A product launch at Volvo’s Swedish base — Page 30 Better boating is Ted Hood’s legacy — Page 34 August 2013 Vol. LI, No. 2 Going up? 30-year fixed mortgage rates rise 5.4 % 4.6 % 4.5 % 3.6 % Source: Bankrate.com ® 4.5 % WWW.TRADEONLYTODAY.COM $ 5.00 July 2009 July 2010 July 2011 July 2012 July 2013 Boat loans easier — up to a point The big-boat buyer with a one-time credit blemish is not likely to get financed INSIDE Late but welcome The first people to get a read on boat sales are the bankers who handle the loan applications. They processed a lot of them in June and say bad early-spring weather is the reason. Things are running 30 days later than nor-mal, says one. Page 18 N ormalcy is returning to the marine lending market, with one notable exception: You’re going to have trou-ble getting a loan for a big-boat customer whose other-wise solid credit history suffered a setback during the recession. “A foreclosure, short sale or bankruptcy is just the kiss of death right now, except maybe for that subprime lender,” says SunTrust Bank’s Don Parkhurst. Even the subprime lenders are skittish about going out on a limb for big loans, however. “Some lenders won’t finance anyone who’s had a bankruptcy or foreclosure,” says John Haymond of Medallion Bank, which deals heavily in the subprime market. “We’ll buy those all day but only up to $50,000.” Parkhurst says the number of people who suffered those one-time setbacks could represent a fairly large part of the market. The applicants tend to minimize the problem, he says. “It hap-pened to so many people … they don’t think it’s a big deal.” The fear among lenders is that the boat loan is the first av-enue of escape if things turn sour again. “It’s easy for people to walk away from boats because they don’t need them,” Haymond tells associate editor Reagan Haynes. Page 16 ‘Vamos a pescar’ It’s Spanish for “Let’s go fishing,” and it might become the slogan for a five-year campaign to tap the burgeoning Hispanic market on behalf of boat-ing and fishing. A culturally savvy Hispanic-owned marketing firm will orchestrate the pitch. Page 29 A trade show that breeds synergies Face time at IBEX can inspire new products and build long-term relationships I t would be hard to attend the Inter-national BoatBuilders’ Exhibition & Conference and not come away better equipped for doing business. Those who attend the Sept. 17-19 trade show in Louisville, Ky., will have unmatched opportunities for technical and business education, net-working, product sampling and, of course, deal-making. It’s also a good place to get a perspec-tive on the industry’s future direction. All of the decision makers will be there, says National Marine Representatives As-sociation president Ken Smaga. IBEX veterans say it’s the place where the various industry segments come together and make for a better whole. “The synergies start to happen at IBEX when you roll up your sleeves with engineers, the COOs and everyone else,” says Dave Wollard, who heads up Boatyard empire Jack Brewer took over a failing 16-slip marina in 1964, knowing little about boats or the business. Now 72, he’s taking a less active role and entrusting the operation of his chain of 22 thriving Northeast boatyards to Page 36 a longtime associate. ADVERTISING SPECIAL IBEX Preview North American sales for Germany-based Webasto. “If there were no IBEX we would have to create one,” con-cludes National Marine Manufacturers Association president Thom Dammrich. Page 25 HEARD IT HERE FIRST “Whatever he touches — and he touches practically everything — ends up significantly better than what was there before.” — Nautical Quarterly magazine, in an early article on Ted Hood The International BoatBuilders’ Exhibi-tion & Conference promises to be bigger and better this year. You’ll find a lot of IBEX information in this issue, as well as a sneak preview that starts on Page 39.