Skipper Bud’s announces multimillion-dollar deal

Posted on February 16, 2010
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Skipper Bud's Midwest Marine Repo Center in Oshkosh, Wis., announced an acquisition of more than $10 million dollars in boat inventory.

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The acquisition will bring more than 300 boats from the Midwest, East Coast and West Coast to the repo center.

Click here for the full release.

Comments
6 February, 18 2010, 10:48 PM
By Steve Justus

The same finance companies you are trying to finance Boats with now are the same guys that own the title's to the inventory here. Would you want to loan money to individuals to buy Boats, after you have 10's of millions in bad debt on the books from the last Boat Loans you made?  Repo's are part of the process of too leniant loan terms for a period. These Boats have to be sold by somebody, so the Banks can keep loaning.


In some cases, banks and finance companies did Boats for Manufacturers that were questionabley sound at the time of the deal. The Builder goes Bankrupt and the finance company is stuck with the Bankrupt dealers Boats as inventory.


The number of new Boat Manufacturers that popped up in 04,05 must have been staggering and usually underfunded. This only propelled the inventory problem further.

5 February, 17 2010, 04:39 PM
By Curtis

And manufactures wonder why we are not buying boats.


And GE wonders why dealers are not paying interest charges


Have a nice day

4 February, 17 2010, 11:03 AM
By Wallace

This type of business has been happening and successful for many dealers all over the Country. Every manufactuer has a list of dealers that are willing to buy overstocks, carryovers, repo's etc.


Freight to be shipped all over the Country is pretty small amount when buying the product at 20 - 50% off dealer.


These "deals" are available to all.

3 February, 16 2010, 02:14 PM
By Doug Reimel

This is just standard business practice. Set up your dealer network. Then Find a Mega Dealer to sell to for a substantial discount. Oh! and don't worry about the CSI score they will just have the dealer network do the warranty work. Because they won't have to pay shop rate or shop time. This is done to keep warranty cost managable while denying claims for what ever reason. The existing (remaining) dealer network that paid to much for inventory and are paying the flooring cost will find a way to survive. The dealer is resiliant and has more revenue sorces.


The manufacturers left a clause in your contract to allow them to do just that.


Maybe we will all remember the good times we are having at resign time!!!!

2 February, 16 2010, 01:36 PM
By Ken Lamain
Another great move.  Why would they pay the freight costs to dump all this stuff into one place?  Did dealers in any other areas have a shot at this stuff?  Just another example of how short sighted this industry can be.
1 February, 16 2010, 12:58 PM
By suvvb

Thanks for nothing.......way to screw up a already screwed up market. Like the dealers in Wisconsin need this news. Soundings should not even publish such "NEWS"....come on...how  is this going to help anyone other than Skipper Buds?


 

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