Is FANATEC going BUST?
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- Опубликовано: 30 мар 2024
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Exploring the latest circumstances and woes of Fanatec. Leading up to this for months, has been customer emails ignored, customers waiting months for orders, incomplete customer orders, Fanatec cancelling Black Friday discounted orders; and more, has plagued this beleaguered business. And now the firing of the founder from his position of CEO. And a share price that has plummeted over 90% in a year. Is there worse to come?
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It's really crazy to me how Fanatec has just completely collapsed from the weight of their own success. They released the CSL DD and completely changed the Direct drive market, but then it seems they just completely collapsed from it. If they go under someone really needs to do a case study of how they collapsed. Because very rarely do companies collapse from releasing successful products.
My bet would be on most of the revenue having been spend on promotion and advertisements (sponsoring IRL motor racing etc), and not enough investments into scaling up the business to keep up with the increased demand.
100% it makes no sense to me.
I've seen heaps of people buy QR2 upgrades and the new clubsport DD bases.
I actually don't think they're going under.
They're just getting rid of the guy who steered the ship into last year's debacle
Why fanatec products are available on AliExpress?
I have been a Fanatec customer for many years. My last Fanatec product was a CSL-DD wheelbase. I am gutted by the idea that Fanatec is possibly on the verge of bankruptcy. Sad!
I have no sympathy for Fanatec. If you treat your customers like dirt it'll come back to bite you. Tough luck.
actually i think about selling my fanatec stuff completely before its to late
Bankruptcy doesnt mean the end. Some venture capitol company will buy them, take out a bunch of debt in their name, then bankrupt them again. This cycle plays out all the time in American business. It should be illegal but the people that own those companies also own the lawmakers here.
@@jackmakackov7077 Fanatec is an American company??
This really came as a surprise, I remember 5 years ago they were king. Now they're dying.
Nope, the revenues are much bigger than 5 years ago, but their expenses even more...
@@Leynad778 I mean yeah, but when you become insolvent, you can no longer pay debt, aren't you basically on the brink of death? What does it matter you make 10x more money than 5 years ago when you're in debt 2x more than that?(Yes, numbers greatly exaggerated and simplified for the point)
@@vali69 You don't watch Motorsport? Do GT3-cars exist without Fanatec logo? How much is it to sponsor the Fanatec GT World Challenge or WRC as a main sponsor? I guess they could easily make profit by quitting half of the sponsoring and for Motorsport it's really costly with limited reach these days. I guess most companies don't do it for return of investment, but to get invited to events with special treatment.
@@Leynad778 now that's a valid point which I didn't think about when writing. Well we'll see what they do.
Compliments. It is the only video that explained exactly what was actually written in that Fanatec statement. That is, "we are insolvent and now the banks dictate the conditions through a CRO". Even Mr "I know more than anyone else" has understood absolutely nothing of what is happening. And many others don't understand, having to hire a CRO is one step above bankruptcy, especially if the banks are forcing company.
What a bright future for us only overprized overhyped DDs with overprized pedals shifters and so on
Theres still low cost options out there. Also Fanatec were amonst the worst when it came to overpricing products.
I ordered *GranTurismo-DD Extreme, *CSL pedal bundle with load cell on April 2nd, 2024.
Today on April 5th, 2024 the UPS man was at my front door with 3 boxes from Fanatec.
All delivery problem fears for nothing
Great service from Fanatec!!!
Personally, highly doubt that Fanatec is near solvency. My guess would be that the banks dont want to loan them more money for expansion based on current trends or this was a planned move by the board to get the CEO out as his response (aka Fanatec's) response to the warehouse move / BF has debacle has been laughable. In the long run this is likely a great move.
Who is going to risk buying from them? No buyers, no money, no money, no business.
And I am stuck in the fanatec eco system
@@ZigZagBruno-racing I got a new Wheelbase (Asetek Forte), it was between Asetek, Simagic or Moza. Fanatec wasnt even on my list, after all the horror stories. Wich is sad, im from Germany and would love to support a local company, but they did it to themselves.
