wells fargo

U.S. powerboat sales are expected to be flat to up as much as 2 percent in September.

Marine lenders say August powerboat sales offset weak July sales with strong dollar growth and unit growth.

Wells Fargo said today that boat sales in the ski and wake segment are outperforming the broader powerboat industry.

Powerboat sales were likely “flattish” year over year in July, a Wells Fargo marine industry analyst says.

Wells Fargo completed the purchase of the Australian and New Zealand segments of GE Capital’s Commercial Distribution Finance business.

Retail sales in the main powerboat segments likely increased between 6 and 8 percent in June.

Sales comparisons become more favorable in the second quarter, which is the peak of the selling cycle, he said.

Resilient U.S. consumers, favorable spring weather and strong March boat sales trends point to a very solid marine industry in its peak selling season.

General Electric is selling its commercial leasing and lending businesses to Wells Fargo.

Marine wholesale and retail lending trends are strong with the selling season starting earlier than in the previous two years.