New boat brand for Genmar?

11:18 PM Sun 11 Jan 2009 GMT

'CEO Irwin Jacobs says he first 17-foot FinCraft boat will be revealed at the 2009 Minneapolis Boat Show this month.' .

Reports are circulating of what is described as "an open letter" from Genmar Holdings Inc. chairman and CEO, Irwin Jacobs, detailing a new, entry-level fiberglass boat brand from Genmar.

With the new branding of "FinCraft", the range will reportedly be produced with a breakthrough in VEC technology at the company's plant in Minneapolis USA.

According to the letter, the first 17-foot FinCraft boat will be revealed at the 2009 Minneapolis Boat Show this month. The boat will come equipped with a 50-horse two-stroke, Minn Kota trolling motor, Lowrance depthfinder and is capable of fishing five people - all for a reported price of US$13,995. The letter also says a US$1,000 cash rebate will be offered through the spring.

At that price point and with US$3,000 cash down, the letter notes that monthly payments could be as low as US$136. Remember that Jacobs last month announced that Genmar would form a financing division to provide marine financing to Genmar buyers.

Jacobs states that in addition to Genmar dealers, the company is "planning on offering our new line of FinCraft entry-level fishing boats to existing successful Lund, Crestliner, Lowe, Tracker, Alumacraft and G3 boat dealers' - as a direct competitor to aluminum.

Last year, Genmar had expressed its intent to found a new aluminum boat brand. In this new letter, however, Irwin specifies that Genmar will eschew the aluminum market in favour of VEC technology. 'It is our intention to capture the market share of the aluminum segment of the entry-level boating market segment with our new FinCraft line of boats."

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New boat brand for Genmar?

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