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Tommys vs Malibu


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Felt like this was worthy of its own thread. Some huge accusations against their (former) largest dealer conglomerate. Doesn't give me the warm and fuzzies about my 2024 boat that was sprayed yesterday. Silver lining is I don't live in Tommy's territory?

 

https://finance.yahoo.com/news/malibu-boats-comments-litigation-filed-213500077.html?

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Oh man. There have been rumblings about Tommy's. Selling a boat and not paying it off with your lender is not good..

  • Like 2
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This is really bad for both of them if they can’t find a way to make up. Malibu losing their largest client/dealer going into a recreational vehicle recession will be very difficult to recover from. For Tommy’s this spells almost certain bankruptcy. 
 

What is the path out? Fresh round of funding for Tommy’s from the Saudi Arabian Public investment fund to be able to pay down their floor inventory debt?

Edited by BLSousa
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Sorry can't say much without burning sources. I posted a while back about this although I couldn't acknowledge who.

Tons of inventory! Should be interesting.. this is a MASSIVE problem for Malibu in more ways than meets the eye.  Most Malibu dealerships are craping their pants right now on what's about to go down in due time..

Well now y'all know why Malibus CFO bailed ship early on time ...and then Jack (late)... major storm brewing. Tommys is the largest of the current problem children though.. read between the lines of their financial reports/headwinds.

Remember selling a product and selling stock are different.. CEOs are cheerleaders, they sell stock NOT product. Jack realized he won't be able to sell stock albeit much later than his former CFO... 

depending on Jacks Non compete terms I have a possible inclination of whats to come with another fella that has a soon expiring non compete in a year or two.. this brand is in talks and likely at least 3yrs years out so I'd be very curious if these two are in talks for the future.. Who knows it's a ways out.

 

 

 

 

Edited by The Hulk
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What a way to start a Friday!! I read the article and instantly checked here. Lo and behold, @The Hulk is already responding before 5 AM, I love it!

What I don’t love is what this could mean for the industry and those impacted by poor financial decisions. 

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8 minutes ago, bcoppess23 said:

What a way to start a Friday!! I read the article and instantly checked here. Lo and behold, @The Hulk is already responding before 5 AM, I love it!

What I don’t love is what this could mean for the industry and those impacted by poor financial decisions. 

Slow motion Train wreck

FYI it's not just Malibu... 

How do we say. The engine has crashed in our industry but the caboose just doesn’t know it yet?

is this the Titanic? I pray people don't short this and crash the company especially for those who have recently purchased.. 

 

Edited by The Hulk
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ahopkins22LSV

Two things…

First, no matter what your experience with Tommy’s or Malibu will profanity be allowed. 
 

Second. Holy cow. I this might be the craziest thing we are going to watch play out in the industry in awhile. 

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How many locations does Tommys have that sold Malibus?  And what happens to those territories now?  Can dealers sell out of their current territory if there is no dealer within x miles?

Curious how this impact people who had boats on order

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26 minutes ago, oldjeep said:

How many locations does Tommys have that sold Malibus?  And what happens to those territories now?  Can dealers sell out of their current territory if there is no dealer within x miles?

Curious how this impact people who had boats on order

I'm curious about how this affects those with boats on order as well.  My boat is at a Tommy's location for warranty work and I'm supposed to get it back in a couple weeks.  It's been there for 6 weeks.

 

I think Tommy's has 15 or 16 locations as I recall.  It's going to be very interesting to see how this plans out for sure.  

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Yeah, I think I would want to pick my boat up ASAP.  If they are no longer a dealer, can they do warranty work?  Not to mention, what is going to happen with the other brands they sell?  If they really have been playing the bank, wouldn't think that would go over real well universally. 

 

Edited by oldjeep
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dizzygti

Popcorn on a Friday!   Glad my dealer isn't a Tommy's.....will be interesting how this plays out.   

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17 minutes ago, oldjeep said:

Yeah, I think I would want to pick my boat up ASAP.  If they are no longer a dealer, can they do warranty work?  Not to mention, what is going to happen with the other brands they sell?  If they really have been playing the bank, wouldn't think that would go over real well universally. 

 

It's in Gel Coat repair, so I can't yet grab it.  They still have a lot of stock and have recently receive a few 2024 boats.  Much of the warranty work that's being done was addressed when the boat was delivered to me 2 years ago, but since then they've been through 3 service managers and were never able to get my boat in without compromising my water time.  After the ordeal with them on my 2021 where I lost 6 weeks of my season, I was interested in losing water time so when they called me in February and said they could get it done, I dropped it off.  

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ahopkins22LSV
Just now, Slayer said:

It's in Gel Coat repair, so I can't yet grab it.  They still have a lot of stock and have recently receive a few 2024 boats.  Much of the warranty work that's being done was addressed when the boat was delivered to me 2 years ago, but since then they've been through 3 service managers and were never able to get my boat in without compromising my water time.  After the ordeal with them on my 2021 where I lost 6 weeks of my season, I was interested in losing water time so when they called me in February and said they could get it done, I dropped it off.  

Ours must be next to each other. The yahoo article implies that Malibu is still supporting local dealer to do service and warranty but I’ll for sure be following up today. 

