New Formula Boat Dealer

[Just Sold]

Paugus Bay Marina is the new Formula Dealer. http://www.paugusbaymarina.com/

So what boat manufacturer is being sold at Lakeport Landing Marina??? Their web page does say they are still a Formula dealer though. That would seem odd with Paugus Bay Marina next door.

[jetskier]

The rumor was that Lakeport Landing had lost their dealership. I would imagine that they will just sell the rest of their inventory. They do not appear to have another line of boats that they currently sell. So, it will be interesting to see what happens.

Jetskier

[Cal]

Sorry to hear about Lakeport Landing. I've dealt with them and they were really GREAT!

[sunsationdave]

Great News
I would say that paugus bay marina is the best dealer to take over formula boats.
They store allot of them.They know the boat. Kevin is a good business owner
cory is a good sales person and reggie/ sevrive dept is top notch. And they can handel the big crusiers too.They will sell many boats at that location.
I have been using them for 6 years and never had any problems.They are knot brand bias like lakeport

[Tank151]

Originally Posted by Just Sold

Paugus Bay Marina is the new Formula Dealer. http://www.paugusbaymarina.com/

So what boat manufacturer is being sold at Lakeport Landing Marina??? Their web page does say they are still a Formula dealer though. That would seem odd with Paugus Bay Marina next door.

Paugus Bay Marina will sell Formula boats for so long...and then they'll lose the dealership as they have done with selling Cigarette and Checkmate boats. They should stick with their niche "entry level boats"!

[Belmont Resident]

From what I understand it was Formula who sought out a new dealer for this area and broke with Lakeport due to all the bad publicity that it was generated from the boating accident and subsequent trial.
As PBM and Formula, unless they expand I don't think their big enough to handle selling and servicing them.
I'd be interrested to see what the pricing is like. New boats tend to be priced anywhere from 5 to 15% higher in the lakes region.

[SigSauer]

Originally Posted by Tank151

Paugus Bay Marina will sell Formula boats for so long...and then they'll lose the dealership as they have done with selling Cigarette and Checkmate boats. They should stick with their niche "entry level boats"!

I have been a customer of Paugus Bay Marina for 11 years. I have watched and observed this business grow into what it is today. The team at Paugus Bay Marina has one key ingredient to their success.......integrity. They are an honest group of people that work very hard to create an enjoyable boating season for the many families their business supports. Certainly the economy has had an impact on the boating business, hence the reason several manufacturers, dealers and marina operations have gone by the wayside. Paugus Bay Marina continues to make careful and wise business decisions which ensure the long-term success of the marina for those to enjoy for many years. The addition of Formula Boats to their offering is the result of an evolution in their improving business. You never fall to the top of the mountain.......in the case of Lakeport Landing, it us unfortunate, but you can quickly fall to the bottom.

[codeman671]

I dont know much about PBM, but have not heard anything bad about them. What I will saw though, is with their recent history of carrying lower end lines they will need some serious capital to be able to fund the stocking Formulas. Floor plans are fine and dandy, but there is a big difference between floor planning a Glastron 259 or a Bryant vs a Formula 370SS.

I would think the line would have been better at Silver Sands or Sheps.

[robmac]

Well Checkmates weren't cheap to floorplan and they don't have that line anylonger. I think Codeman may be on to something.

[VtSteve]

I believe there's but one major floor planner left in GE, and they re-engineered the rates last year to make it excruciatingly painful to continue. You need big bucks and capital to floor plan anything now, which is why so many boat dealers are to order mostly. Formula is building to order as well, and not exactly producing in large volumes.

For the customer, this means large down payments, and less selection on the floor for sure. The old days are gone.

[bigpatsfan]

Formula sells a high priced boat. Certainly one of the most expensive boats sold on the Lake.

Formula is known as a go-fast boat and now that we have high gas prices and a speed limit you have to ask who can afford or who wants a go-fast boat. With the poor economy you wonder if customers looked for a lower cost alternative.

My guess is boats sales were down and Formula decided to see if using another boat dealer would improve sales.