I ordered a CSL DD on saturday night and now this is happening lol I think I'm going to cancel that order asap
good luck with that, they artificially label that your item has shipped so you cant get a refund. one of the reasons this company is going bankrupt. Your only way to get money back is contacting your bank and retracting payment
@jeremysumpter8939 it hasn't been processed yet as its a holiday weekend, I have retracted it before hand as paypal entered the wrong address for me so I have a legitimate reason to re order, I just won't
@@jeremysumpter8939 I do have a legit reason to cancel my order as paypal has entered the wrong address, or partially wrong address. Plus it is still in processing as its a holiday weekend so fingers crossed it gets done before it gets to the next stage.
@@jeremysumpter8939That is just not true! I cancelled two orders in the last three months and was refunded within TWO DAYS! So please stop lying, thank you.
Why? Because they fired their CEO? There will be another one appointed and they will sort the issues out. It’s not a new thing in the business world.
I ordered my Fanatec CSL DD bundle on March 1st, it was delivered 6 days early on March 21st. Really great quality and I’ve been having a great time with it. 🤷
Hopefully you got one which lasts longer than a week! Many haven't
@@001sander2 Let me know if you want regular updates.
BS !!!
so glad i decided to go with simagic instead of fanatec rn
Only issue with your advice, is if thats the best way to ensure they DO go under.
I get the risk factor.
But if everyone stops buying, of course they're going to downward spiral.
I agree with it though.
Better to protect your viewers than Fanatec
the other issue with bankruptcy is no more software updates even if you can get your hands on the hardware. I think risk of unsupported hardware is too high right now
I really hope there’ll be a way for Fanatec to stay afloat, and get back in the fight. Bleek, but one can hope.
That Ready 2 Race bundle was the "hail Mary" for the company, and then logistics shit the bed on them. They had too many fingers in too many pies and spent far too much money on motorsports sponsorship.
I just bought the csl bundle last week..it got delivered in 6 days..shame if they go under..I've only just got mine after 5 years of waiting to get one.
I agree with everything just wanted to add that yes today we had more competition in the top category but the simracing community has increased so much since covid. Even Fanatec couldn’t cope with the orders, so this problem started these last 6 months. It’s a life lesson seeing a company like this collapsing cause I as you clearly mentioned you have to be crazy to buy something at this moment which is making their situation worse. The main cause of the problem for me is greed and lack of trust. Unfortunately it will be a big lose for simracing if this company goes bankrupt and they have to find a top marking ceo to make fanatec great again :p
Probably half or more of their customers are on consoles. Even Macro from Kunos once said, they made as much money with the AC-console versions and Fanatec is still king. The Thrustmaster DD doesn't work on any console and Logitech just offering one round wheel, no h-shifter and the pedals are worse.
The massive problem is for console users as well who cannot afford a high end gaming PC to play 4k games hdr 120hz. I wonder if console compatibility will go to another company in the coming weeks or months
Moza already has an Xbox product. Others are in talks with Sony and Microsoft. Thrustys is probably soon to launch a console compatible T818. To be honest, its just a matter of time.
@@wwjnz9263 yeah this is true only matter of time. I don’t own Xbox though lol just a PS5. Would be nice to see all sim racing companies have console compatibility can only dream 💭
@@BeFreeBeHappyJC Id rather have a cheap pc that is running 1080p 60hz then play racing sims on console. And such a pc is dirt cheap. Only worthwhile game on console is gt7, every other game plays better on pc with way better ffb.
@@wwjnz9263 At this time, MOZA does not have a specific ETA for PlayStation-compatible products. They are still in the development stage.
I think everyone prefer to play on a PC over a console but and xbox s is 250 and a PC which runs 1080p 60fps is 3 times that. The prices right now are crazy. A friend of mine made a pc 2 years ago and do the same now will be even more expensive
How can a company that came with a csl dd and took everyone by surprise only 2 uwars ago,
Then QR2.
Now the Clubsport DD...
How is that company even having issues?
Ive seen heaps of people buy Fanatec stuff in the last 2 months
It can only be Fanatec who manages to go bankrupt while the simracing community and market is growing faster than ever.
I think Fanatec will survive. They have an overall good product that fills the niche between beginner and high end gear.
A good management team could clean up the abysmal sales/logistics/ customer services issues.
