ACM is a good business in a cyclical trough, not a broken one: gross margin held above 22% through a 31% revenue decline, operating costs were cut $1.26M from the peak, the nine-year average profit is $1.63M, and equity compounded 33% a year since 2017 almost entirely from retained earnings. What the business lacks right now is demand, and that is a macro fact, not a management failure: our standing view on the US consumer (thesis 8, 70% odds) is that big-ticket discretionary spending stays weak into 2027. So the job inside the company is to release capital — work new-boat inventory down toward 5-6 months of supply, keep growing the used and consignment mix that needs no manufacturer financing — and let the Family page decide where the freed dollars go. Where the whole family balance sheet stands, and the action queue, live on the Family tab.
| Style | Units | Floor-plan $ | % of $ |
|---|---|---|---|
| Fiberglass | 54 | $3.52M | 54% |
| Aluminum | 76 | $1.74M | 27% |
| Pontoon | 21 | $758k | 12% |
| Bowrider | 7 | $313k | 5% |
| Motor | 22 | $134k | 2% |
| Center Console | 2 | $85k | 1% |
| Trailer | 3 | $6k | 0% |
| Store | Jan | Feb | Mar | Apr | May | Jun | YTD |
|---|---|---|---|---|---|---|---|
| Martinsville | 11 | 23 | 31 | 30 | 22 | 11 | 128 |
| Lexington | 13 | 13 | 10 | 20 | 15 | 1 | 72 |
| Spindale | 7 | 25 | 21 | 23 | 21 | 3 | 100 |
| Total | 31 | 61 | 62 | 73 | 58 | 15 | 300 |
| 2026-08-01 | US reported preparing or ordering strikes on Iran's energy infrastructure as soon as this weekend; strategic reserve at 308M barrels, lowest since March 1983 · Wall Street Journal / CBS News / Axios Marine fuel is the single largest variable cost of boat OWNERSHIP, and it sits upstream of the purchase decision. Gasoline is already $4.10 (97th percentile). A confirmed supply event raises pump prices into the back half of the selling season, which suppresses financed mid-market demand before it touches the showroom (theses 3 and 8). Watch WTI $89 as the confirmation. |
| 2026-08-01 | Iran war pushes companies to raise prices on beer, paint, fries and other consumer goods · Bloomberg (via news feed) Input-cost pass-through is now visible in ordinary consumer categories, which is how a war reaches a dealership: not through boat prices but through the household budget that funds a discretionary purchase. Reinforces harvesting inventory over restocking (thesis 8). |
| 2026-07-31 | Savings rate 2.7% (lowest since June 2022) with consumption +2.6% y/y on roughly FLAT real income growth · DoubleLine / BEA The dealership's mid-market buyer is now funding purchases out of the last savings buffer rather than income — the clearest signal yet to harvest inventory rather than feed it, and to favour used and consignment over new floor stock (thesis 8). |
| 2026-07-31 | "Retail Earnings Season Could Be the Messiest Yet" as big-ticket discretionary demand splits from aggregate spending · Barron's Confirms the K-shape at the retail level: headline spending holds while the financed mid-market buyer weakens, which is exactly the segment that buys a boat on credit (thesis 8). |
| 2026-07-31 | Gasoline at $4.10 (97th percentile of its history) while Brent rallies to $90.15 through a pause in strikes · FRED / EIA Fuel cost is the boater's marginal-use decision and it precedes the purchase decision; a crude market with no inventory cushion (thesis 3) means the pump price risk into the fall selling season is skewed higher, not lower. |
| 2026-07-29 | SoFi Q2: record $1.2B revenue (+40%), record originations, "no deviation on the credit side" — but guidance now assumes two rate HIKES this year · Bloomberg Technology The prime consumer is still spending and borrowing while financing costs stay high — supports dealership demand at the premium end (thesis 8's K-shape), but two-hikes-not-cuts keeps floorplan and marine-loan rates elevated into the fall selling season. |
| 2026-07-28 | US consumer confidence edged down in July (Conference Board); crude has now fallen ~12% in two sessions on the Iran pause · WSJ / Conference Board Confidence is the dealership's demand barometer and the July downtick resets the three-months-of-recovery repair clock in the consumer view (thesis 8) — but pump prices lag crude by 2-4 weeks, so the two-day oil slide points at cheaper late-August fuel exactly when the fall selling season starts; gas at $4.10 today is the number to watch against the thesis 8 repair line of $3.50. |
| 2026-07-27 | US and Iran pause strikes; oil falls 6%+ in a day (Brent ~$88) · CNBC / CBS Fuel is the boater's marginal-use decision: pump prices near $4.00 have been suppressing usage and big-ticket confidence — a held pause feeds straight through to cheaper summer fuel and a better late-season floor for dealership traffic (thesis 8's gas-under-$3.50 repair row is the gate to watch). |
| 2026-07-24 | Two-thirds of MAGA Republicans want out of the Iran war; share calling it 'worth the economic cost' fell ~50% to just over a third since May · Politico / WH polling via Nawfal (Barnes) Gasoline above $4 and diesel above $5 are exactly the household-cost pressure that defers boat purchases; if the political pain forces de-escalation by mid-August (Barnes's call), fuel relief would arrive before the fall selling season - a dated watch item for dealership demand (thesis 8). |
| 2026-07-23 | Houthis hit two Saudi tankers; Brent prints $100 for the first time since May · FT / Reuters Fuel costs are a direct boating-cost input and $4.00 gasoline squeezes the discretionary wallet the dealership sells into — the consumer-weakness read (thesis 8) gets harder, not easier. |
| Year | Revenue | GP% | Opex | Net | ROE | ROA | Inventory | Floor plan | Net worth |
|---|---|---|---|---|---|---|---|---|---|
| 2017 | $18.49M | 20.1% | $3.25M | $472k | 50.7% | 5.7% | $7.06M | $6.34M | $930k |
| 2018 | $23.63M | 19.5% | $4.11M | $488k | 36.9% | 4.9% | $8.27M | $7.01M | $1.32M |
| 2019 | $30.37M | 19.0% | $4.76M | $1.03M | 43.8% | 8.2% | $10.37M | $8.28M | $2.34M |
| 2020 | $38.06M | 20.0% | $4.97M | $2.65M | 62.6% | 26.0% | $6.52M | $4.78M | $4.23M |
| 2021 | $43.64M | 24.2% | $5.67M | $4.91M | 66.5% | 38.7% | $6.17M | $4.35M | $7.38M |
| 2022 | $42.75M | 24.0% | $6.86M | $3.39M | 38.4% | 17.1% | $13.25M | $10.09M | $8.84M |
| 2023 | $38.28M | 22.3% | $7.53M | $1.01M | 11.4% | 4.5% | $16.20M | $12.76M | $8.83M |
| 2024 | $33.95M | 21.5% | $7.12M | $171k | 1.9% | 0.8% | $13.08M | $10.92M | $8.93M |
| 2025 | $30.25M | 22.5% | $6.26M | $532k | 5.8% | 2.9% | $11.71M | $7.98M | $9.18M |
The full family balance sheet — allocation versus targets and the year-by-year net worth history — lives on the Portfolio Overview. This page covers the operating business.