KeyBank pulling out of marine lending

Author:
Updated:
Original:

KeyBank, one of the largest marine lenders in the country, announced today that it is pulling out of the marine lending business and ending recreational lending altogether.

Grant Skeens, president and CEO of Key Recreation Lending, confirmed that the bank is pulling out of the marine and RV retail and commercial lending business, ending its 50 years in recreational lending. The announcement was made to employees at 10:30 (EDT) today.

The last day marine retail applications will be taken is Oct. 27, and the last day for funding applications will be Nov. 14, Skeens told Trade Only Today this morning. The bank will work to transition its dealers to other sources of floorplan funding over the next 90 to 120 days, he said.

Skeens said the decision was "very difficult."

"Certainly if you look at the prospects for the [marine] industry over the next 12 to 18 months, they aren't very rosy," Skeens said. "I would tell you margins in retail continue to be thin for lenders."

KeyBank is one of several lenders to recently pull out of marine lending. This summer, Citizens Bank and Wachovia pulled out of marine finance altogether, and GE Money quit retail marine lending.

Click here for the release from Key Bank.

— Reagan Haynes

Related

KVH Introduces TracPhone LTE-1

The new communications system provides connectivity up to 20 miles offshore in more than 150 countries.

Supreme Builds First Boat in New Facility

The towboat builder moved to the new 160,000-sqare-foot plant in Georgia earlier this year and plans to produce two boats a day.

Continued Growth at Vetus

The manufacturer had its best sales month in its 57-year history and promoted longtime employee Ray Browning to U.K. branch manager.

Suzuki Powers Forest River’s New Nepallo Pontoon Boats

The new Nepallo line of pontoon boats with Suzuki engines will be sold at select Camping World and Gander RV & Outdoors stores.

West Marine CEO to Keynote Annual MRA Event

With a “Climate for Change” theme, the Marine Recreation Association’s Educational Conference and Trade Show is set for Oct. 11-13.

Skeeter Owner’s Tourney Held on Lake Fork

A field of 2,000 anglers in 1,000 boats saw a nearly 10-pound bass capture first place in the annual Skeeter owner’s tournament.

Email Remains a Vital Marketing Tool for Dealers

A content marketing staple, emails can consistently deliver valuable and relevant information, if done correctly.