Scottys
06-08-2009, 08:19 AM
I know this is not Moomba/Supra specific but it is boat related and us boaters share a common bond. I'm on a local marina's e-mail list and recieved this Saturday. Thought some of you might want to know.
CONSUMER ALERT
An update on industry activity
DE PERE, WI -6/5/2009- On June 1st, it was announced that Genmar Holdings had filed for Chapter 11 bankruptcy protection. Genmar owns, at present, thirteen major boat companies including Ranger, Champion, Wellcraft, Four Winns, Carver, Larson, Glastron, and Stratos.
Shortly, a bankruptcy judge will be deciding whether current and future warranty claims will be paid to dealers or consumers. Also in doubt is whether floorplan companies will give credit to these dealers to stock boats if Genmar continues in business.
Mr. Outboard's Watersports is fortunate to be aligned with four major boat lines that have positioned themselves to remain strong in today's global economy.
Brunswick, which is the parent company of our Lund and Harris FloteBoat lines, is in a very strong position right now. Brunswick has been very open and public about plant closings, lay-offs, etc. These pro-active moves have resulted in a higher fiscal liquidity than where they were just one year ago. This means they will get through these tough times and be poised for a strong recovery.
Regal, manufacturer of sport boats from 19-52 feet, remains a family owned, debt free company. This has a two fold effect on their business. 1) Regal does not have the inherent cost of interest built into their production costs. 2) Regal is not directly affected by the turmoil that is present in wholesale and production financing. This, combined with their active reduction in costs and production has assured their ability to stay solvent and successful.
MasterCraft Boat Co., under the umbrella of the very large and very diverse Penske Corp., has been very diligent in liquidating their own factory and distressed inventory thus cleaning up the stock boat pipeline and promoting healthy dealers. They have also allowed dealers access to other dealer's inventory to further retail non-current inventory and keep the resale value high on their product.
We at Mr. Outboard's Watersports have also taken steps to help weather the "storm". We feel that the world's present economic condition is, though unfortunate, a bump in the road, and along with Lund, Regal, MasterCraft, and Harris, we will be here to take care of all your boating needs for a long time to come.
CONSUMER ALERT
An update on industry activity
DE PERE, WI -6/5/2009- On June 1st, it was announced that Genmar Holdings had filed for Chapter 11 bankruptcy protection. Genmar owns, at present, thirteen major boat companies including Ranger, Champion, Wellcraft, Four Winns, Carver, Larson, Glastron, and Stratos.
Shortly, a bankruptcy judge will be deciding whether current and future warranty claims will be paid to dealers or consumers. Also in doubt is whether floorplan companies will give credit to these dealers to stock boats if Genmar continues in business.
Mr. Outboard's Watersports is fortunate to be aligned with four major boat lines that have positioned themselves to remain strong in today's global economy.
Brunswick, which is the parent company of our Lund and Harris FloteBoat lines, is in a very strong position right now. Brunswick has been very open and public about plant closings, lay-offs, etc. These pro-active moves have resulted in a higher fiscal liquidity than where they were just one year ago. This means they will get through these tough times and be poised for a strong recovery.
Regal, manufacturer of sport boats from 19-52 feet, remains a family owned, debt free company. This has a two fold effect on their business. 1) Regal does not have the inherent cost of interest built into their production costs. 2) Regal is not directly affected by the turmoil that is present in wholesale and production financing. This, combined with their active reduction in costs and production has assured their ability to stay solvent and successful.
MasterCraft Boat Co., under the umbrella of the very large and very diverse Penske Corp., has been very diligent in liquidating their own factory and distressed inventory thus cleaning up the stock boat pipeline and promoting healthy dealers. They have also allowed dealers access to other dealer's inventory to further retail non-current inventory and keep the resale value high on their product.
We at Mr. Outboard's Watersports have also taken steps to help weather the "storm". We feel that the world's present economic condition is, though unfortunate, a bump in the road, and along with Lund, Regal, MasterCraft, and Harris, we will be here to take care of all your boating needs for a long time to come.