NJ BOATERS ESCAPE RECESSION

The great recession of 2009 has been horrible for most businesses but there are a few bright spots. Movie viewership is up. Romance novel reading is up. And now add to that list, summer boating! In Red Bank, New Jersey Boat sellers report weak demand for big new boats, but people looking to fix up their existing boats is very strong. With gas prices down and dock slip rentals up, it looks like people have found a new way to escape all the bad economic news, at least for the summer!AUDIO TEXT There is no doubt, the recession has left its mark on the Red Bank area, but what about the local boating business? Has it been caught up the Navesink River without a paddle? Or will local the maritime businessmen be able to ride out the economic tsunami?If you just rent boat slips, like they do at The Molly Pitcher's Inn or the River View Towers, you might think the recession has never really shown up. Manny Carabel - Not here is hasn't. Our Marina is full for another season and we currently have a waiting list. and if you already own a boat, like Bob Englehardt, it doesn't look like the recession keep you off the water this summer.. BOB: THE RECESSION HAS DEFINITELY CHANGED MY PORTFOLIO BUT IT HASN'T REACHED TO THE POINT WHERE I HAVE TO STOP BOATING... But if you're in the business of selling big new boats like Irwin Marine, chances are you're caught in some pretty choppy seas... JOHN MATTEO -- WE'RE SELLING BOATS BUT WERE NOT SELLING BOATS AT ANY PROFIT. The problem? The banks are making it tough to get a loan.JOHN MATTEO - Before we just had to put a customer and put him in the right boat, send the loan application to the bank and get approval an hour later. Now it may take almost a week to get an approval back on it. And then they are asking for things they never asked for before. W2's and paycheck stubs. Luckily for owner Chan Irwin. what was lost in sales has been gained in other areas... CHANNING IRWIN - ONE OF THE THINGS WE NOTICED WAS THAT WHEN SALES WENT DOWN SERVICE WENT UP... PEOPLE ARE FIXING UP THEIR OLD BOATS SO THEY CAN USE THEM. Regardless of how bad the recession gets, Chan Irwin promises his business will keep doing what its been doing for more than 125 years. JOHN MATTEO : WE'RE GOING TO HAVE A BOAT SHOW... It may not be easy to sell new boats this summer, but many still think it will be a busy out on the water. CHANNING IRWIN: IT APPEARS WE ARE GOING TO HAVE A GOOD SUMMER. PEOPLE ARE TIRED OF THE RECESSION AND PLAN TO GET OUT IN THE BOATS. One other reason you might see more boaters this summer is lower fuel costs.

Channel: News & Politics
Uploaded: December 31, 1969 at 6:59 pm
Author: billschannel

Length: 02:59
Rating: 4.0
Views: 14551

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