This is less a referendum on who is better Lakeport or Paugus Bay Marina than it is if there is a market for Formula boats on a lake.

Formula does not want to end up like Baja and Fountain.

[Belmont Resident]

Just look at the money that flocks here each summer. Many don't care about price they just want it and are willing to pay any price for it.
Look at some of the places that shut down during the off season. Why because the locals won't touch their prices and lack of quality or customer service.
There was another thread about HK. HK is in business because of the tourists who are willing to pay there inflated labor rates and high prices. Many of us will shop as far away as another state to save paying the higher pricing that goes with living in this area.
And HK’s customer service or lack there of, I won’t get into that.

An example of pricing: I purchased a 24 Sea Ray back in 99. Another boater on Winni purchased the same exact boat with a trailer and paid 5K less than I did because he bought it away from this lake. Same thing goes with Formula, compare prices on line around NE.
They are both great boats but the bottom line is you will pay more for the same product if purchased on or around this lake. The same goes for used boats only the savings can be more drastic. Check out used boat prices down south. If you have a means to trailer a boat from there you will save thousands even tens of thousands less than the same boat priced up here. We’ve been looking and personally I was floored by the differences.

I hope PBM does well but I don't think they have a big enough marina space wise to support the Formula boat line.

[jrc]

Should be interesting to see what brand Lakeport Landing lands next. They have a ton of slips there and I doubt they want to rent them to Formulas bought across the bay. As this economy improves a lot of those Formula owners will want to upgrade and they tend to be loyal, especially the way Formula financing used to work. Lakeport needs to have something to sell them.

[SigSauer]

Originally Posted by robmac

Well Checkmates weren't cheap to floorplan and they don't have that line anylonger. I think Codeman may be on to something.

Lake Winnipesaukee businesses are decimated from the economic conditions and short-season. I don't think it is fair to make assumptions relative to "flooring plans" and partnership negotiations. PBM is not the only marina at the lake who has made adjustments to their product line to attract new customers and adjust to New Hampshire legislation changing the boating landscape at the lake. Example: Silver Sands and Fountain Powerboats breaking ties.

Let's not assume that the requirement for representing the product line will be to carry inventory of Yacht 45, FasTech 382, 40 cruisers and 400 Super Sports. That is not the market segment for Winnipesaukee anymore.

East Coast Flightcraft in Middleton Mass. has that covered.

[codeman671]

Originally Posted by SigSauer

Lake Winnipesaukee businesses are decimated from the economic conditions and short-season. I don't think it is fair to make assumptions relative to "flooring plans" and partnership negotiations. PBM is not the only marina at the lake who has made adjustments to their product line to attract new customers and adjust to New Hampshire legislation changing the boating landscape at the lake. Example: Silver Sands and Fountain Powerboats breaking ties.

Let's not assume that the requirement for representing the product line will be to carry inventory of Yacht 45, FasTech 382, 40 cruisers and 400 Super Sports. That is not the market segment for Winnipesaukee anymore.

East Coast Flightcraft in Middleton Mass. has that covered.

There is more to the story of Silver Sands parting ways with Fountain. Lack of warranty support from Fountain being a major one.

[SigSauer]

Originally Posted by codeman671

There is more to the story of Silver Sands parting ways with Fountain. Lack of warranty support from Fountain being a major one.

Thanks Codeman......again there is always more to the story then meets the eye.

[robmac]

Sig,you seem to have the inside track. Can you tell us anything?

[Seadoo]

Contacted Formula today. They said that Lakeport Landing is still listed as a dealer and can actually still order a Formula for themselves or for a customer. Also they are still a 100% full wokring Formula Service Department. I'd check with both marinas before i buy.

Think spring!

[SigSauer]

Originally Posted by robmac

Sig,you seem to have the inside track. Can you tell us anything?

- The owners of PBM have very strong, long-standing reputations/relationships with key individuals in the boating industry. This stems from their prior history and involvement in off-shore powerboat racing.

- They have very skilled mechanics and already service several Formula Boats from the marina across the bay. (Along with many other boat brands.)

- Lake Port Landing was visited by Formula Representatives and a discussion took place regarding the future of their partnership.

