Industry Numbers....

[Summitman]

Jim,

I know that floor financing can be a very valuable tool.  The problem is under poor management it can be the death of a company.  I never said ALL companies who use it, will go under.  I guess the last thing to be discussed would be when do we nominate the CEO of Watkins for President?

[hottubdan]

Jim,

I know that floor financing can be a very valuable tool.  The problem is under poor management it can be the death of a company.  I never said ALL companies who use it, will go under.  I guess the last thing to be discussed would be when do we nominate the CEO of Watkins for President?

In all seriousness, is Steve Hammock, President of Watkins Manufacturing, a division of Masco Corporation, the Steve Jobs of the spa industry?  Investors seem to be in a panic about Mr. Jobs' health issues.  Is Mr. Hammock as important to Watkins as Mr. Jobs seems to be with Apple?

Anyway, wouldn't you Arctic dealers be looking for a Prime Minister?

[Summitman]

In all seriousness, is Steve Hammock, President of Watkins Manufacturing, a division of Masco Corporation, the Steve Jobs of the spa industry?  Investors seem to be in a panic about Mr. Jobs' health issues.  Is Mr. Hammock as important to Watkins as Mr. Jobs seems to be with Apple?

Anyway, wouldn't you Arctic dealers be looking for a Prime Minister?

 

[Vanguard]

Jim,

I know that floor financing can be a very valuable tool.  The problem is under poor management it can be the death of a company.  I never said ALL companies who use it, will go under.  I guess the last thing to be discussed would be when do we nominate the CEO of Watkins for President?

We could nominate him, but he's too smart to take it.

[Kialda]

what happened to the industry numbers that started this thread? I found that info interesting.
  This seems to have turned into a Hot Springs love fest. You guys sound like Steve will be up there with Obama today on stage as another messiah.
  
 I heard the contract that Watkins has with Textron will be up next year. That is the only reason they are still using textron. When that happens All watkins dealers will be in the same position. Maybe something to think about and plan ahead for.
   I also heard that textron is holding the paper on Tons of new RV's. This is the reason that they are trying to get out of the floor planning business..

[Vanguard]

what happened to the industry numbers that started this thread? I found that info interesting.
  This seems to have turned into a Hot Springs love fest. You guys sound like Steve will be up there with Obama today on stage as another messiah.
  
 I heard the contract that Watkins has with Textron will be up next year. That is the only reason they are still using textron. When that happens All watkins dealers will be in the same position. Maybe something to think about and plan ahead for.
   I also heard that textron is holding the paper on Tons of new RV's. This is the reason that they are trying to get out of the floor planning business..

Honestly, you've taken this stuff too seriously.  Sure, Steve Hammock is a smart guy, but nobody here thinks he's the savior.  

As far as hearing when the contract is up, from whom did you hear that?  Did you hear it from the management at Watkins?  The management at the group of Textron where Watkins is doing business?  If not, you are hearing rumors that have no basis.  The rumors could be right, but that is all they are - rumors.

Textron is holding paper on all kinds of products.  The RVs are huge, but there are many other things.  All that combined and the fact that the credit they are receiving is more expensive than the credit they are lending are the reasons they're getting out.  They can see that a lot of these guys are going to fail so they're getting out before they are left holding too much.

[Kialda]

Honestly, you've taken this stuff too seriously.  Sure, Steve Hammock is a smart guy, but nobody here thinks he's the savior.  

We know that, After all why would he be looking for a position in Canada when he is sending the company to work and build factories and products in Mexico.

As far as hearing when the contract is up, from whom did you hear that?  Did you hear it from the management at Watkins?  The management at the group of Textron where Watkins is doing business?  If not, you are hearing rumors that have no basis.  The rumors could be right, but that is all they are - rumors.

yes it was from Management, But again we should all just take it as a way to plan the future. If you think management of those companies are telling you everything, well then you must have slept at a Holiday Inn express last night..

Textron is holding paper on all kinds of products.  The RVs are huge, but there are many other things.  All that combined and the fact that the credit they are receiving is more expensive than the credit they are lending are the reasons they're getting out.  They can see that a lot of these guys are going to fail so they're getting out before they are left holding too much.

Textron is not getting out of the Financial business..

[Chris_H]

http://pr-canada.net/index.php?option=com_content&task=view&id=71481&Itemid=65

Here is an article stating they are out of the financial business "other than that portion of the business supporting the financing of customer purchases of Textron-manufactured products."

[Spatech_tuo]

http://pr-canada.net/index.php?option=com_content&task=view&id=71481&Itemid=65

Here is an article stating they are out of the financial business "other than that portion of the business supporting the financing of customer purchases of Textron-manufactured products."

So they're getting out of the spa, RV, boat ...whatever... loan business, did this take everyone by surprise or was there notice?

What does that leave them with?

http://pr-canada.net/index.php?option=com_content&task=view&id=71481&Itemid=65

[Chris_H]

Whatever Textron the manufacturer sells.  http://textron.com/textron_businesses/index.jsp  They will still finance these items.

I think they gave the dealers 30 - 60 days as I think the payments are due at the end of the month or next month.  The press release was on the 26th of December.  Good luck coming up with $200K if you have 40 spas in stock.  

[Vanguard]

Textron is not getting out of the Financial business..

Well, you obviously know a lot more than the rest of us so we'll leave it there.

[Kialda]

Well, you obviously know a lot more than the rest of us so we'll leave it there.

well I still dont know what happened to the industry numbers that started this thread..

[Kialda]

Whatever Textron the manufacturer sells.  http://textron.com/textron_businesses/index.jsp  They will still finance these items.

I think they gave the dealers 30 - 60 days as I think the payments are due at the end of the month or next month.  The press release was on the 26th of December.  Good luck coming up with $200K if you have 40 spas in stock.  

They may have 30 or 60 days to continue to use there line of credit, but they do not need to pay off that line during that time. There terms will continue per the aggrement. Some manufacturers were offering 12 months flooring at the last show. Interest does not even begin before that time is over. Many spa dealers will still be using Textron for quite a long time.

[Vanguard]

well I still dont know what happened to the industry numbers that started this thread..

I do, but I can't tell.  

[Summitman]

I do, but I can't tell.

yippee!!!