Walleye Discussion Forums
| ||
| View previous thread :: View next thread | |
| Jump to page : 1 Now viewing page 1 [25 messages per page] Walleye Fishing -> General Discussion -> A letter to the industry... |
| Message Subject: A letter to the industry... | |||
Geebee |
| ||
| Recently sent to the entire marine industry from the desk of Irwin Jacobs: June 10, 2009 To: All U.S. Boat Manufacturers and Boat Dealers From: Irwin L. Jacobs, Chairman of Genmar Holdings, Inc. Genmar, along with every other recreational boat manufacturer and boat dealer throughout the U.S., has been experiencing the worst economic downturn the industry has ever seen. Business failures among boat manufacturers and dealers are an everyday occurrence with no let-up or relief in sight. Although I believe the recession that our country has been going through over the past approximately eighteen months has been the main cause for the recreational boating industry’s historical downturn, there is another major critical problem that is presently crippling the boat dealers and boat manufacturers in the United States. If something isn’t done very soon (and I mean soon) to help correct the boat dealer floor plan and retail financing problem in the U.S., it is conceivable that the entire recreational boating industry could be critically damaged for decades ahead. I realize that many boat manufacturers and dealers are upset with GE Marine Finance Division’s present floor plan financing programs, as well as the difficulties they are going through to even get approvals from GE Marine Finance Division for floor plan financing regardless of what GE Marine Finance Division charges. However, even with what GE Marine Finance Division is presently charging for its floor plan financing, there’s no doubt in my mind that GE Marine Finance Division is presently also going through incredible financial stress and losses along with our entire industry. I believe there is an answer that could solve the industry’s disastrous floor plan and retail financing problems. GMAC is a company that the U.S. Government has given over $100 billion of taxpayers’ money to in order to help the automotive industry finance both the car dealers’ floor plan financing needs as well as financing for the retail automotive buying consumers. If the U.S. Government required GMAC to include the boating industry’s needs for both wholesale dealer floor plan financing and retail financing, I believe the recreational boating industry would see an immediate end to the continuing downturn. I don’t for a minute believe that a GMAC financing program for the recreational boating industry is going to single-handedly bring our industry back to where it was before the recession began, but I do believe that GMAC’s support will allow our industry to survive the present downturn and begin to show some life in the months ahead. I believe it will take a small fraction of the dollars that the U.S. Government gave to GMAC to support the wholesale and retail financing needs of the recreational boating industry. However, every boat manufacturer, boat dealer and industry vendor in the U.S. must be willing to play a part in trying to convince the U.S. Government to immediately get GMAC to begin helping our industry! The voice that’s needed to get the immediate attention of the U.S. Government to help save hundreds of thousands of jobs and small businesses in the recreational boating industry is our voice – every one of us must be heard and be a part of this, including all U.S. boat manufacturers, vendors, dealers and their employees. Not one or ten companies are going to be able to get this done. It’s going to take every boat manufacturer, vendor and dealer throughout America to participate in this initiative. To find out who and where to write and/or call your state and federal senators, congressional members and governors, go to the internet for their address and telephone numbers. Here’s what I believe we need to do today (and I don’t mean tomorrow!). First of all, every boat manufacturer and boat dealer must write and/or call their local and state congressmen/congresswomen, senators and state governors to immediately begin to speak loud and clear to the Obama Administration about its directing GMAC’s involvement in supporting a wholesale and retail financing program for the recreational boating industry. I’m attaching an example of what can be said and written to the state and federal congressional and senatorial representatives (obviously you can write and/or call with your own thoughts). No one seems to be telling our real life-threatening story to the Obama Administration, and if nothing is done very soon to correct the floor plan and retail financing problem for our industry, I predict it is only a short matter of time before what I call the boating industry’s life-threatening tsunami could put its final blow on the entire industry for decades ahead. Not only should the boat manufacturers and dealers be proactive in this campaign, but every employee of every boat manufacturer, vendor and dealership, along with their families and friends need to take part in this critical campaign. I believe that between all of the lay-offs from the boat manufacturers, boat dealers, boat vendors and the financial losses to the communities, businesses and local governments, our industry and related industries have had job losses in the hundreds of thousands of people. The U.S. Government recently committed to save GMAC in support of the automotive industry with an investment of U.S. taxpayers’ money of over $100 billion. The reason the U.S. Government hasn’t paid any attention to our industry is that we’re not organized to speak loud enough. We’ve got to tell our story! Numbers such as 15,000 boat dealers directly impacts over 100,000 jobs and over 800 boat manufacturers and vendors that represent another approximately 30,000 to 40,000 jobs. I’m sure that the trickle-down effect of job losses to the boating industry’s vendors and associated small businesses touched by the recreational boating industry is in excess of another 100,000 job losses (including marinas, communities and recreational boating service centers). Individually we have no clout or muscle. I believe the only way to immediately correct the recreational boating floor plan and retail financing debacle is to get the Obama Administration to immediately help us through a GMAC boating industry financing program. Please help yourself and the future of the boating industry by participating in the above fight to help save the recreational boating industry! Act now, together we can make the difference . . . . Sincerely, Irwin L. Jacobs | |||
