Tommys vs Malibu

2,849 · May 10

8 hours ago, Sparky450 said:

After the conversation I had today.
I would not leave anything at a Tommy’s location right now. From what I can read from posts on here and conversations I have had. Tommy’s is not paying leases, in response owners of the property are locking them out.
THIS IS TOTAL HEARSAY!
But there is no way in hedoublehockeysticks I would leave my boat at any Tommy’s dealership right now YMMV!! Take your chances if you like. I am in the Central Valley.

Yea.......I hear that........but they've had mine since the last week of February.

May 10

I dunno about hearsay. There was a pic posted in one of the FB groups that clearly showed a sign on a door stating the store was locked out.

Edited May 10 by COOP

May 10

Ya I called to schedule my 10hr service and they said they are not taking appts for it and to just drop it off and wait in Que. I said I’m not comfortable leaving it overnight and will wait and help or at least pick it up same day, but they didn’t seem to like that idea and I got nowhere. I’m only at 4hrs so far and it’s cold here for a bit in MI so have a little time but feel I’m gonna have to got there in person and put my foot down a bit.

Frankly, I find this mandatory 10hr service quite annoying as I can do it at home in less time than it’s gonna take pulling it out of the lake and trailing and relaunching all to be in warranty compliance for a simple job I could prove I did myself with parts receipts. I guess they want to look things over and make sure they are breaking in properly, but I am skeptical much of that actually happens anyway.

Edited May 10 by MikeR397

2,849 · May 10

16 minutes ago, MikeR397 said:

Ya I called to schedule my 10hr service and they said they are not taking appts for it and to just drop it off and wait in Que. I said I’m not comfortable leaving it overnight and will wait and help or at least pick it up same day, but they didn’t seem to like that idea and I got nowhere. I’m only at 4hrs so far and it’s cold here for a bit in MI so have a little time but feel I’m gonna have to got there in person and put my foot down a bit.

Frankly, I find this mandatory 10hr service quite annoying as I can do it at home in less time than it’s gonna take pulling it out of the lake and trailing and relaunching all to be in warranty compliance for a simple job I could prove I did myself with parts receipts. I guess they want to look things over and make sure they are breaking in properly, but I am skeptical much of that actually happens anyway.

I'm sending you a PM

May 10

25 minutes ago, MikeR397 said:

Frankly, I find this mandatory 10hr service quite annoying as I can do it at home in less time than it’s gonna take pulling it out of the lake and trailing and relaunching all to be in warranty compliance for a simple job I could prove I did myself with parts receipts. I guess they want to look things over and make sure they are breaking in properly, but I am skeptical much of that actually happens anyway.

That's exactly what they do, it's more than an oil change. It's to document the trans/Vdrive aren't wearing excessively after initial break in, that alignment is good, that motor mounts are right, etc.

May 10

Malibu Boat owner for 26 years, but only two: a 1998 Sunsetter and currently a 2008 VTX.

Reviewing most of the thread pages here, it feels like many haven't taken the time to read the filed lawsuit and all the allegations - google it, you can find a copy to read.

Maybe because this thread is called Tommy v Malibu not much shade is being tossed towards Malibu. However, make no mistake, Malibu is culpable. As of May 3rd, there is a shareholder class action suit filed against Malibu. Next is likely an SEC investigation. This entire situation is a classic pump and dump fraud.

This controversy and the slowing of boat sales does not bode well for the future of Malibu. The worst thing that can happen is there is no more Malibu Boats Inc. Or even worse, Brunswick Corp buys Malibu for pennies on the dollar and Malibus are built next to Bayliners.

Edited May 10 by CTSunsetter

May 10

17 hours ago, texasred said:

I’m in North Texas and tried to work with Texas Malibu. They gave me a ridiculous price on one of their 33 leftover 2023’s. Wouldn’t negotiate at all. They said that’s the price take it or leave it. What a joke.

Texasred - Can you help me understand this situation a bit better? I'm looking over the salesmans notes and quotes to you, and from my seat, something isn't lining up. If we somehow gave the impression that we won't do everything we can to earn your business and take care of you after the sale then that is on us! I will be reaching out to you today to see how we can be of assistance.

May 10

31 minutes ago, CTSunsetter said:

Malibu Boat owner for 26 years, but only two: a 1998 Sunsetter and currently a 2008 VTX.

