LOCAL NEWS

Gun industry noticing new trend affecting their business

Jun 27, 2018, 9:43 PM | Updated: 10:52 pm

SALT LAKE CITY, Utah – At first glance, you could easily be reminded of school shop class. There are tools, vice grips, and all sorts of equipment to makes things. It’s also hot.

However, this isn’t school. And you certainly didn’t make the kind of things you see hanging on shelves and in boxes throughout the room.

“This is a V 94 pistol,” said Jason Maughan.

Jason Maughan

Maughan is the owner of Vector Arms in Salt Lake County.

He has been working for the company since 2005 and became the owner in 2011.

“We build guns. We put together old military style weapons,” he said.

Maughan has helped build the company to the point where he now has thousands of dealers he sells to across the country.

Vector Arms employee working on a gun

Times, though, aren’t easy.

“Incredibly tough. We run on less than a 2-percent margin,” said Maughan. “I have held my own. I wouldn’t say I’m successful. But I’m still here.”

The tougher sales climate isn’t so much because of the constant gun debate happening in America right now between Democrats, Republicans, and everyone in between. It’s more because corporations are now getting involved – specifically banks.

“I think very few people know about this,” said Maughan. “Only people in the industry, who are kind of dealing with it.”

Gun made by Vector Arms

Many big banks and payment processing firms are deciding not to handle, or restrict, transactions dealing with gun companies.

Senate Banking Committee chairman Mike Crapo, a Senator from Idaho, has written letters to Bank of America and Citigroup criticizing them for their corporate decisions to restrict the sales of guns and gun parts by its business customers after the Florida high school shooting in February.

Gun parts at Vector Arms

It happened to Maughan and he’s still dealing with it.

“If they find out it’s a gun sale, they usually just try to cancel your merchant account and start all over again,” he said. “When they shut down your bank account, you can’t even take checks. You can’t take anything, so you’re out of business, basically.”

Maughan said he agrees companies should be able to do business with whoever they want to deal with.

It’s just, he feels like something isn’t right because he’s not doing anything illegal.

Gun parts at Vector Arms

“When you’re federally licensed, and the federal government is overseeing and making sure we are not breaking any laws or regulations, why are we treated like the criminals? I only sell to federally licensed FFL holders around the nation,” said Maughan.

KSL contacted several other local gun manufacturers and dealers.

They didn’t want to comment publically on this story because of the current political climate involving guns, but many of them said they are hearing, and have dealt with similar issues involving banks and payment processing firms.

For Vector Arms, Maughan said it’s costing him business, and as a small business owner, it hurts his bottom line.

“It is my livelihood and it’s not an easy livelihood,” he said. “I bring money in from all over the United States and I distribute out to the people working here and put it right directly into the economy.”

KSL 5 TV Live

Top Stories

Local News

The scene of the shooting at 900 S. 200 West....
Michael Houck

UTA: One man dead, another injured after shooting at TRAX station

A man is dead, and another is in "serious condition" after a shooting at a Trax station Saturday evening.
1 day ago
This holiday weekend, officers are tracking down safety problems on the water, in 'Operation Dry Wa...
Michael Locklear

Utah officers target drunk boaters as part of holiday weekend safety blitz

This holiday weekend, officers are tracking down safety problems on the water, in 'Operation Dry Water.'
1 day ago
Supporters against abortion rights at the Utah Capitol....
Michael Houck

Hundreds of Utahns gathered at Utah capitol, celebrating the end of Roe v Wade

Hundreds of Utahns gathered to celebrate the overturning of Roe vs. Wade, asking those supporters to show compassion to the opposition.
1 day ago
The Left Fork fire on 06.20.22 as it's 2608 acres and 5% contained. (Credit: KSL-TV)...
Michael Houck

‘Left Fork Fire’ is 100% contained after a two month battle

The Left Fork Fire is 100% contained but flared up again in mid-June, growing to over 4,000 acres.
1 day ago
FILE: Entrance sign at Yellowstone National Park. (NPS/Jacob W. Frank)...
Alex Cabrero

Yellowstone north loop reopens for visitors, removes limited capacity system

Yellowstone National Park reopens its northern loop after floods hit the park in early June.
1 day ago
The aftermath of a car fatal crash, three cars involved....
Michael Houck

One man dead after a three car crash on SR 9

One man is dead after a three-car crash on State Route 9 Friday afternoon. 
1 day ago

Sponsored Articles

hand holding 3d rendering mobile connect with security camera for security solutions...
Les Olson

Wondering what security solutions are right for you? Find out more about how to protect your surroundings

Physical security helps everyone. Keep your employees, clients, and customers safe with security solutions that protect your workplace.
Many rattan pendant lights, hay hang from the ceiling.Traditional and simple lighting....
Lighting Design

The Best Ways to Style Rattan Pendant Lighting in Your Home

Rattan pendant lights create a rustic and breezy feel, and are an easy way to incorporate this hot trend into your home decor.
Earth day 2022...
1-800-GOT-JUNK?

How Are You Celebrating Earth Day 2022? | 4 Simple Ways to Celebrate Earth Day and Protect the Environment

Earth Day is a great time to reflect on how we can be more environmentally conscious. Here are some tips for celebrating Earth Day.
Get Money Online...

More Ways to Get Money Online Right Now in Your Spare Time

Here are 4 easy ways that you can get more money online if you have some free time and want to make a little extra on the side.
Lighting trends 2022...

Lighting Trends 2022 | 5 Beautiful Home Lighting Trends You Can Expect to See this Year and Beyond

This is where you can see the latest lighting trends for 2022 straight from the Lightovation Show at the Dallas World Trade Center.
What Can't You Throw Away in the Trash...

What Can’t You Throw Away in the Trash? | 5 Things You Shouldn’t Throw in to Your Trash Can

What can't you throw away in the trash? Believe it or not, there are actually many items that shouldn't be thrown straight into the trash.
Gun industry noticing new trend affecting their business