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The question is, has the marine industry hit bottom yet? I guess not judging by today's news that Genmar, the second largest boat builder in the U.S. has just filed for Chapter 11 bankruptcy protection. Genmar represents 15 boat brands, presently employs about 1,500 people and is sold through about 1,100 dealers across the country. Sea Ray has also decided to close down production at its Knoxville, TN facility for three months (July 6 to October 6) and Crownline announced it will not reopen production (which has been closed since December 2008) until further notice. I think we all expected a "thinning of the herd", but not this kind of free-fall.
 

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Today 6-2-09, Ranger boats, Champion boats, Marqui boats, windsor boats, Triumph boats, stratos boats, fincraft boats, carver yachts, Seaswirl boats, larson boats, Glastron boats, Wellcraft boat, fourwinns boats and Hydro-sports. ALL WENT BANKRUPT!!! They were all produced by GENMAR.
 

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32 DW X-CAT
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Not even close yet for the marine industry.. :( In my opinion..
RD
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I would second that conclusion just wait until summer is over it will definitely be upsetting.

During a recent trip I talked to a source who indicated that a large production marine engine manufacturer may also be in serious trouble financially---whose financial well being or lack thereof would affect everyone on a national level.

This series of events is not good for us as consumers as parts and related equipment will either be difficult to obtain or become even more costlier:mad:.

KAP
 

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We are busy as ever, at least for now. We sell used and have a full service operation here, basically everything but doing upholstery. It started getting busy a little late this year and I'm sure will drop off drastically after Labor Day. We schedule in bigger jobs during the fall and winter. I have looked way ahead so as not to have to depend on the boat business for my only source of income. The dealerships that depend on new boat sales have been hit pretty hard here, one going out of business a few months ago. Quite a few of the Genmar lines are sold here. I don't believe the marine industry has ever been hit like this before... sad sad deal...
 

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"The" masheenist
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I doubt it will ever come back. I think it will go the way of the muscle car.
Enjoy this while you can, we are a dying breed.
I am worried what is on the horizon for performance and performance boating with the MPG mandate.

Nascar, Indy, other motorsports in general.

Brian
 

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I am worried what is on the horizon for performance and performance boating with the MPG mandate.

Nascar, Indy, other motorsports in general.

Brian

I can't wait til they bring the Hybrid 500 to the California Speedway!

Better than the Electric car 500...
The 6 hour pit times to charge the batteries wouldnt go well with the fans!:)sphss
 

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Full Of It.
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I am just guessing, but I would venture that boat sales are off about 90% from the heyday. A few big ballers still are pulling out their wallets. The truly rich don't care. They are probably happy to get a good deal and faster turnaround on the build. But the boats sold to the average working Joe.......not happening.

Used boats are stupid cheap and only going to come down as more people get into financial distress. 12% of mortgages are behind on payments. A big wave of mortgage readjustments is on the horizon for the next few years. Which payment are you gonna make...the house or the boat?

Tons of auto manufacturing and supply jobs are gone, and with that more restaurants, barbers and furniture stores.....fuel prices are starting back up again....

I think most small boat manufacturers are doomed, and most large ones are destined to become small ones.

Sorry. If you build boats and you are not really, really well capitalized.......as in super low overhead, its not likely you can survive. Capital from home equity lines is gone. Lenders are squirrelly with loans. Flooring companies are pulling out their credit. I think most builders will be lucky to end up with a dozen orders for the whole year.

I know several guys who have let or will be letting the bank take back their boats. Its sad, really F*ing sad.
 

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I can't wait til they bring the Hybrid 500 to the California Speedway!

Better than the Electric car 500...
The 6 hour pit times to charge the batteries wouldnt go well with the fans!:)sphss
They could install peddles at every seat and have the Fans keep the action going.
 

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I received a notice the other day on one of my business cards that the accounts are being frozen, because of their backers pulling out.
 

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"The" masheenist
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I received a notice the other day on one of my business cards that the accounts are being frozen, because of their backers pulling out.
We have common cards then...
 

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As weird as this sounds I see people letting their homes go before their new trucks, cars and boats which were paid for with home equity loans. Most know that it takes a good year to have the banks evict them, if not longer. I'm thinking alot of people are not paying their mortage because they know how long it takes to be evicted and their homes are worth less then they owe.

They would probably stay current if they knew they would have to be out in 30 to 60 days.
 

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28 Powerplay - HP500
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As weird as this sounds I see people letting their homes go before their new trucks, cars and boats which were paid for with home equity loans. Most know that it takes a good year to have the banks evict them, if not longer. I'm thinking alot of people are not paying their mortage because they know how long it takes to be evicted and their homes are worth less then they owe.

They would probably stay current if they knew they would have to be out in 30 to 60 days.
I agree. It'll also be easier to rent in the future than get another new car/boat once credit's shot. If only one thing has to go, why not the "toxic asset" that has lost so much value?
 

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As weird as this sounds I see people letting their homes go before their new trucks, cars and boats which were paid for with home equity loans. Most know that it takes a good year to have the banks evict them, if not longer. I'm thinking alot of people are not paying their mortage because they know how long it takes to be evicted and their homes are worth less then they owe.

They would probably stay current if they knew they would have to be out in 30 to 60 days.
I think you're right.
This past memorial day on the road I saw more travel trailers/toy haulers than I have ever seen. Havasu didn't look like it had a shortage of people either.

There have been several foreclosed families move into our neighborhood. Nope, they kept the toys.

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If the big engine builder is in trouble - think of the golden opportunity for the smaller guys though :)

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And I too often wonder if performance boating will soon be a thing of the past.

For Sale: Waterfront City in Az. Will consider trade. :))eek:))
 

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It is what it is
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We are busy as ever, at least for now. We sell used and have a full service operation here, basically everything but doing upholstery. It started getting busy a little late this year and I'm sure will drop off drastically after Labor Day. We schedule in bigger jobs during the fall and winter. I have looked way ahead so as not to have to depend on the boat business for my only source of income. The dealerships that depend on new boat sales have been hit pretty hard here, one going out of business a few months ago. Quite a few of the Genmar lines are sold here. I don't believe the marine industry has ever been hit like this before... sad sad deal...
April was great, and last month was the best month in the five years I've been in business. January/Febuary, and the end of last year however was horrible. I just hope for some consistancy through the summer, doesn't have to be stellar, I just want to keep all my guys busy enough so that I don't have let any of them go. There all good people, and my outside vendors are good people that I trust.
 
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