GE Capital Survey Indicates Moderate Boat Industry Growth In 2011
Written by Marine Web Club
Saturday, 26 February 2011 00:00
Saturday, 26 February 2011 00:00
After treading rough waters throughout the last few years, the marine industry is beginning to cautiously emerge, according to GE Capital, Commercial Distribution Finance from the Miami International Boat Show.Survey results showed over one-third of the respondents (38%) expect sales to increase up to five per cent in 2011, and 54% claim that now is the prime time for dealers to increase their inventory levels.
"The marine industry is beginning to experience signs of recovery as we slowly move past the recession," said president and CEO of Commercial Distribution Finance, Jeff Malehorn.
"Throughout our 40 years in the marine industry, we've seen numerous cycles and we now have an optimistic outlook on the future," he said. Unsurprisingly enough, lower-ticket retail items are reviving more rapidly than in comparison to larger-ticketed items.
Forty per cent of survey respondents anticipate the growth to be led by aluminum boat sales, with recreation boats following (17%). "Although, dealers still remain cautious, but are starting to order new inventory," said Bruce Van Wagoner, president of the CDF Marine Group. "Simultaneously, manufacturers want to be sure their dealers have the correct inventory mixture so everyone is concentrating on smart growth.
They're all focusing on remaining aged product, inventory turns and dealer credit availability, amongst a range of others." Almost 70% of survey marine dealers and manufacturers feel that the biggest obstacle this year facing the boat industry was consumer demand, and 40% say a reduction level of field and showroom inventory is the direction that will have the biggest impact on the industry this year.
The boat Industry Survey respondents included 53 boat dealers and manufacturers at the Access GE Industry Roundtable event during last week's Miami International Boat Show.
Related link: IBI News
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