- These same representatives visited PBM, subsequent to those discussions, and a new relationship/partnership was formed.

- PBM will be stationed in the Formula Exhibit at the New England Boat Show.

- It is obvious that there will be a transition period for Lake-Port Landing. They are still carrying inventory which they need to sell. A customer calling into Formula is not going to get "the behind the scenes" business dealings of what is happening with their dealership network. Especially when the prior dealership relationship still has inventory to sell.

- Formula is also not going to risk the quality of their brand, coming out of the frying pan (Lakeport Landing) and into a fire if they did not have confidence that PBM could represent and service their product effectively.

These are business decisions. They are made carefully and planned out accordingly. Certainly if they are not lucrative for both parties, there will be more changes. That is the way it goes. I would expect that the situation with the previous dealership will evolve as the inventory they are carrying is depleted.

That is all I have for now.

[meredith weekender]

The Formula web site lists the NH dealer as PBM with their Meredith address.

[bigpatsfan]

What is interesting is if you put the Manchester NH zip code into the dealer locater feature on the Formula WEB site it shows a NY dealership… looks like Formula needs to spend some time updating their WEB site


Formula Boats Northeast
351 S Main St
Freeport, NY 11520
516 378-8700 ph.

mikeraguso@gmail.com
(really a gmail address)

[Seadoo]

Ahh yes it appears you are right. I to did go to Formula's website and punch in the zip. PBM comes up. I decided to give lakeport a call today to see what was up:

They said two main things:
1) If customers would like to order a new Formula that can be done through their dealership, they still have a great connection with Formula and can order any boat wanted. I am under the impression that because LL can order boats still; their prices will most likely be lower than PBM..

2) They have decided to remain a Formula Dealer but made a business choice to i guess not bring in new Formulas? one can assume but none can be sure why this was done. Quick search on Formula’s site indicates a lot of dealers were ‘dropped.’ Like the NY dealer the email is ‘@formulaboats.com’ I wonder if Formula now sells? Who knows I can’t afford one of these anyway!
Think spring everyone!

[LadyoftheLake]

I was at the Boston Boat Show Feb 26 and I visited the Formula boat display. Paugus Bay Marina had a 31 and 35 foot Formula SS on display. Kevin and Cory were there speaking with the visitors. We have had our Boat serviced and stored with them for the past 7 years and I am extremely satisfied with their customer service. Reggie is one of the best mechanics on the Lake. I don't know the exact count, but I would say that they service and store at least 20 plus boats from our Club at the Lake. The fact that Formula approached PBM for the dealership, shows that they have confidence in them. I wish PBM the best with their new Formulas. I am sure all boat dealers are hoping for an improvement in the economy and lower gas prices.

[Bentley Boy]

I think this would be a good time to stop the speculation and attempt to set the record straight on this matter.

I have known the owners of both marinas for more than thirty years. In fact one of the PBM owners worked for Lakeport Landing in the late seventies and early eighties. These are all good people who have worked hard at being successful in the very seasonal marina business.

Some facts:

1. Lakeport Landing's relationship with Formula has been great and goes back 31 years. For several years Lakeport Landing was the largest Formula dealer in the world!! Not a small achievement. It was a mutually beneficial arrangement for years but, when the recession hit, boat dealers everywhere were caught with new unsold inventory and needed help from the manufacturers. Formula's excellent special financing packages became not available because of banks' reluctance to lend money. As the new inventory aged, Lakeport Landing and other Formula dealers called and met with Formula executives but no assistance was offered. Formula essentially gave up its entire dealer network that took years to build and decided to sell directly to the public as SeaDoo speculated.. The New York address in bigpatsfan's previous post is actually Formula itself. Now Formula had current models to sell without a middle man while the poor dealers were stuck with new prior years models. How can any dealer compete when the factory is selling current product directly to the public at a lower price?

2. The notion that the Diamond Island accident had anything to do with Formula giving its franchise to PBM is wrong. If it were so it would not have taken Formula more than 2 1/2 years to do so. While it was not the best publicity, the truth is that the boat involved was not a "go fast". It was a 370 Sun Sport which is known in the industry as a "day boat". The unexpected conditions that night were impossible without radar or GPS. Speed had nothing to do with it.

