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Deitz Dittrich

Yikes.. Not good for the bass boat industry..

56 posts in this topic

Well that is not good for the business people and such. But for the guy out there that might be looking for a new boat, it means prices are soon to drop. With another 20% drop after the original 30% drop, someone will be paying about half of what you would normally. It's too bad though, and I hope a lot of people do not lose their jobs.

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Too bad. Can't say it's much of a surprise though.

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Thats terrible, I count my blessings everyday and am thankful that I have a job and can pay the bills (barely)

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I don't understand how ranger can get away with the prices they do in this economy. 55k for a new Z boat!!! How can you not see that coming.

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From what I have read it sounds like the issue is cash flow and debt covenants. Sounds like they were already working on alternative financing, and that they plan to get the new financing in place and keep operating. Still sucks for everyone involved but for now at least it does not sound like they are closing the doors.

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Genmar makes most of the top bass boats out there.. Ranger, Champion, Stratos..

"Makes" Ranger, Champion, Stratos? Do they

"make" the entire boat or just supply certain components for assembly? Anyone got any more specifics?

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Genmar owns all those companies, so yes they make them so to speak. One of our club members just got a new 621, approx retail $63K.

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63K for a bass boat??? No wonder they're in trouble.

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Genmar owns all those companies, so yes they make them so to speak. One of our club members just got a new 621, approx retail $63K.

Ah, gotcha, privately held, holding corp. that oversees dozens of boat brands and manufacturing.

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probably explains why the last four people I know bought Skeeters

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skeeters, there cheap and have wood in them, thats why! Good boat for the money!

as far as Genmar goes, before we know it, at the end of the week, everything will be fine. I think they were looking at a situation that they couldnt pass up, and took it for the company, to make it a better strong company, and when its all said and done, and there back up and running, there goign to be a very strong company, if not the strongest!

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Believe the 621 is an eye/multispecies boat. But yea you could probably easily spend mid 60's for Ranger Z21 if you wanted to.

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skeeters, there cheap and have wood in them, thats why!

I-class and ZX series new skeeters have "wood" in them? Where?

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skeeters, there cheap

A 21i or a 22i for ~55K is cheap?

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Just got to know where to shop at, I picked up the new ranger Z520 last summer for 48k, shopping around really can make a big difference, first place i went wanted 55k for the same boat.

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grin well yeah 48k

that almost free

Most boats I see on the water have more money in their electronics then I do in my entire boat smile

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haha yeah close, really sucks when its sitting in storage and still making payments on it.

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Can't quite figure out who is the nuts one. The boat cos. for charging WAY too much or us for paying it.

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Originally Posted By: Bass N Spear
skeeters, there cheap

A 21i or a 22i for ~55K is cheap?

I can't believe anyone would buy an i class after i have ridin in one!!! It isn't a smooth or dry ride so i don't see the point in them.

I didn't think Genmar was in trouble at all!! WOW

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The boat companies are saying the same things, "I can't believe all the Joe Q's are still paying these prices...let's see how far we can go". Much like the housing industry it will eventually right itself. It's funny though, I wonder how many people would actually buy a 55-65K boat if they were never allowed to tell others what they actually paid for it?

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Genmar has several large operating loans that are currently causing them trouble. While Genmar has never been late on a payment the stipulations on the loan require Genmar to have a certain cash to equity ratio. It is difficult for any company to be in a cash rich position right now and Genmar currently working to reposition their debt to another lender. In the mean time it made good sense to file Chapter 11 to allow them more time to restructure their debt with different lenders. It's true that not many people in the industry anticipated this move, but in the end Genmar still has far more assets than debt and is in a stong position to emerge as a successful company. I don't know the future of the Genmar lines anymore than the next person but my livelyhood is tied to their success and I can tell you that I'm not looking for a new job. This announcement has more to do with the credit market than the viability of the companies owned by Genmar. The good news is that I've never seen a better time to purchase a new boat in the 8 years I've been in the business regardless of your brand of choice.

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Anyone know if the employees of Genmar (Larson, Glastron, Ranger, etc.) lose there 401K or other retirement money after filing Chapter 11?

Nels

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I don't know, it's just too bad our economy as a whole is suffering so bad. Lots of people that are hard up right now. With that said... Bass-n-spear, i am also curious where the wood is in a skeeter...

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