Mixed reports from NY Boat Show

NEW YORK – Sales over the first three days of the New York National Boat Show are about the same as last year for MarineMax, The Associated Press reported in a story on the International Herald Tribune Web site, but other dealers report slower sales according to an item in a Houston Chronicle story this morning.

Paulina Kalaj, staffing an exhibit for MarineMax at the Jacob K. Javits Convention Center in Manhattan, told AP the company sold 40 boats in the first three days of the show, which runs through Jan. 6, and said that total is comparable to last year.

“People are thinking, if I can’t sell my home, I might as well go boating,” Kalaj said.

However, John P. Wiley, a broker specializing in marine financing, said his business was down by 25 percent, AP reported.

“If consumer confidence is down, less people are feeling good about going out and buying a boat,” he said.

Banc of America Securities analyst Michael Savner also said sales have been down at the show in a note to clients that was mentioned in the Chronicle.

“While the attendance decline can be partly explained by the colder weather and financial industry downturn, dealers indicated that the level of sales have been disappointing,” Savner wrote.

But NMMA President Thom Dammrich told AP that he welcomed the Federal Reserve’s recent move to cut interest rates and is hopeful further interest rate cuts could help stimulate sales as the 2008 boat show season begins.

“We hope to see more cuts in the months and weeks ahead, because it will stimulate economic growth,” Dammrich said. “It will stimulate the stock market, and all of these things will make consumers more confident.”

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