3. As good as PBM may be, they will never be able to handle the full Formula line. It takes special equipment to lift boats over 30 feet. These boats are heavy. PBM will probably focus its sales on the smaller entry level boats.

4. PBM has limited dockage and relies mainly on rack storage which is less expensive than dockage but far less convenient for the boat owner.

5. Floor Plan will be difficult for PBM to inventory new boats and then sell them in a short period of time.

So, lets all of us wish both marinas the best. All three entities have made a business decision that hopefully will work out for all.

[gf2020]

Originally Posted by Bentley Boy

I think this would be a good time to stop the speculation and attempt to set the record straight on this matter.

And you are in a position to do this why?

[LIforrelaxin]

Originally Posted by Bentley Boy

I2. The notion that the Diamond Island accident had anything to do with Formula giving its franchise to PBM is wrong. If it were so it would not have taken Formula more than 2 1/2 years to do so. While it was not the best publicity, the truth is that the boat involved was not a "go fast". It was a 370 Sun Sport which is known in the industry as a "day boat". The unexpected conditions that night were impossible without radar or GPS. Speed had nothing to do with it.

BB,

With all do respect, your second comment, is way off base. Yes it may have taken 2.5 years for this to happen, but to believe that the Diamond Island accident had no influence here, is not easy to just right off. If there was a contract in place, it needed to expire. If Formula had pulled from LakePort to early, and the case had worked out differently for the Blizzards they would have been open to a lawsuit.

How much or how little the Diamond Island Accident had to do with this, is purely speculation. However to say that it had nothing to do with it is a stretch.

Just my .02$

[NoRegrets]

Originally Posted by Bentley Boy

....
3. As good as PBM may be, they will never be able to handle the full Formula line. It takes special equipment to lift boats over 30 feet. These boats are heavy. PBM will probably focus its sales on the smaller entry level boats.
....

Thanks for the post. All good points but I have a friend that kept his 38 Fountain rack stored by PBM. They were great to him and his boat.

[Breakwater]

Originally Posted by Bentley Boy

I think this would be a good time to stop the speculation and attempt to set the record straight on this matter.

I have known the owners of both marinas for more than thirty years. In fact one of the PBM owners worked for Lakeport Landing in the late seventies and early eighties. These are all good people who have worked hard at being successful in the very seasonal marina business.

Some facts:

1. Lakeport Landing's relationship with Formula has been great and goes back 31 years. For several years Lakeport Landing was the largest Formula dealer in the world!! Not a small achievement. It was a mutually beneficial arrangement for years but, when the recession hit, boat dealers everywhere were caught with new unsold inventory and needed help from the manufacturers. Formula's excellent special financing packages became not available because of banks' reluctance to lend money. As the new inventory aged, Lakeport Landing and other Formula dealers called and met with Formula executives but no assistance was offered. Formula essentially gave up its entire dealer network that took years to build and decided to sell directly to the public as SeaDoo speculated.. The New York address in bigpatsfan's previous post is actually Formula itself. Now Formula had current models to sell without a middle man while the poor dealers were stuck with new prior years models. How can any dealer compete when the factory is selling current product directly to the public at a lower price?

2. The notion that the Diamond Island accident had anything to do with Formula giving its franchise to PBM is wrong. If it were so it would not have taken Formula more than 2 1/2 years to do so. While it was not the best publicity, the truth is that the boat involved was not a "go fast". It was a 370 Sun Sport which is known in the industry as a "day boat". The unexpected conditions that night were impossible without radar or GPS. Speed had nothing to do with it.

3. As good as PBM may be, they will never be able to handle the full Formula line. It takes special equipment to lift boats over 30 feet. These boats are heavy. PBM will probably focus its sales on the smaller entry level boats.

4. PBM has limited dockage and relies mainly on rack storage which is less expensive than dockage but far less convenient for the boat owner.

5. Floor Plan will be difficult for PBM to inventory new boats and then sell them in a short period of time.

So, lets all of us wish both marinas the best. All three entities have made a business decision that hopefully will work out for all.

