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Yall seen this? Pretty crazy stuff goin on with Bu and Tommys. Allegedly making them take boats to get earned sales incentives. Got an email from them today stating they would still service my boat etc business as usual. Several guys I know have jumped from bu to Supra the past few years citing better qualiry and interiors thats are far superior. Gonna grab some popcorn and see how this plays out.
https://www.tradeonlytoday.com/manuf...t-malibu-boats
Is this why I can pickup a 2023 23Lsv loaded with 25hrs for the price of a new moomba max?
I heard since covid Bu just isn't the brand they used to be.
Its a mess. Tommys sells 33% of Malibus inventory. They are both gonna be hurting when this is done.
Tommy's will most likely go out of business. They were shuffling boats on floor plan between stores and selling outta trust. Huge no no in any industry. The owner also took the liquid out for another project he was trying to sell and got caught at the exact wrong time by their floor plan bank. Not saying Malibu wasn't pushing boats on them, but they ultimately decide to take them or not. The Chattanooga store is locked up. Knoxville should be open until at least the end of the year. It is going to get very interesting.Quote:
Originally Posted by Mxmark4
what a mess.... interesting that they claim this all happened "during a downturn in the recreational powerboat industry" and stated in late 2022 but the market was still pumping in late 2022 and into spring of 2023. lots of fingerpointing and in the end the only winners are the lawyers on retainer.....
tommys is the largest of the wakeboat dealers in sin city with the only real competition coming from the mc/heyday dealers. centurion/supreme dealer is new and not doing much and the nautty dealer might sell a dozen a year on a good year. this is going to leave a HUGE hole in the market here IF they can't kiss and make up. almost every wakeboat you see in sin city is a 'bu or axis if it's been built in the last dozen years.
waiting for germaine marine to open here. that will bring skiers and tige back to the valley. they have been absent from vegas for almost a decade.
https://finance.yahoo.com/news/malib...213500077.html
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100%. Once they go bad with their lending institution (M&T Bank) and lawsuits start, that is the beginning of the end.Quote:
Originally Posted by KnoxMojo
Must have been going on for some time because banks usually try to recover and work with borrowers before the house of cards falls down and lawyers dig in. If there was some type of fraud, that is a different story.
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What I have found interesting about dealers and manufacturers over the years, there is usually someone else that willing take the risk once a dealer is dropped or the dealer moves to another brand.Quote:
Originally Posted by sandm
I’m speaking from watching the Knoxville over the years that has a large tow boat market and is the base of some of these companies.
BU dealer closes > New BU dealer opens
MC dealer switches to Nautique > New MC dealer opens.
Centurion dealer was just dropped > New dealer will probably open in the future once market conditions improve.
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you are right to a degree. nautty/supreme dealer here drops supreme. several years later island marine comes to boulder city with supreme and centurion. saw it in boise with several brands when the market collapsed in 2008-2010 and a couple new dealers emerged out of it.Quote:
Originally Posted by Mjhknox
interestingly tho tige has been gone since 2017, supra for a decade I understand and moomba at least 7 years ago and no one has stepped in to pick them up. I know that germaine marine has locations all around us(hours away) and knowing how big they are with both brands, I wonder if they have the market somewhat "locked" and no one can.
some rough seas ahead for 'bu I would guess especially with them being a public company but they have the ability to bury 'bu issues deep into the finances IF their other brands are showing profits.
Got to think there will be some stellar Malibu deals at Tommy's dealers.
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Go look. I have already seen it on their used inventory. Dealer demos and such are at big discounts 30% range.Quote:
Originally Posted by larry_arizona
Idk that I exactly believe or agree with the finger pointing In that suit. Tommy’s was expanding like wildfire and buying up almost every dealer here on the west coast.
ie, boulder boats, and the local Sacramento dealer here, I forget their old name.
But now that their debt is big and the house of cards is falling, the lawsuits come out. They seemed just fine splurging on credit, or cash reserves for expansion, and taking the boats until the gettin wasn’t good anymore..
I’m sure the truth is somewhere in the middle, I can see Malibu doing exactly that, pumping numbers like the auto manufacturers and home builders do.
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Probably spot on with “locked” dealer market. I’ve heard that about some FL places too, where MC, BU, or Naut would have the presence and dealers, so SC would have a harder time breaking into that share.Quote:
Originally Posted by sandm
Tige never took off in the Knoxville market either. They just switched dealers to a smaller lake market about 100 miles farther out.
I assume some TN buyers have “brand loyalty to MC, BU, and SC since they are made here.
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Malibu stock is now at a 52 week low.
It went down after the last earnings call.
Dropped more after the market started to signal interest rates may not drop more this year.
Dropped more after they made an announcement about this law suite.
May or may not make more movements after the upcoming earnings call and outlook.
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I see a lot of good deals coming up on 'bu products.
if they spend any length of time dropping prices/raising incentives to boost sales at the expense of margins it's going to likely push all builders into a similar strategy.
Tommy's is no longer a Malibu dealer, who is currently selling/servicing Malibu boats?
Tommy's has a big footprint in Michigan with at least 4 dealers. It's not like there is a pool of dealers ready to take on Malibu.
https://uploads.tapatalk-cdn.com/202...fd69d8b989.jpg
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Saw something that Malibu is actively searching for dealers. Someone already picked up Chattanooga
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Is anything going on with the Knoxville location?Quote:
Originally Posted by KnoxMojo
Was told Knoxville will be open until at least the end of the year, beyond that, they don't know.
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Found a new Michigan dealer that picked up Malibu/Axis.
Gull Lake marine
All 3 Tommy's in Michigan are full with
2023 and 2024 inventory
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well that didn't take long for the bloodsucking leeches to come out of the woodwork...
https://www.businesswire.com/news/ho...f-of-Investors
only one that will get anything out of that will be Frank Cruz...
For sure.Quote:
Originally Posted by sandm
An ambulance chaser following Wall Street.
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This is a very interesting topic to watch unfold. I already hate that Malibu fit and finish has gone downhill since going public and now this.
Some insiders say with production numbers being lowered b/c of decreased sales (interest rates), that quality will increase. We will see.Quote:
Originally Posted by Moombas
The Boeing of boats...
decreased sales = decreased production = decreased labor/headcount.Quote:
Originally Posted by MJHSupra
I say if anything it'll get worse.
If it's anything like the automotive industry, I agree 100%Quote:
Originally Posted by sandm
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