Skip to main content

Pressing for a share of help

The marine industry is putting on a full-court-press to get assistance from Washington that will unlock floorplan and consumer credit, even while President Obama announced yesterday the freeing up of billions for small business.

The President finally acknowledged small businesses are the key to economic recovery since better than 70 percent of all jobs created over the past 10 years came in small businesses. I say “finally,” because I long ago became fed up with Washington’s “too big to let fail” blinders that blocked their view that small businesses, like marine dealers, have been going down the tubes due to dried up credit lines. 

The key to this latest Obama plan is that the government will spend up to $15 billion to buy the small-business loans that are now supposedly choking community banks and lenders. Theoretically, that could allow those banks to start lending money again to small firms to pay bills and stay afloat. Sadly, $15 billion isn’t nearly enough. AIG, for example, has already received more than $170 billion!

So, it leads me to believe there may be as much politics behind this program as heart. After all, the President is surely aware of the growing displeasure on Main Street with the hundreds of billions propping up so-called financial giants who made brainless decisions while small businesses have done nothing wrong and still get screwed over.
Politics and insufficient funds aside, however, our industry continues its push for a piece of the pie.

NMMA and MRAA are aggressively pursuing support in the halls of Congress and at the Federal Reserve to include funds for floorplanning and consumer purchases of boats. (See last Tuesday’s “Dealer Outlook” for more details.) This would come from the $200 billion TALF program. We must keep up this pressure or get left behind. Moreover, in spite of GE’s recent move that clobbers dealers with rate increases, we need to see GE able to tap into these funds, too.

Bottom line: (1) Help now by taking the action recommended in last Tuesday’s “Dealer Outlook.” (2) Watch for every detail coming out within the month on this latest small business program announced yesterday. (3) Once well informed, go aggressively to seek available local loans and credit. In this case, the early birds may be the only ones to get a worm.

Related

1_ABA

ABA Celebrates 30 Years

The America Boatbuilders Association was founded in 1992 with the objective of collectively buying engines, raw materials and manufactured products at better prices.

1_YEARGIN

Who, Not How

Sometimes, to solve a tough problem, you need to get a different person in the room.

1_WHALESACTION

NMMA: Proposed Speed Rule an ‘Existential Threat’ to Industry

The association is calling on every marine brand, employee and boat owner to file public comment by Oct. 31 over a sweeping regulation to protect North Atlantic right whales.

1_AXOPAR

Axopar and Nimbus Renew Agreement

The boatbuilders have entered an agreement whereby Nimbus Group will retain exclusive rights to sell Axopar boats on the Swedish market.

1_IAN

Hurricane Ian Leaves Devastation in Florida

The storm left a wide swath of destruction, heavily impacting marine interests from Tampa Bay to Marco Island.

Norm

Email Is Your Ticket to Holiday Sales

Developing an effective email campaign can bolster sales and help fill winter coffers at your dealership.

1_NMRA

NMRA Presents Annual Awards

Edson CEO Will Keene and ComMar Sales president Tim Conroy were recognized for their contributions to the marine industry.

1_ PULSE.PING.2

DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.

1_EPROPULSION

EPropulsion, Mack Boring Partner with Crest

Pontoon builder Crest will use an ePropulsion Navy 3.0 Evo electric outboard motor and an E175 battery for its 2023 Current model.