It’s no secret that consumers are spending less these days and that savings rates are rising. Hidden behind this obvious fact is the lesser-known reality that our industry’s top customers, the 79 million baby boomers who have been buying, trading in and upgrading their boats for years and years, may be saving themselves right out of the boat market. Read more >>
Joe Cavarretta has sat through enough budget meetings to know that it can be tough to live up to numbers that were put to paper months prior. In today’s economy, “tough” can be an understatement of magnificent proportions. But Cavarretta has devised a method, along with fellow managers at Riva Motorsports, a seven-brand powersports dealer in Pompano Beach, Fla., that helps him and Riva’s three-location company unearth valuable information that aids the dealership in improving its business. Read more >>
Tags: Economy, P&L, Powersports, Solutions
You should know, as you begin reading this, that I am an optimist at heart. Problems phase me for only a moment. I look for (and usually find) opportunity in every situation. And I believe that good things will happen to people and companies that make decisions that reflect the best interests of the people, industries and communities they serve. Those general philosophies on life and business make it difficult for me to believe the many catastrophic economic predictions that author Harry S. Dent, Jr. suggests lie in our immediate future. Read more >>
Tags: Baby Boomers, Economy
As you may have guessed, trade magazines like ours are adjusting to the downturn right along with the industries we serve. As our company has tightened its belt, the Boating Industry staff has been asked to work much more closely with Affinity Group’s sibling publications. In fact, I just returned from a trip to Pittsburgh last night, where I was interviewing a Honda motorcycle, ATV and PWC dealer for Powersports Business magazine. Read more >>
Tags: Economy, Marine Dealers
It’s no secret that matters affecting inventory are highly sensitive subjects these days. Just this morning, as an example, we’ve had three e-mails cross our screens related to inventory issues. The first was a boating business service provider who said our recently released inventory management e-white paper didn’t drill down deeply enough. The second was an industry-leading dealer who suggested that the same publication was a great balance between the 50,000-foot and street-level views. And, finally, a powersports dealer who shouted: “Lord knows we can’t take any more hits at this time,” as he shared his trials and tribulations with an auction house that had scammed him out of some money. Read more >>
Tags: Economy, Inventory, Marine Dealers
Add another letter to the alphabet economists have created to try and predict the economic recovery. I was familiar with the “V-shaped” pattern historically followed during most downturns – a sharp decline followed by a quick rebound – as well as alternatives that more closely resembled “U” or “L” – the latter being a period of sustained stagnation. But some experts are beginning to believe “W” is the route our economy is most likely to follow on its way to recovery. (And no, that’s not some sort of slam on the guy who typically gets the blame for putting us in this mess…). Read more >>
By Chris Kourtakis, Owner, H20 Limos Marine Service — With the recent announcements of Chrysler closing up to 800 dealers and GM a possible 1,500 dealerships, will this hurt of help the marine industry? More people keep focusing on the negative, but as we all know there is a silver lining to everything. Read more >>
Over the past week, it has been hard for the marine industry to avoid the bad news. Genmar Holdings’ Chapter 11 bankruptcy filing last Monday – and predictions of more to come – has deflated some of the hope created by recent positive economic indicators. But regardless of the fall-out we’re likely to see as the year progresses, we know there will be many survivors. And one of the most effective strategies for survival is diversification. Read more >>
Tags: Diversification, Economy
Small businesses have an advantage in this economy. So wrote Harvard Business blogger Peter Bergman in a recent article . “The gap of confidence between small companies and big ones is growing,” he stated. “We used to rely on the security of big companies. That’s why we worked for them. And hired them. And put our money in them. But with the virtual collapse of AIG, Lehman, Citibank, GM, Chrysler, and many more – now even GE is in trouble – all that’s changed. Now it’s a risk to do business with the big ones.” Read more >>
Tags: Economy, small business
Of all the talk about this recession, there’s one question, of course, that no one can really answer: When will it end? But the most important question to our businesses right now may be: Has it already ended? The answer to that, according to a news report I read last night, might surprise you. Read more >>
