25th Anniversary Annual Conference
The NMBA just held their 25th annual conference in San Diego. Looking over the quarter century the NMBA has been in existence, suggests year 2004 will be viewed as a relatively calm one. Early boat sales vaulted up then cooled with a temperate summer, the economy mirrored that activity in fits and starts, and hurricane season brought a raft of challenges and opportunities to lenders and those who serve with them as the model year was changing this Fall. Hurricane Jeanne had an effect on the conference, causing about 20 registrants to cancel, yet over 150 people turned out for this gathering of marine lenders, maritime attorneys, recovery agents, documentation and titling companies, insurance agents, yacht brokers, and IT consultants. The event offered business sessions to review and advice on new lending issues, provided an outlook for markets served, offered insights to the boat building sector, and took a look at the growing importance of credit scoring.
Dr. Ed Mahoney, MSU, talked about the new boating consumer panel he has developed which gathers data that identifies the economic impact of boat owner use and spending, how boaters feel about proposed regulations, and the impact of various cost increases to industry and users. Click here for a copy of Dr. Mahoney's presentation.
Rob Douglas, CEO of PrivacyToday.com returned to the NMBA conference after appearing in 2002 and explained the growing threat from the explosion of identity theft, that continues to grow worldwide. Overall ID theft affects 10 million people each year with a $40 billion impact, and this continues to grow. He talked about a new use of the Internet to gain critical ID numbers and details through "phishing". In its traditional form individuals private information such as social security numbers, credit card and bank account information, medical history, family details etc. are stolen and used for financial gain. In "phishing", targets get official looking e-mails that request verification of sensitive information, including passwords, or even warnings about ID theft, then perpetrators cash in by accessing bank accounts or credit cards online.
Wachovia Securities economist Gina Martin told attendees that the current economic recovery is the real thing, but is referred to as "the Rodney Dangerfield" economy because it "gets no respect". It should however, since growth is running at three percent and expected to become stronger, employment gains are running at 200,000 jobs per month with 250,000 per month gains expected next year, and consumer income is growing. There are challenges to an upward climb, of course, chief among them being concern over inflation (boosted by oil price increases), interest rates, the war on terror and domestic politics. Click here for a copy of Ms. Martin's presentation..
Conference attendees also got the opportunity to gain a wide view of the vitality of the marine business, where it's been and where it's headed from the perspective of one of the industry's foremost marketers and promoters. George Sullivan, whose 35 year career in recreational boating has centered on moving high volumes of floating fiberglass, shared his and Genmar Holding's corporate views, and suggested how the lending and support community can gain a fair share of recreational spending. (For Mr. Sullivan's abridged remarks, see the November edition of the NMBA Newsletter).
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