Bentley...I must say, you lost all credability with me as soon as you said "It was a 370 Sun Sport which is known in the industry as a "day boat". The unexpected conditions that night were impossible without radar or GPS. Speed had nothing to do with it." I don't know your connection with the accident, if any, but if you saw that boat or the trial...you wouldn't have come to this conclusion!

[Sunset View]

Originally Posted by codeman671

There is more to the story of Silver Sands parting ways with Fountain. Lack of warranty support from Fountain being a major one.

I owned a few Fountains, enjoyed Chris Gagnon as he is a sharp young man, a real gentleman, unfortunately, that's where the good ends at Silver Sands. As for the boats themselves, I just wouldn't own a Fountain to save my life, new or used!.......They are an inferior product, have lousy support and even worse residual values! The service crew at SSands could never solve problems on our new boat and as such, I returned to Formula.....say what you want about Lakeport, but as long as Ron Sorgente is there, I will not go anywhere else. 95% of the lakes region marinas don't know a thing about how to keep a customer loyal. Ron Sorgente does and so too does Ernie Gillan at Gillan Marine !!!! Maybe some day I will be a PBM customer, but for now, I stay with those that treat me and my spends with respect and appreciation. There's a certain feeling of respect for the customer that comes with the Lakeport and Gillan Marine teams.

[codeman671]

Originally Posted by Sunset View

I owned a few Fountains, enjoyed Chris Gagnon as he is a sharp young man, a real gentleman, unfortunately, that's where the good ends at Silver Sands. As for the boats themselves, I just wouldn't own a Fountain to save my life, new or used!.......They are an inferior product, have lousy support and even worse residual values! The service crew at SSands could never solve problems on our new boat and as such, I returned to Formula.....say what you want about Lakeport, but as long as Ron Sorgente is there, I will not go anywhere else. 95% of the lakes region marinas don't know a thing about how to keep a customer loyal. Ron Sorgente does and so too does Ernie Gillan at Gillan Marine !!!! Maybe some day I will be a PBM customer, but for now, I stay with those that treat me and my spends with respect and appreciation. There's a certain feeling of respect for the customer that comes with the Lakeport and Gillan Marine teams.

This thread is a year old. Let it die peacefully...

[Water Camper]

Originally Posted by codeman671

This thread is a year old. Let it die peacefully...

Enough said.

[chillininnh]

450K for a boat with NO substantial electronics package???? What a rip-off lol.

[VitaBene]

The PBM annex building near the Fitness Edge and Country Store is looking good! They have a sign saying new Formulas arriving soon.

[Winniboater81]

Its prob good that they lost formula as i believe formula sells factory direct (last hope before going belly up, and hanging your dealer network out to dry). Maybe they will pick up a pontoon line, or another sport boat line. Either way maybe tough with Irwin Marina right next door selling Sea Ray and Those new Berkshire pontoon boats. Best of luck to whatever they do as they are great people over at LL.

[VtSteve]

http://www.lakeportlanding.com/default.asp

Took me all day

[trfour]

Originally Posted by VtSteve

http://www.lakeportlanding.com/default.asp

Took me all day

No wake my friend, the slow are more blessed, I have been told!

T__________________

[JAY336]

lake port owns the train bridge. They paid to have it put in years a go so the could sell the bigger PC boats. What if they only open and close it for there costmers? As far as the rail road is consurend they would just asum have it down all the time.

[NoBozo]

Originally Posted by JAY336

lake port owns the train bridge. They paid to have it put in years a go so the could sell the bigger PC boats. What if they only open and close it for there costmers? As far as the rail road is consurend they would just asum have it down all the time.

POST #1: Welcome aboard New Guy: OMG......................What is THIS about ..? NB

[Rattlesnake Guy]

Who else wants to go to that 3 acres of the lake?

[Bentley Boy]

Originally Posted by JAY336

lake port owns the train bridge. They paid to have it put in years a go so the could sell the bigger PC boats. What if they only open and close it for there costmers? As far as the rail road is consurend they would just asum have it down all the time.

