New Formula Boat Dealer
 

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.

This has been rumored for a while
 

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:cool:

Formula Boats at Paugus Bay Marina
 

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"!

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

New formula daaler
 

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

Formula
 

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.

Not an accurate depiction of PBM
 

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.;)

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.

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

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.

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.

Are you kidding me?
 

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.

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.

Assumptions Assumptions......
 

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.

Good example
 

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

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

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!

Facts
 

- 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.

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

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)

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!

Paugus Bay Marina
 

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.

New Formula dealer
 

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.

And you are in a position to do this why? :rolleye2:

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$

So, you post admitted speculation, and someone else posts what appears to be verifiable data points?

The Diamond Island crash could certainly have been a turning point in the relationship, but it is just as easy to believe that it really had no bearing on the matter.

In the grand scheme of things I don't find the fact that Formula is changing their local relationships to be all that noteworthy. As a brand/manufacturer they appear to be making changes across the board. Several other boat brands, brands that were not associated with any 'incidents', have changed dealers, gone away, or re-appeared at local dealerships.

As others have said, both LBM and Lakeport Landing appear to be upstanding dealers who take care of their customers. It's natural for people to want to create rumor and gossip around things like this. Usually though the truth is much less interesting than the speculation...

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.

I purchased a new Formula, which remains our current boat, from Lakeport Landing in 2001, so I'm somewhat familiar with their operation.

While at the Boston Boat Show on Sunday, I spoke with a representative from Formula. He was not directly involved with Lakeport or PBM. I asked him why Lakeport was no longer dealing Formulas. He very politely and professionally told me nothing, other than to say in broad generalities that it was a business decision.

I later met and spoke with Cory from PBM and was very impressed with his friendly and helpful attitude.

I, too, wish both dealerships the best of luck.

Peter

What is surprising is the fact that Formula decided to go with PBM instead of Channel Marine who have a long history of selling a similar style of boat.

I am guessing the departure of the Littlefields may have something to do with this but again, it is amazing that Formula decided to go with a fairly new dealer.

I wish both dealerships good luck

I was at the show today and looked at Formula boats. Never sat in any Formula that I sank to the surface ( hard bottom ) of a seat in this brand. Maybe changes in manufacturing was a contributing factor?

Have you been enjoying a lot of donuts lately? :) :)

Peter

No sorry,maybe the cushions aren't what they used to be.

New Formula dealer
 

After months of discussion and face to face meetings, Formula and Lakeport Landing Marina have announced that their relationship will remain essentially intact and that Lakeport Landing will become a "Non Stocking" dealer. This is a standard industry term which simply means that Lakeport Landing will not be stocking new 2011/2012, etc. boats. Lakeport Landing will be able to order for customers boats from Formula and will have access to all other Formula products and services. This is obviously the result of a great relationship that has lasted for more than thirty years and had nothing to do with the very unfortunate Diamond Island accident.

This is a great opportunity for the Paugus Bay Marina, Lakeport Landing and Formula itself to keep the various Formula models as one of the preeminent quality boat lines on Winnipesaukee. Please wish all concerned your best.

IMHO you are insulting the intelligence of quite a few forum members by coming on here and trying to convince us that Formula didn’t make their business decision based on the publicity that Eric Blizzard has had in the past few years. Good try though! ;)

Seems to me that you are doing the same thing.

You are exactly right "chipj29" , my comments hold about the same credibility as "Bentley Boy" comments do. The only people who really know why this move was made are the owners of Formula.

That makes no sense at all.If that was the case Formula would have severed ALL ties to Lakeport Marina.Why have any connection then?

Your post makes the most sense so far.

This makes no sense! Why have 2 dealers within such a close proximity? I can certainly understand why Formula would cut ties, but being that they have not completely done it just seems odd unless this is some sort of gradual phase-out since Lakeport does not have any other lines they represent.

Old Lesson.....
 

My old Italian Grandmother had a saying she used very frequently. She used to say "If you do bad things, bad things happen to you."

The Breeze
Wave 'cuz I'll be waving back:)