Reviewing most of the thread pages here, it feels like many haven't taken the time to read the filed lawsuit and all the allegations - google it, you can find a copy to read.

Maybe because this thread is called Tommy v Malibu not much shade is being tossed towards Malibu. However, make no mistake, Malibu is culpable. As of May 3rd, there is a shareholder class action suit filed against Malibu. Next is likely an SEC investigation. This entire situation is a classic pump and dump fraud.

This controversy and the slowing of boat sales does not bode well for the future of Malibu. The worst thing that can happen is there is no more Malibu Boats Inc. Or even worse, Brunswick Corp buys Malibu for pennies on the dollar and Malibus are built next to Bayliners.

suddenly i went from ( hey maybe i can get a new bu on the cheap !) to maybe i don't want the axis i have if something that bad were to happen.) hoping that isnt the case . nothing better than axis or bu's when on the water and behind the boat!

concerning for sure long term

May 10

32 minutes ago, CTSunsetter said:

Malibu Boat owner for 26 years, but only two: a 1998 Sunsetter and currently a 2008 VTX.

Reviewing most of the thread pages here, it feels like many haven't taken the time to read the filed lawsuit and all the allegations - google it, you can find a copy to read.

Maybe because this thread is called Tommy v Malibu not much shade is being tossed towards Malibu. However, make no mistake, Malibu is culpable. As of May 3rd, there is a shareholder class action suit filed against Malibu. Next is likely an SEC investigation. This entire situation is a classic pump and dump fraud.

This controversy and the slowing of boat sales does not bode well for the future of Malibu. The worst thing that can happen is there is no more Malibu Boats Inc. Or even worse, Brunswick Corp buys Malibu for pennies on the dollar and Malibus are built next to Bayliners.

I am curious if the lawyers involved with the share holder suit have any evidence of the accused transactions.
Or if they are just trying to jump on the bandwagon early and hope more info is found via discovery.

May 10

33 minutes ago, CTSunsetter said:

Malibu Boat owner for 26 years, but only two: a 1998 Sunsetter and currently a 2008 VTX.

Reviewing most of the thread pages here, it feels like many haven't taken the time to read the filed lawsuit and all the allegations - google it, you can find a copy to read.

Maybe because this thread is called Tommy v Malibu not much shade is being tossed towards Malibu. However, make no mistake, Malibu is culpable. As of May 3rd, there is a shareholder class action suit filed against Malibu. Next is likely an SEC investigation. This entire situation is a classic pump and dump fraud.

This controversy and the slowing of boat sales does not bode well for the future of Malibu. The worst thing that can happen is there is no more Malibu Boats Inc. Or even worse, Brunswick Corp buys Malibu for pennies on the dollar and Malibus are built next to Bayliners.

From what I can see that is a bunch of ambulance chasing lawyers jumping in hoping to make a $$$ if they can.

14,270 · May 10

33 minutes ago, CTSunsetter said:

Malibu Boat owner for 26 years, but only two: a 1998 Sunsetter and currently a 2008 VTX.

Reviewing most of the thread pages here, it feels like many haven't taken the time to read the filed lawsuit and all the allegations - google it, you can find a copy to read.

Maybe because this thread is called Tommy v Malibu not much shade is being tossed towards Malibu. However, make no mistake, Malibu is culpable. As of May 3rd, there is a shareholder class action suit filed against Malibu. Next is likely an SEC investigation. This entire situation is a classic pump and dump fraud.

This controversy and the slowing of boat sales does not bode well for the future of Malibu. The worst thing that can happen is there is no more Malibu Boats Inc. Or even worse, Brunswick Corp buys Malibu for pennies on the dollar and Malibus are built next to Bayliners.

Let’s tap the brakes a bit…

You’re throwing out some serious allegations without a shred of evidence. Either share your evidence of “pump and dump fraud” or post a picture of your tinfoil hat.

To those of us who DO buy more than one boat every century and DO have knowledge of the inner workings of how boats are ordered and how the Malibu -to- Dealer business model is set up… your version of events just doesn’t line up.

Also, isn’t it interesting that only ONE dealer is in this kind of trouble….???

