GE Capital releases “State of Marine Industry” podcast
(Press Release)
June 19, 2012
Filed under News
Press Release
GE Capital today posted an industry podcast on the Facebook page for its Commercial Distribution Finance (CDF) group. The podcast, titled “State of the Marine industry,” is available at this link.
The discussion features commentary from Bruce Van Wagoner, president of the marine group at CDF, and Thom Dammrich, president of the National Marine Manufacturers Association.
In the podcast, Bruce and Thom discuss their optimism for the marine industry, noting that they expect steady growth of 9–14 percent in 2012. With the height of marine season at hand, they share the following insight about factors in the market:
· Inventory Levels: “If you look at April ’11 to April ’12, the average inventory turn is a strong 2.24, versus a 1.2 average turn in 2009. What this means is that inventory is leaving the floor twice as fast as ’09, which is a great sign.” (Mr. Van Wagoner)
· Aging: “We are seeing historic lows of 13 percent of inventory that is over a year old, versus 47 percent of inventory at the peak of the financial crisis in 2008.” (Mr. Van Wagoner)
· Participating in Boating: “People who are out on the water and share the experience with their friends and family encourage more people to start creating their own dream of boat ownership. Participation leads to purchase.” (Mr. Dammrich)
· Marine Dealer Certification: “Data show that Certified Dealers sell more product, do more servicing and make more money. Why? Because they involve all the employees in process mapping to create consistent positive experiences for the consumer.” (Mr. Dammrich)
The podcast is available for viewing and sharing via http://www.facebook.com/GECDF.
I wouldnt buy a $10.00 toaster from GE after what they did with their interest rates to the marine dealers. Ive been a dealer for almost 40years I know first hand!
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