Skip to main content

Wachovia pulling out of marine finance business

Wachovia Dealer Services announced to dealers it was pulling out of the RV and marine financing business in a statement released this week.

Wachovia spokespeople did not return calls seeking comment, but a letter distributed to dealers on Wachovia Dealer Services letterhead was obtained by Soundings Trade Only today.

The letter said Wachovia officials decided to stop accepting marine applications after Aug. 15.

"We will exit both the broker and the indirect dealer financial channels," said the statement, which was signed by Bill Katafias, national production manager of Wachovia Dealer Services. "However, we will continue to service existing customers through our customer service and collections area."

Katafias went on to say the "difficult decision" was prompted by expected shareholder return needed to sustain the line of business, the current economic cycle and the industry outlook for the near future.

Related

VOLVO-EARNINGS

Volvo Penta Reports Q4, FY22 Results

Net sales of $470 million for the quarter were a 33% increase compared to the prior year period.

Pulse-Report

DEALERS: Are You Improving the Service Experience?

Our monthly Pulse Report survey asks this and other questions about your dealership. Take the survey here.

NMRA-SCHOLARSHIP

NMRA Sets Scholarship Deadline

Students pursuing education in the marine trades can apply for the National Marine Representatives Association awards until April 1.

MARINE-PRODUCTS

Marine Products Reports Record Q4

The builder of Chaparral and Robalo boats reported net sales were up 42% for the quarter and 28% for fiscal year 2022.

1_SHURHOLD

Shurhold Appoints COO

Forrest Ferrari has years of management, business development, IT and quality-assurance experience.

MOBILE-CATCH-CENTER

RBFF, Pure Fishing Partner for a First Catch Center

Pure Fishing will equip a mobile trailer with tackle and gear to bring fishing experiences to areas of South Carolina where participation is low.

Norm

An Oft-Overlooked Sales Opportunity

A recent report from the Recreational Boating & Fishing Foundation showed that women comprise 37% of all anglers. If you haven’t tapped this segment, you’re missing out.

1. 2023 new boat retail outlook

Too Many High-Priced Boats

To wrap up 2022, marine retailers reported lower demand, expressed more negative sentiment and voiced concerns about rising inventory. Boat prices and the economy remained top of mind for dealers in December.

Soundings Nov 2022

New-Boat Registrations Continue to Slide

As the gaudy sales figures from the pandemic continue to return to more realistic numbers, the main segments of the recreational boating industry saw new-model registrations of 4,421 in November, a 30.3% drop from 6,340 during the same time in 2021. .