Fountain Files Chap 11

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Reggie builds a good boat.
Reggie knows boat racing.
Reggie is a lousy salesman and business man.

A friend, who's a high performance boater, asked to board one of Reggie's boats at the NYC boat show a few years ago. Reggie asked, "Are you buying today?" Since my friend wasn't Reggie told him to go away. My friend subsequently bought two high performance boats (a loaded 35' and then a loaded semi-custom 38') from another builder.

Reggie deserves to out of business. Idiot.
 
Compared to most guys that post to this site, I know little about boats. I know even less about "Reggie". Mind you, I dont intend to bash anyone or any brand. However, when I read that article today, it was easy to see why Reggie is in financial trouble. Franks example didn't suprise me at all.
 
It's sad and unfortunately it's not over yet. Regardless as to what the optimists say, I think it'll be a while before we're out of this one and more manufacturers will follow Reggie into oblivion.

Paul
 
Funny how the many of the companies failing all seem to have contempt for the customer...

Maybe it is no surprise.
 
Jackie J V said:
It's sad and unfortunately it's not over yet. Regardless as to what the optimists say, I think it'll be a while before we're out of this one and more manufacturers will follow Reggie into oblivion.

Paul
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I agree. It's going to take a long while. You almost never hear unit volume quoted in the results. It's usually top line which includes services, parts, etc.. I suspect the underlying unit volume is even worse than people might think.

Viking expects to sell 20-25 boats at the Ft. Lauderdale boat show. Last year I think they sold 4. It will be interesting to see what happens this year (October) as the boat economics are worse. I've been told Bertram is going to a "build to order" business model. The problem is that they are not positioned that way.

Fountain always seemed to have the most pushy dealers as well. Good boat but lousy sales experience.
 
Boulder GT3 said:
Fountain always seemed to have the most pushy dealers as well. Good boat but lousy sales experience.
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Their salesmen are the same greasy haired kids with a shirt and tie who call themselves "financial planners" and want to "help" you manage your assets without any experience doing so. The one's I met at the boat shows were well trained in promoting their financing scam.
 
JuliaValentine said:
Their salesmen are the same greasy haired kids with a shirt and tie who call themselves "financial planners" and want to "help" you manage your assets without any experience doing so. The one's I met at the boat shows were well trained in promoting their financing scam.
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Funny how what starts at the top flows all the way through an organization.
 
Didn't Fountain buy Baja last year? If so, what's that going to do to Baja?
 
JuliaValentine said:
Their salesmen are the same greasy haired kids with a shirt and tie who call themselves "financial planners" and want to "help" you manage your assets without any experience doing so. The one's I met at the boat shows were well trained in promoting their financing scam.
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I think its Foumula that has the "Financing Scam" everyone knows fountains are financed by drug money........Just Kidding.......didn't reggie spend some time in jail or is that another go faster i'm thinking about - I do remember seeing him in a boating mag delivering a boat to George HW Bush last year! - should have charged him an extra 50 million
 
Maybe you are thinking of Don Aronow. He founded and then sold Donzi, Cigarette, Formula, Magnum, and Blue Thunder. Might have been a few more. Guy liked to go fast. Was killed by suspected drug runners; his Blue Thunders were a favorite with the U.S. Customs Service. I think Ben Kramer is still in prison for the murder.
 
I thought Reggie sold out long ogo to Brunswick and he was just a figure head now. Also what scam does Formula have? We lost a 450 DA owner this past April to Formula. He traded it on a 45' yacht. He got 1.99% for the life of the loan. He had bought the 450 new as well.
 
Dancin Dave said:
I thought Reggie sold out long ogo to Brunswick and he was just a figure head now. Also what scam does Formula have? We lost a 450 DA owner this past April to Formula. He traded it on a 45' yacht. He got 1.99% for the life of the loan. He had bought the 450 new as well.
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That's the scam. They build into the price of the boat the amount to pay down the loan interest. Looks good until you try to sell the thing and find you're disgustingly upside down.

Best regards,
Frank
 
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