Having a quota and pressure to hit market share is normal. THE DEALER HAS TO PUSH THE BUTTON TO MAKE A BOAT SHOW UP.

May 10

37 minutes ago, IXFE said:

Let’s tap the brakes a bit…

You’re throwing out some serious allegations without a shred of evidence. Either share your evidence of “pump and dump fraud” or post a picture of your tinfoil hat.

To those of us who DO buy more than one boat every century and DO have knowledge of the inner workings of how boats are ordered and how the Malibu -to- Dealer business model is set up… your version of events just doesn’t line up.

Also, isn’t it interesting that only ONE dealer is in this kind of trouble….???

Having a quota and pressure to hit market share is normal. THE DEALER HAS TO PUSH THE BUTTON TO MAKE A BOAT SHOW UP.

Seems like so many people do not understand that you can look at every bit of the insider trading activity that happens.

Not exactly seeing any "pump and dump" myself....

2,849 · May 10

41 minutes ago, IXFE said:

Let’s tap the brakes a bit…

You’re throwing out some serious allegations without a shred of evidence. Either share your evidence of “pump and dump fraud” or post a picture of your tinfoil hat.

To those of us who DO buy more than one boat every century and DO have knowledge of the inner workings of how boats are ordered and how the Malibu -to- Dealer business model is set up… your version of events just doesn’t line up.

Also, isn’t it interesting that only ONE dealer is in this kind of trouble….???

Having a quota and pressure to hit market share is normal. THE DEALER HAS TO PUSH THE BUTTON TO MAKE A BOAT SHOW UP.

Amen!

May 10

32 minutes ago, IXFE said:

Let’s tap the brakes a bit…

You’re throwing out some serious allegations without a shred of evidence. Either share your evidence of “pump and dump fraud” or post a picture of your tinfoil hat.

To those of us who DO buy more than one boat every century and DO have knowledge of the inner workings of how boats are ordered and how the Malibu -to- Dealer business model is set up… your version of events just doesn’t line up.

Also, isn’t it interesting that only ONE dealer is in this kind of trouble….???

Having a quota and pressure to hit market share is normal. THE DEALER HAS TO PUSH THE BUTTON TO MAKE A BOAT SHOW UP.

It's all documented in the lawsuits; I have only made possible predictions if the allegations of Tommy's and the shareholders are found to be true.

Speaking of allegations? Do you have proof that Tommy's "pressed the button to make the boats show up"? Do you have proof that Malibu wasn't culpable? Have you read the filings?

Why only Tommy's? Maybe they were venerable. Maybe other dealers were smarter than Tommy's. Maybe Malibu couldn't pressure a dealer such as MarineMax because they are a public company.

If you think Malibu is going to be the same company on the other side of this, invest all your money in MBUU!

1,013 · May 10

1 hour ago, CTSunsetter said:

Maybe because this thread is called Tommy v Malibu not much shade is being tossed towards Malibu. However, make no mistake, Malibu is culpable. As of May 3rd, there is a shareholder class action suit filed against Malibu. Next is likely an SEC investigation. This entire situation is a classic pump and dump fraud.

As others have pointed out above the class action "lawsuit" looks like an ambulance chasing outfit - look them up on Twitter, that law firm does this a lot - but I am also a staunch believer that where there is smoke, there is fire. Tommy's accuses Malibu of channel stuffing. There is "evidence" that Springer told his team he was not willing to slow production despite dealer concerns over volume and ability to floor the throughput. Not long after, Malibu's CFO resigns and Springer does too. That smells awfully acrid to my nose. I don't know how this shakes out in the end (other than it's pretty clear now that Tommy's is in a world of hurt or is just flat-out already extinct) but I also don't think Malibu comes out of this unscathed.

May 10

1 hour ago, CTSunsetter said:

Speaking of allegations? Do you have proof that Tommy's "pressed the button to make the boats show up"? Do you have proof that Malibu wasn't culpable? Have you read the filings?

Why only Tommy's? Maybe they were venerable. Maybe other dealers were smarter than Tommy's. Maybe Malibu couldn't pressure a dealer such as MarineMax because they are a public company.

There is a dealer portal that all boat orders go through. There will be electronic signatures, authentications, IP addresses, etc stored for each order. You can't just phone in a boat order. And you have to sign for the boat upon delivery before the transport company will leave it. Every stock boat you see at a dealership is still a custom order from that dealership, not a bunch or automated builds that a factory pumps out.