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Just now, ahopkins22LSV said:

Ours must be next to each other. The yahoo article implies that Malibu is still supporting local dealer to do service and warranty but I’ll for sure be following up today. 

Yeah, me too.  As soon as I land in Detroit, they will be my first call.  I agree that they article implies Malibu will be supporting warranty matters.  I'm really excited that I'll now have the wireless charges I paid for 2 years ago!!  Not to go off on a tangent, but they did call me and while replacing oil stained soft grip behind the backrest of the transom seats, they discovered a large bubble in the gel that's also getting done.  Also worthy to note......the gel coat on the swim platform has a void between it and the fiberglass.  A surfboard hit it last summer and chipped it and the air pocket between the glass and the gel is large enough to put your pinky finger into.  That's getting addressed as well, I hope.

  • Like 3
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ahopkins22LSV
4 minutes ago, Slayer said:

Yeah, me too.  As soon as I land in Detroit, they will be my first call.  I agree that they article implies Malibu will be supporting warranty matters.  I'm really excited that I'll now have the wireless charges I paid for 2 years ago!!  Not to go off on a tangent, but they did call me and while replacing oil stained soft grip behind the backrest of the transom seats, they discovered a large bubble in the gel that's also getting done.  Also worthy to note......the gel coat on the swim platform has a void between it and the fiberglass.  A surfboard hit it last summer and chipped it and the air pocket between the glass and the gel is large enough to put your pinky finger into.  That's getting addressed as well, I hope.

The communication through ours has also been good. I’ve received multiple updates since dropping it off without following up first so I can’t complain there. And currently we are still within the estimated time frame from when we dropped it off. Hopefully this doesn’t hiccup anything as I’m ready to at least have it at home so I can see it and maybe have some driveway beers :lol:

  • Like 3
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7 minutes ago, Slayer said:

Yeah, me too.  As soon as I land in Detroit, they will be my first call.  I agree that they article implies Malibu will be supporting warranty matters.  I'm really excited that I'll now have the wireless charges I paid for 2 years ago!!  Not to go off on a tangent, but they did call me and while replacing oil stained soft grip behind the backrest of the transom seats, they discovered a large bubble in the gel that's also getting done.  Also worthy to note......the gel coat on the swim platform has a void between it and the fiberglass.  A surfboard hit it last summer and chipped it and the air pocket between the glass and the gel is large enough to put your pinky finger into.  That's getting addressed as well, I hope.

I think these newer boats are notorious for the air void on the platform.  I had 2 on mine.  Both were corrected from my local dealer (not Tommy's).  Wish you all the best with your dealers.  North side of Indy isn't that far from you all if you need a good fiberglass dealer.

  • Like 3
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10 minutes ago, ahopkins22LSV said:

The communication through ours has also been good. I’ve received multiple updates since dropping it off without following up first so I can’t complain there. And currently we are still within the estimated time frame from when we dropped it off. Hopefully this doesn’t hiccup anything as I’m ready to at least have it at home so I can see it and maybe have some driveway beers :lol:

This is the first time since I've been buying boats from them that I've experienced decent customer service.  They've communicated with me well also.  I'm just a little concerned about the status, particularly with how the article linked says "former" dealer.  

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  • Haha 1
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19 minutes ago, bcoppess23 said:

I think these newer boats are notorious for the air void on the platform.  I had 2 on mine.  Both were corrected from my local dealer (not Tommy's).  Wish you all the best with your dealers.  North side of Indy isn't that far from you all if you need a good fiberglass dealer.

I think you're right about this.  It's unacceptable regardless, but it is what it is I suppose.  

 

We have 2 other Malibu dealers in the state other than Tommy's.  One is about 2 hours away, the other a little less.  The one that's 2 hours away is higher volume and I nearly purchased from them in 2021 but wasn't able to do so due to territory constraints with the Tommy's agreement with Malibu.  Looks like I need to visit them again and build a relationship, or jump brands.  

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3 minutes ago, Slayer said:

I think you're right about this.  It's unacceptable regardless, but it is what it is I suppose.  

 

We have 2 other Malibu dealers in the state other than Tommy's.  One is about 2 hours away, the other a little less.  The one that's 2 hours away is higher volume and I nearly purchased from them in 2021 but wasn't able to do so due to territory constraints with the Tommy's agreement with Malibu.  Looks like I need to visit them again and build a relationship, or jump brands.  

Gull Lake?  They are actually closer to me than Tommy's (almost pass them on my way to Tommy's).  I will either have to go there or the dealer in Indiana.  The dealer in Indiana is just a tad closer but never gave me a good feeling when I tried to buy a boat from them.  

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49 minutes ago, ahopkins22LSV said:

Ours must be next to each other. The yahoo article implies that Malibu is still supporting local dealer to do service and warranty but I’ll for sure be following up today. 

Mine too lol.

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9 minutes ago, Hemmy said:

Gull Lake?  They are actually closer to me than Tommy's (almost pass them on my way to Tommy's).  I will either have to go there or the dealer in Indiana.  The dealer in Indiana is just a tad closer but never gave me a good feeling when I tried to buy a boat from them.  

Yes, Gull Lake.

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