marine industry professionals
Floorplan financing for Fountain dealer network
Liberty Associates announced a new floorplan financing program for the Fountain Powerboats' dealer network.
Liberty's affiliate finance company, Palmetto Park Financial, will offer up to $5 million in financing to dealers.
"In our continuing efforts to support the Fountain and Baja brands, the Liberty team feels this is an important step to allow our dealers to have current model-year product on location to better serve their customer base," said Bill Gates, CEO of Liberty and chairman of Fountain Powerboats, in a statement.
Reggie Fountain, president of the company said in a statement, "In the past 12 months, over 255 new Fountain boats have been sold to retail customers and therefore we have seen a dramatic decline in our field inventory levels as retail sales demand has outpaced new boat production."
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This is great for Fountain/Baja dealers, but means nothing to the rest of the industry, unless other manufacturers follow suit. What a concept - "captive" financing - a manufacturer insuring that their dealers can buy product. The missing element is the retail financing outlet to enable the dealer to actually sell the product.
The auto industry has been doing this for years, both wholesale and retail outlets, to support their dealer base. Unfortunately, I don't see many boat builders that could put together such a program.
Brunswick, wake up, this is your opportunity to take a bold step in a new direction that could change our industry forever...
I do not know to many go fast dealers that stock more than 8 to 10
boats so the amount is plenty. Very nice to see any banks in the floor
plan business.
At $150,000.00 that is less than 35 boats??? Is this big news???