming into adult hood. Not to mention my SS will probably be gone because of them. Just some observations and not targeted at anybody but look at what your own generation has accomplished first.

True. Actually I'll be very happy with my boat soon I'm sure. I got a ton more boat than I could have if I went new. I have to love the blue motors in a cruiser. Surprises a lot of people. I've had a lot of issues but after putting in another 10k It should be awesome. My question is : Do any used boat dealers offer any warranty or am I just not used to the boating industry?

Without getting political, the current administration does not seem to like the marine industry to much.

If you do not have a good local bank you can work with you will have problems. Trying to get floor plan today in the marine industry is very difficult and getting an SBA outside of real estate purpose in marine is next to impossible.

Until small business is back in business and start hiring people, the problem will continue.

This is what we refer to as the "New Economy" and you have to find ways to survive and make money. If you can make money now and then it gets better you will be that much further ahead.

Regards,

Scott Shogren

www.teamshogren.com