Could they have been pressured to keep buying? Sure. Every dealer always is. Could they have been given additional incentives if they bought more? Sure! That's how the dealer agreement works. Could they have been forced to take more against their will? Hmmmm...Seems like there are lots of checks and balances in place to prevent that. Could Malibu threaten to cancel their contract if they didn't take boats in their contract? Sure. That contract is an at-will contract by both parties and that's how it works. You agree to a certain level. You don't like what they are pushing, you can walk away.

But not paying off the floor plan for a boat that you have been paid for is a big no-no. This puts the customer, the floor plan company and the manufacturer at risk. This one data point alone says a lot about a dealership in my mind.

1 hour ago, CTSunsetter said:

If you think Malibu is going to be the same company on the other side of this, invest all your money in MBUU!

I'm sure this will have an impact, but the corporation has diversified over the years and Malibu specifically has moved lots of things in-house like towers, trailers, motors, etc. I don't see this completely wrecking the brand.

May 10

On 4/12/2024 at 4:04 PM, oldjeep said:

I have to say that the local Malibu dealership - the one that used to be #1 before Tommys started buying everything in sight, has a large inventory of 2024 24-26ft boats that according to pictures are sitting on their lots alrady.

Which one? Wonder if there's a deal to be had

13,844 · May 10

11 minutes ago, MustGoFast said:

Which one? Wonder if there's a deal to be had

MN Inboard

May 10

29 minutes ago, JeffK said:

Seems like there are lots of checks and balances in place to prevent that.

100% agree with that statement. And with the present situation being what it is, the checks and balances either failed or were ignored by all the players. Hence my point that Malibu is culpable to some degree, it's just not known yet (though as others have pointed out, there have been resignations that have had interesting timing).

If it makes everyone feel better, I'll say it this way for you: Malibu MAY be culpable.

May 10

3 hours ago, NAW said:

Texasred - Can you help me understand this situation a bit better? I'm looking over the salesmans notes and quotes to you, and from my seat, something isn't lining up. If we somehow gave the impression that we won't do everything we can to earn your business and take care of you after the sale then that is on us! I will be reaching out to you today to see how we can be of assistance.

Thanks for following up and wish you the best on what’s ahead. Too bad the offer on the leftover was too high. Would have liked to purchase a new Malibu since I’ve owned this brand for 25 years.

May 10

On 4/26/2024 at 8:05 AM, dalt1 said:

Here is what Knoxville sent me on a 2024 LSV23. $183,700 out the door.

That's a 255k MSRP - didn't know the 23LSV got that high....

May 10

Mastercraft seems to be in a similar market position. Clearly market wide trouble bases on the March 8 earnings report for MC. .

MASTERCRAFT BOAT HOLDINGS, INC. REPORTS RESULTS FOR FISCAL 2024 THIRD QUARTER

Overview:

Net sales for the third quarter were $95.7 million, down 42.6% from the prior-year period

Net income from continuing operations was $3.8 million, or $0.23per diluted share

Diluted Adjusted Net Income per share, a non-GAAP measure, was $0.37, down 72.8% from the prior-year period

Adjusted EBITDA, a non-GAAP measure, was $9.7 million, down 70.7% from the prior-year period

Share repurchases of $1.6 millionduring the quarter

Ended the quarter with cash and investments of $105.7 million, and total debt of $50.4 million

14,270 · May 10

You guys quoting the CFO resignation as anyway part of this are simply grasping at straws. You have less than ZERO knowledge on this topic. If you knew the timing and the reasons he left you’d feel pretty dumb. That’s all I’m gonna say about this.

As for Jack… resignation is an interesting word for his departure. You believe what you want.

May 11

1 hour ago, IXFE said:

If you knew the timing and the reasons he left you’d feel pretty dumb. That’s all I’m gonna say about this.

Agreed. And even without that or what’s currently going on, exiting before or at the beginning of a potential contraction of the luxury boat industry if you had a good exit clause or strategy in place is what I’d call a smart move. Think about all the stress avoided with that decision.

May 11

if your boat is at Stockton need to get it by Wednesday, doors getting locked, I assume rancho will be the same since there both ex larsons.

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