Starcraft Completes Refinancing

December 20, 2000 by · Leave a Comment 

Vehicle conversion firm Starcraft Corp. signed an amended financing agreement today (Dec. 20) to support its bus, mobility and Tecstar joint venture operations. Starcraft now has $22 million available, up from $14 million. It includes a $3.5 million term loan that matures next November and a revolving credit facility. The additional funding will help finance the recently opened Tecstar plant in Bridgewater, N.J., and the re-opening next month of the Tecstar plant in Grand Prairie, Tex. The Texas... Read more

Cummins to Report 4Q Loss, Closes Engine Plant

December 19, 2000 by · Leave a Comment 

Cummins Inc., a supplier of diesel engines and generators to the RV industry, warned Wall Street today (Dec. 19) that it will report a fourth quarter loss and that it has closed a “mid-range engine plant in Walesboro, Ind.,” until the end of this year. The Walesboro plant, which was shut down beginning Dec. 13, does not build engines used by Freightliner Custom Chassis Corp. for its diesel pusher motorhome chassis, said Dean Schaper, chassis product manager. DaimlerChrysler’s decision... Read more

Fed Disappoints Stock Market

December 19, 2000 by · Leave a Comment 

The stock market fell late in the trading day Tuesday after the Federal Reserve Board announced it would not lower interest rates at least until its next meeting in late January. Dow Jones Industrial Average declined 61 points, or 0.6%, and the Nasdaq composite plunged 113 points, or 4.3%, to close at its lowest level during 2000. Most RV company stocks also declined Tuesday. Among them was Fleetwood, which slipped 5/16 to close at 8 15/16, a new 52-week low. Fleetwood’s previous 52-week low was... Read more

Fed Leaves Rates Unchanged

December 19, 2000 by · Leave a Comment 

The Federal Reserve Board decided today (Dec. 19) to leave interest rates unchanged, although, now, it is more worried about a recession than about inflation. The Fed has not changed interest rates since May but, until today, it said it was more worried about inflation, which meant more rate increases were likely. It raised rates six times beginning late in 1999 until May to prevent inflation from accelerating. But several economic analysts believe the language the Fed used today makes an interest... Read more

Dow Gains, Nasdaq Loses, RV Shares Mixed

December 18, 2000 by · Leave a Comment 

The Dow Jones Industrial Average rose Monday for the first time in three trading sessions as investors in “traditional” economy stocks expressed hope that the Federal Reserve would lower interest rates soon. The Dow climbed 210 points, or 2%, on Monday. Meanwhile the Nasdaq composite declined 29 points, or 1.1%, as investors in “new economy” stocks continue to worry about future profits. Here is a roundup of RV company stock activity Monday: Fleetwood declined 1/4 to close... Read more

RVIA Restores Hall of Fame Funding

December 18, 2000 by · Leave a Comment 

The Recreation Vehicle Industry Association (RVIA) Board of Directors recently decided to continue helping fund the RV/MH Heritage Foundation Hall of Fame and Convention Center in Elkhart, Ind. The RVIA’s financial commitment is for another three more years. The RVIA, which represents RV manufacturers, decided to donate $30,000 during 2001, $20,000 in 2002 and $10,000 in 2003 to help pay the operating costs of the facility, which also honors the manufactured housing industry’s founders and... Read more

Smaller RV Dealers Report Smaller October Losses

December 18, 2000 by · Leave a Comment 

Despite lower sales volumes, smaller RV dealers reported smaller losses during October 2000 than they incurred in October 1999, according to data gathered by the Spader Companies consultant firm. Meanwhile, larger dealerships, those with more than $5 million in annual sales revenue, experienced a 61% decline in net profits during October, the Spader firm reports. The average larger dealer earned $6,846 in October, compared with $17,374 earned a year earlier. The average smaller dealer, those with... Read more

Monaco and Winnebago Stocks Climb, Market Indexes Fall

December 15, 2000 by · Leave a Comment 

Friday was a terrific day for several RV company stocks even though the broader market fell. The strongest performers in the RV sector Friday were Winnebago, which gained 1 1/4, or 9%, to close at 15 1/4, and Monaco, which climbed 1 3/16, or 7%, to close at 18 3/8. SMC also had a good day, gaining 9/16, or 17%, to close at 3 7/8. However, market share leader Fleetwood took it on the chin again Friday, losing 3/4, or 7%, to close at 9 1/2, a new 52-week low. Fleetwood’s previous 52-week low was... Read more

Destinations RV to Re-open

December 15, 2000 by · Leave a Comment 

The principals of Coburg, Ore.-based dealership Destinations RV believe they have made enough progress raising additional capital that they feel confident the dealership will re-open, according to Matt Howard, marketing director. Destinations RV closed its locations in Coburg and Bend, Ore., and Fife, Wash., on Dec. 6 “because we ran out of cash and could not, in good conscience, incur more debt that we did not think we could pay off,” said Matt Howard, whose father, Jim Howard, is one... Read more

National City Looks to Expand RV Dealer Floorplan Business

December 15, 2000 by · Leave a Comment 

Cleveland-based bank holding company National City Corp. intends to expand its RV dealer inventory finance business, the company announced today (Dec. 15). Although National City announced it is leaving the auto leasing business and will realign its consumer finance business, RV dealer floorplan finance is one of the sectors it intends to emphasize in its core market, which includes Ohio, Pennsylvania, Michigan, Indiana, Illinois and Kentucky, said Jeffrey Siler, executive vice president of dealer... Read more

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