| |||
| Brad B |
| ||
Member Posts: 617 Location: Oshkosh, Wisconsin | Another business man with his hand out instead of his nose to the grindstone... Dear Mr. Jacobs, It is not the fault of the American tax payer that you can not sell enough boats. Therefore, we should NOT help bail you out. The fact that our congress men and women made a mistake and saw fit to bail out several of our financial institutions and car manufacturers does NOT mean that every Tom, Dick, and Irwin that is struggling to make ends meet should get a stimulus package of their very own. Two wrongs don't make a right Mr. Jacobs. You are asking for US taxpayer money to be shuffled to finance boat dealer inventory and retail consumer purchase of the same at a time when the LAST thing anyone should be doing is stocking more inventory or buying big ticket luxury items that they can only marginally afford. Want to sell more boats? Here's a novel idea for you to consider. Encourage our govenment to invest in it's people. Not just the one's who have proven they can't successfully manage a business, but ALL of its people. The current US population is something like 305 million people. Our government is in the process or has already handed out roughly 800 billion to companies like yours that are failing. That comes to about $2600 for every man, woman and child in the US. Instead of me giving you (and companies like yours) my family of 4's share of that money ($10,400), JUST GIVE IT TO ME TO SPEND. I can't promise everyone will do the right thing and buy items that will help stimulate our economy, but I guarentee the average red-blooded American deserves it just as much you do. Have a nice day. | ||
| |||
| RedNeckTech |
| ||
Member Posts: 319 | Nicely stated Brad. This constant barking from industry leaders looking every which way but in the mirror for the situations they are in is getting repulsive. Every industry could get themselves out of most of the jambs they are in if they had the spines and the brains to make the hard choices. If you can't solve your industries problems Mr. Jacobs, step aside and let someone else do it. | ||
| |||
| little known |
| ||
| He makes the weather and then stands in the rain and complains its raining. | |||
| |||
| GNWC Rookie |
| ||
Member Posts: 625 Location: LaCrosse, WI | I think Brad summed it up. The one thing I will add is that this kind of publicity will only hurt the chances of conservative minded people buying that companies products. I'm not going to bash their products, but this kind of panhandling and begging sticks in my mind, and I'll remember that when I go to buy a new boat. | ||
| |||
| thumper |
| ||
Member Posts: 744 | In an official press release from me today, I said "I have no opinion on this subject at this time, but I reserve the right to make fun of people if they say silly things about it on the internet." | ||
| |||
| sworrall |
| ||
Location: Rhinelander | Remember, this was to 'the industry', and the entire industry is in the same predicament. Tough to floor plan product when floor plan isn't available from the lenders, so buyers may not be able to look over all the new models on the showroom floor. I don't think the public much cares at this point, and I'd bet my best Muskie rod the government doesn't. Things will change for the foreseeable future, I hope...back to more individual services from the builder to the dealers and smaller programs, building boats all year on demand reacting to sold units and need from the dealers more than how much floor plan one can fill with more models than the dealer can sell in this market. | ||
| |||
| eyellaw |
| ||
| Buy a Tuffy, a diverse company that will weather the storm and you get the best boat anyway1 | |||
| |||
| Guest |
| ||
| Mr. Jacobs how about lower the price of a nice boat to less than half a house. Any boat that cost over $40,000 should be able to fly for that matter. | |||
| |||
| Mr Obvious |
| ||
| Its well below half, Tell me where you can get the cadilac of houses for 80k?????? OHHHHH I see your looking at the price of a good used house............well a good used boat is probably what your looking for! Mr Obvious | |||
| |||
| LurePresentation |
| ||
Member Posts: 132 | I need a work truck of a boat, not a show car of a boat. I thought boats over 40k have swimming pools, tv, refrigerator, sauna, and pool tables included. | ||
| |||
| LurePresentation |
| ||
Member Posts: 132 | Also over 40k boats should have tiki bar, bar tender, and hula girls. Lol, now that's a boat! | ||
| |||
| T-Mac |
| ||
Member Posts: 142 | I am retired. But I can tell you that GE Commercial Finance bought out (actually mostly hostile takeovers) almost all other competitors in the past few years and I do know dealers who have been dealers for as long as 50 years and never been behind in their flooring payments...and now have been terminated. What I'd like to know is what direction were Barney Frank, Chris Dodd and Charles Schumer looking when they allowed ...Mr. Immelt (GE) to wipe out all the competitors.... and why? This is more of the same dirt that brought havoc to the rest of the banking industry ...housing and auto. It is all wrapped up in the same stink. The only justice is; Mr Jacobs...as you may or may not know, has made a fortune as a skilled hostile takeover specialist starting years ago. No. Please do not get the US government involved in any more businesses. PLEASE! Edited by T-Mac 6/20/2009 5:22 PM | ||
| |||
| sworrall |
| ||
Location: Rhinelander | T-Mac, I've been in this long enough to remember when there were no large floor plan 'banks' out there, and each dealer bought what he could afford working with his local finance organizations. I won't get into the mess the US and World Wide banking industries coupled with the Wall Street debacles have created for us all, but do hope this results...eventually...in a more careful approach to the dealer's needs and abilities than has been displayed by the 'big guns' over the last twenty years. They 'build them one at a time', now it's time to sell them that way. | ||
| |||
| Jump to page : 1 Now viewing page 1 [25 messages per page] |
| Search this forum Printer friendly version E-mail a link to this thread |
Copyright © 2025 OutdoorsFIRST Media | About Us | Contact Us | Advertise
News | Video | Audio | Chat | Forums | Rankings | Big Fish | Sponsors | Classified Boat Ads | Tournaments | FAQ's
News | Video | Audio | Chat | Forums | Rankings | Big Fish | Sponsors | Classified Boat Ads | Tournaments | FAQ's