Lol @ "Do your own research"
That's a throwback from 2020 🤣😂
Actually, Endor's stock was already in decline at 12€ per share. In 2021, it peaked at 23€. At the moment of writing this, it's down at 1.9€. That's over 90% lost. To put things into perspective, VW's stock dropped 30% due to Dieselgate. While I don't think it's necessary curtains for Fanatec (I do think they're too big too fail outright), it will be hard for them to recover from this mess, since they need to improve logistics and their production line, therefore spend money the banks will likely refuse to lend them.
Mine clearly didn't go through quality control, to which I've put a ticket in for 10 minutes after arrival. Now I need to return it for repair, but I want them to pay me 900€ until it comes back because I cannot trust these scam artists and I can't trust that I'll get the equipment back. A swap for a swap if you will. I did pay on credit card though, does this make a difference?
Thank you. You're the only one who clarified Fanatec for me. I too am among the paying people who have been waiting for the shipment for more than a month.
Fanatec products are made in China for many years,but they don't officially sale in China. Giving a huge market to their competitors.
Charging peoples credit cards to raise money for manufacturing is really shady business, it's obvious this is what happened because there was no inventory! Now there at the mercy of that company to produce the goods and it just snow balls from there. But not answering emails or phone calls is on them!!! The CEO was just a PR move, he's still there many companies in trouble do this to make it look like there doing something but short term it will do nothing if your waiting for your stuff like I am!
It’s a viable business, with good products, with a good order book, in a growing market. Theoretically therefore it should be a going concern. However if it is structurally broken and the cash flow is screwed then even with all the above, the financial backers may pull the plug on it. I hope this doesn’t happen. We as consumers benefit from multiple players in the market.
A terrible loss to the sim racing community if they do go bust. They have been mismanaged, but if it wasn't for Fanatec many folks who are using the new breed of small direct drive wheelbases would be using years old designs, the market was stagnant until Fanatec shook it up with the CSL DD & Elite V2's.
I've always loved fanatec products there's no other option for this price/quality range apart from moza.
Da novembre che aspetto un volante acquistato nel BFquesti si sono bruciati tutti i loro clienti
What a travel headline!!!!
The way I see it is that most people here want it that way, but it certainly won't happen. Some of the comments are very cinematic to read, the malice leaves something to be desired ;-( ,-( :-( Please no Comments THANKS.
I can see your point but tbh if i had the chance i would buy fanatec the name is still there.... worst case some chinese just buy the company and all is comunity because thing is its not only fanatec they buy but one big comunity ofc it can happen for fanatec to close the doors but nahh for me its more like low company value buy cheap and done deal, many times the bank makes you do this to get investors coming but we will see.... (sorry my ingls is bad...)
The name?
@@001sander2 Sorry bro my ingls is bad i was trying to say Fanatec name or reputation on the market, yes they have some issues true, but everyone knows fanatec in sim world and that is one big bonus...
@@David-we5fg but that's exactly the thing which has caused this problem. Naming and branding aren't free and actually one of the highest expenses on a company balance sheet. Reputations need to be marketed. Fanatec has spent so much on marketing that they had to cut the budgets for service and quality.
All Fanatec products are made in china.
Moza it is then once my csl DD breaks 😂
Its already broken. [Waves hand]...
Also, these are not the Droids you're looking for. [Wavrs hand again]...
What a great investment opportunity if fanatec tries to sell
Fanatec won’t recover I hope
I still think they make the absolute best sim racing equipment for the money.
They are going to file bankruptcy. that doesnt mean that much in America though. A lot of really big business here have gone bankrupt in upwards of ten times. Heck, we even elected a president that bankrupted two casinos and other businesses a total of 7 times so far. (number 8 is coming soon for him.)
It’s a German company.
Bankruptcy in the US is a crap shoot to shake off debt. Bankruptcy elsewhere is the end of the line.
All this, but still they keep on churning out god knows how many youtube shorts like nothing's wrong 🤔
Its the sky high price of energy in Germany thats destroying this company. They need to relocate to a different country.
Production is already in China
Thrustmaster.... now drop your console direct dive for ps5.... seems like the perfect time ⏲️ send me one while your at it 😅
F Fanatec
never again