Weekly 5: Lending standards loosen, more demand loans
May 7, 2013
Filed under Weekly 5
The BI Weekly 5 is a collection of tips, news and data affecting the boating industry this week. Be sure to look for the BI Weekly 5 every Tuesday on BoatingIndustry.com.
1. Fed Survey: Lending standards loosen, more demand more loans
The latest monthly lending survey from the Federal Reserve shows that banks are slowly loosening lending standards and there is more demand for loans.
The survey reports that banks’ policies regarding lending to businesses eased over the past three months and demand increased, on balance.
The signs were more mixed on the consumer side, where a small net fraction of respondents reported that they had eased standards on credit card and auto loans over the past three months, while standards on other consumer loans had remained about unchanged. The respondents reported having eased some terms on auto loans, but terms on credit card and other consumer loans were reportedly little changed.
2. Industry still scrambling to recover post-Sandy
A recent report from Newsday shows that marinas and dealers are still working to get their businesses in shape for the Memorial Day kickoff of the boating season.
“After Sandy, all of a sudden, this huge form of camaraderie came out and even customers came down to help,” Gabe Capobianchi, owner of Precision Propeller Repair in Newburgh and president of the Hudson Valley Trades Association told Newsday.
Capobianchi said about 80 percent of the businesses are back as good or better than they were before Sandy hit.
3. Managing inbox overload
Getting swamped by the never-ending flow of email? Blue Ocean Ideas CEO Greg Rittler shares how he is trying to tame the beast at his company.
4. Battling the showroomer
While not as big a problem in boats as it is with smaller purchases, showrooming is a challenge for any retailer with a physical location. (Showrooming is when buyers go look at a product at a physical retailer, get their questions answered, etc., then go online to buy it more cheaply). This NY Times blog offers some advice on confronting showroomers, but be sure to read the comment string where there are plenty of good ideas on how to manage the problem.
5. Make your content share-worthy
One of the best ways to garner attention is to make sure your website, blog and social media content gets shared widely. Here are four quick steps to help you with that effort.