Floorplan loans will be included in TALF

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The National Marine Manufacturers Association has succeeded in helping get non-auto floorplan loans included in President Obama’s Term Asset-Backed Securities Lending Facility program.

“The decision to include floorplan loans in TALF is a significant victory for marine manufacturers and dealers,” said NMMA president Thom Dammrich, in a statement. “The thousands of calls and e-mails sent to lawmakers in Washington, D.C., leading up to this announcement is a strong testament to the power of our industry’s collective voice.”

NMMA notes, however, that more work remains to resolve the ongoing problem of credit liquidity and lending constraints.

The Marine Retailers Association of America issued a Dealer Alert this week to encourage retailers to support NMMA’s efforts.

Click here for the complete release.

Comments

11 comments on “Floorplan loans will be included in TALF

  1. Lou Sandoval

    Victory for the industry, however MUCH work needs to be done on credit liquidity and lending constraints. The component that effects dealers the most are increased rates on aging inventory. TALF, funding benefits companies such as GE, but as we have learned with the whole TARP fiasco, very little impact (if any) was had at the retail level. We should be careful as an industry not to commit the same mistakes.

    Any institutions receiving TALF assistance should be held accountable for the net impact produced with their downstream clients (dealers). That should dictate their ability to qualify and receive the funds.

  2. arch

    this is a band aid at best. When serious inflation hits us in 2010/2011 and interest rates spike and our dollar is devalued (which will happen no matter), what then? Another bail out? Some of you people just don’t get it.
    You can’t put trillions of dollars into the economy without it DRASTICALLY affecting inflation and rates for a significant period of time.
    I think we need some leading economists to educate industry folks as to what is REALLY going on here.

  3. Bruce Brown

    Congratulations to NMMA and Tom Dammich! The quick action and insights into the TALF fund program should help boost our industry! Mr. Dammrich took a leadership role in promoting this effort!

  4. don

    whoa !!! arch and lou have got it ! as the weakest sister of GE how do you know that the money will assist dealers? do you really think it will “trickle” down ? a comment was made about GE being the largest boat dealer these days.. probably Textron second with over a thousand boats for sale…and more daily… what do they do ? sell at auctions.. send to liquidators… and fill the retail market with competion to their own dealers !! with an unfair advantage… no thought at all about price and ramnifications to what is left of their dealers. IF they were sincere…and willing to assist those dealers they would put that distressed inventory on a dealer only web page for every dealer to have access to…and try to at least salvage sales to the consumer that spent time checking out inventory at their dealership before buying from a liquidator or an auction. what’s the down side ? resultant sales through dealers…satisfied customers…some profit to a struggling dealer… thousands of dealers that can accsess that inventory to make a sale when they do not have or cannot buy the same unit due to cut off lines of credit or a closed factory ? i think none of the above… the down side is its disposal at will for GE and Textron and others…as well as manufacturers and..to just dump with out the thought of impact cause… gosh thats what they always have done ! perish the thought or even an action that might do things differently… create the site…floorplanners and manufacturere and MRAA and NMMA alike… and watch

  5. Los Angeles Businessman

    Don’t automatically think inflation and devaluation will follow the heels of these stimulus packages. The sum of these stimulus packages is far, far less than the 10 trillion dollars of deficit run up by W, and that lead only to inflation in megayachts.

    Yes, we can put that $10 trillion fully on W: without W’s tax cut to the wealthy (you didn’t see it, did you?) the deficit would have been zero two years ago.

  6. Carlm

    Now that the sun has come out & all is well agian in marineland, The first signs of an over printed dollar are starting show up. Suzuki just raised prices & Yamaha is soon to follow due to the weakening dollar agianst the yen….
    Bruce isn’t this what you pay TD & his organization do with your dues?
    Maybe they deserve a AIG type bonus?

  7. Mark Qualkinbush

    How wonderful dealers can incur more debt and take responsibility for manufacturers over production with little regard to demographic information. Come on people, we are not the manufacturers bank. Dealers are the customer please remember this. More debt does not help dealers.

  8. boatman11

    If any of you people think that this will actually help any dealer or manufacturer, you are sadly mistaken. This is like a small wave that peters out before it reaches shore. Not enough tarp money to have any affect, and not enough accountability for putting it where its is really needed.

  9. arch

    LA BUSINESSMAN. You are sadly mistaken.
    You shouldn’t comment on something you know nothing about. The effect of Bush’s big increase in spending along with the huge deficit is COMPLETELY different than what Obama is doing.
    Seriously, do you know realize that?
    You must be some OBAMAMANIAC, willing to say or do anything to protect your messiah. SAD.

  10. Arch

    to LA BUSINESSMAN.
    You don’t know what you are talking about. Read this, by CBS news.
    http://www.cbsnews.com/stories/2009/03/20/politics/main4879621.shtml?source=RSSattr=HOME_4879621
    If you don’t want to click on the link, I’ll just post the first paragraph here.
    President Barack Obama’s budget would produce $9.3 trillion in deficits over the next decade, more than four times the deficits of Republican George W. Bush’s presidency, congressional auditors said Friday.

  11. HotYachts2000

    Gotta love all the attitude. Yes the economy is in a tailspin. It had to happen for many reasons. The government is not going to save the day. Their actions and inactions, coupled with unrestrained greed got us here and despite a new president, the political world is no different today than it was yesterday. Leave the welfare mentality behind, quit looking for the government handout and sell the dream. We the people must move forward with what we have and create our new prosperity. The more time we spend on blaming others for the problem, the less we have on doing something about it. Quit whining and blaming and crying and moaning. When you have that kind of attitude, nobody wants to be around, let alone spend their money with you. At our dealership, we are being proactive by creating events that people want attend because they are fun. We have positive energy and attitude that people notice as soon as they walk in our door. We have had two events already this year that we had to virtually push people out the door hours after the event was scheduled to end. If they want to be with you, where do you think they will they spend their money? Yes it has generated sales. We have delivered well over $1Million worth of fiberglass and are on track to hit 2Mil by the end of the month. You can do it too. Give of yourself and they will give in return. Good luck to us all.

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