MRAA calls on government to ‘thaw’ marine credit freezePosted on
The Marine Retailers Association of America is adding its voice to the chorus of business groups asking government leaders to help “thaw the credit freeze,” specifically on dealer floorplans and consumer boat loans.
The MRAA recently sent a letter to Secretary of the Treasury Henry M. Paulson Jr. and Federal Reserve Chairman Ben S. Bernanke stating that the credit freeze is “having a severe adverse impact on the marine retail business, with sales of new boats down 38 percent this year from the already depressed levels of 2007.”
The MRAA says its members are victims of falling sales that have resulted from tight credit markets and has requested federal support for the marine industry, as has been given for home mortgages and auto loans.
The boating industry provides an estimated 337,758 jobs, created $10.4 billion in labor income in 2007, and creates a $37.5 billion impact on the economy, MRAA notes in its letter.