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Hatteras closing!!

  • Thread starter Thread starter finatic
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finatic

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Jan 11, 2013
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  1. OWNER - I own a Hatteras Yacht
Hatteras Model
52' CONVERTIBLE (1983 - 1990)
Word on the street here in New Bern is that Hatteras is gone!
 
You mean layoffs? Are the people talking workers from Hatteras, or is it a healthy rumor mill?
 
I had 4 customers cancel electronics upgrades and 2 more that sold their boats. Theres a panic in the marketplace. I don't think tesla builds a sport fish.
 
Let's hope this is just a slow down. Its hard to believe that a private equity group would just shut it down. Usually they look to sell and it sure seems more marketable as a going concern.
 
I assume this means Hatteras is for sale or could be bought from bankruptcy.

Asking for a friend, if one were to buy Hatteras, what would you do to make the company successful?

Bruce
Freestyle
1986 62 CPMY (54MY with ext)
Tampa
 
SKYCHENEY said:
Let's hope this is just a slow down. Its hard to believe that a private equity group would just shut it down. Usually they look to sell and it sure seems more marketable as a going concern.
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Sell it to who? With heavy handed lockdowns being predicted and the economy depending on Monopoly money stick a fork in us we’re done.
 
rsmith said:
Sell it to who? With heavy handed lockdowns being predicted and the economy depending on Monopoly money stick a fork in us we’re done.
Click to expand...
Cheer up, man! You could be driving a dugout canoe in South Sudan.
 
I hear that they had a buyer and it fell through. Supposedly will to close by year end.
 
Freestyle said:
I assume this means Hatteras is for sale or could be bought from bankruptcy.

Asking for a friend, if one were to buy Hatteras, what would you do to make the company successful?
Click to expand...

As a disclaimer, I know nothing of the internal workings/struggles at Hatteras, just a general takeover/buyout plan.

Focus on delivering a quality product in a timely manner. Only build what is profitable to the company, trim fat from the product and option offerings. Trim some personnel fat, retain quality and valuable employees.

I have talked with several people over the last few years that were buying/building new sportfish boats in the 70-90' range. All of them passed on Hatteras for multiple reasons but the most repeated was the time to delivery. Seems like 5yrs was the average wait time they were given. While viking was quoting a 2 year delivery schedule. Although it does seem like most vikings that come out of the factory spend a considerable amount of time (a year or two) at one of the viking service centers getting all the loose ends tied up.

I'm not sure if it really takes an extra 3 years to build a hatt over a viking but it could be more of a production/facility/personnel issue. If they are closing the doors it doesn't sound like a demand issue? I do know this, if you are quoting 5 years and all your competitors are quoting 2 years you are doing something wrong that will cost you a LOT of sales. Several of the guys I know who went viking said their preference was hatt but b/c of the wait time they didn't really have a choice.
 
I'd sure hate to be someone that has one on order.....
 
The last time I was in the factory, I was not impressed. Everything seemed quite old and not clean and orderly like I was expecting. I think maybe a lack of investment over the years in plant upgrades may have been the reason for the long delivery times.
 
It’s a hard business to make money, especially with industry outsiders behind the wheel.A few hints, reduce the complexity of systems onboard, especially electrical, and move away from painting every boat, which I understand is sacred to many, but you are just adding cost and losing money to your competition.
 
Pacblue said:
It’s a hard business to make money, especially with industry outsiders behind the wheel.A few hints, reduce the complexity of systems onboard, especially electrical, and move away from painting every boat, which I understand is sacred to many, but you are just adding cost and losing money to your competition.
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I disagree. I think people will pay a premium price for a premium product, but you can't make the sale if you can't deliver in a timely manner.
 
This is a shame.

I have always thought that the new generation of Panaceas, well made as they are, never added to the Hatteras motor yacht heritage. They are too large and too expensive for a recreational boater. To me they seemed suitable for non boating city dwelling owners who needed crew. The private equity guys that bought the business made boats that they themselves might use. This was probably not a good business plan. The profit per unit in building a big boat might be greater but you have to sell lots of them.

The recreational boater in the 40-70 MY category was ignored.

It is no wonder there is such a vibrant second hand market for Hatteras motor yachts and flybridge cruisers.

Lets hope for a businessman who likes boats to buy it. Riviera Australia was saved by the same. Palm Beach's production lines are full. Build products that people want.
 
I don't think Hatteras has targeted the recreational boater for quite awhile now. If I were looking for a new yacht in my price range, it would be a Carver. I know, Carver is not the same as a Hatteras, or even an old Hatteras, but a new Carver is in the same price range (inflation adjusted) as our boats were when they were new. A new Hatteras though is like 5x more. Fortunately, I don't think this would affect Sams, so we will still have a place to buy parts.
 
I just did an electronics upgrade in a carver voyager.

Its not even similar in quality or construction. Layout was odd. Build with modules and certainty not a blue water boat.

I don't believe they were priced similar to hatteras in the past and they are not now.

I don't know where the real market is these days. Viking has a solid following. So do many cold mold manufacturers. People buying sport fishing boats will follow a manufacturers product if its solid.

Motor yacht buyers are a different breed. Value and comfort instead of sea keeping and durable construction are oftentimes the deciding factors
 
Photolomy said:
I don't think Hatteras has targeted the recreational boater for quite awhile now. If I were looking for a new yacht in my price range, it would be a Carver. I know, Carver is not the same as a Hatteras, or even an old Hatteras, but a new Carver is in the same price range (inflation adjusted) as our boats were when they were new. A new Hatteras though is like 5x more. Fortunately, I don't think this would affect Sams, so we will still have a place to buy parts.
Click to expand...

Is Sams totally separate? I hope so. If you follow the FISH TANK sportfishing crew, the owner discussed terrible service and yard management on their new 65' sportfish. They have supported Hatteras a long time and basically said never again. There new sportfishes are beautiful, and it's a shame this year has gone so bad for them. Hopefully, the right kind of company can come along and bring Hatteras back to where it should be.
 
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