JAY336: Have you lost it or are you yet another on this thread that speculates on what they think they know??

Fact: LLM does not own the train bridge. After getting the necessary permits from the state, LLM paid for the engineering, equipment, etc. to make the existing fixed track into an opening bridge.

Fact: The railroad, rightly so, controls the opening and closing of that bridge according to its own needs. During the boating months the bridge is always open until the railroad closes it occasionally for various reasons. LLM maintains at its own expense the bridge's equipment and operating systems.

[meredith weekender]

Originally Posted by Bentley Boy

JAY336: Have you lost it or are you yet another on this thread that speculates on what they think they know??

Fact: LLM does not own the train bridge. After getting the necessary permits from the state, LLM paid for the engineering, equipment, etc. to make the existing fixed track into an opening bridge.

Fact: The railroad, rightly so, controls the opening and closing of that bridge according to its own needs. During the boating months the bridge is always open until the railroad closes it occasionally for various reasons. LLM maintains at its own expense the bridge's equipment and operating systems.

Thank you Bentley Boy for clearing this up. The statement that LLM owned the bridge seemed to be a little bit far fetched. Most people know that the state controls the right of ways for RR and NO individual can own or control parts of the RR for their own personal gain. The gain is for the public interest.

[911 Carrera]

Admittedly I am new to this forum but I have vacationed on the waters of Winnipesaukee for many years and am quite familiar with many of the local marina's operations and their operators. After reading this thread for the first time I could not believe how much misinformation and conjecture there has been regarding the Formula boat line, PBM and LLM. Frankly some of the posts here are incredible in their inaccuracy and certainly not fair especially to both Formula and LLM. Ms. Blizzard was not the problem she has been made out to be. The economy is the real villian as it has been throughout the entire marine, RV, etc. recreational industries. Realize that very few marinas on Winni maintain the dealer status they had five years ago with manufacturers.

Now the Lakeport railroad bridge is being used as a tool against LLM. Let the record show it took LLM years to get permits from the state to do a project that cost LLM hundreds of thousands of dollars. That project opened up an area of the lake that had been previously inaccessible to some larger boats. Certainly PBM benefited without any expense to them.

[NHBUOY]

...was PBM even in biz when the RR thing came to pass..?...and what IS the implication you're making..?..PBM will now be held hostage by LLM..?...spit it out men...lol...or obfuscate...I don't care..it's all bologna here...

[911 Carrera]

There was another marina previously in the current PBM location. In fact the owners of PBM and LLM are on good terms as are most marinas on the big lake. To bring you up to speed, read my earlier post. You may also want to read other posts from people like Bentley Boy who seem to know what has been really going on. Get informed.

[NHBUOY]

...I AM informed...which is why I posted what I did...BB talks like a lawyer, so I'll "believe" some of what he says....(which, so far, has been entertaining, educational, and amusing)...you 1st post guys are usually troublemakers....incredibly inaccurate, unfair, or totally wrong is what posts like this thrive on...lol...carry on...

[911 Carrera]

You are quite amusing but we will soon see who knows what. You are right, Bentley Boy does act like a lawyer There have been no problems in the twenty plus years the bridge has been there. Cheers!!

[NoBozo]

Originally Posted by 911 Carrera

You are quite amusing but we will soon see who knows what. You are right, Bentley Boy does act like a lawyer There have been no problems in the twenty plus years the bridge has been there. Cheers!!

Welcome to the Forum New Guy. NB

OH Wait: Maybe I should have said.... Welcome aboard Cowboy.

[911 Carrera]

An English cowboy?? I think not unless we are herding Jaguars on horse back. Not likely is it?? Cheers!!

[diz]

I'd be interested to know if anyone who's posted on this thread is actually, currently a LLM customer?

[SigSauer]

Originally Posted by diz

I'd be interested to know if anyone who's posted on this thread is actually, currently a LLM customer?

Bentley Boy is an employee at Lake-port Landing. Outside of being a wise guy, he does have the inside scoop.

[LongBay]

After reading the latest BS centered around a railroad bridge, can't anyone just answer JustSold's simple question?