Due to excessive inventory Century Boat Company has shutdown production at its fiberglass boat manufacturing facility in Panama City, Fla. for the final for 2 months of 2008. Century Boat vice president and general manager Dean Burnett stated the reason for the shutdown was to, relieve dealer inventory pressure for the remainder of the calendar year and plan for the future success of this company in 2009 and beyond.”
During the shutdown Century will maintain a small staff to handle all administrative activities and to prepare for the relaunch of production in the New Year. Although the current market conditions- recession, stock market drop, credit crunch- that led to the shutdown are bad news for the industry as a whole for those who are looking to buy a boat the current conditions definitely make it a buyers’ market. Given the economic climate and build up of inventory it looks like it will remain a good market for those buyers who can get financing for the foreseeable future.