... is that there is no "agreement" to fix prices.
The way the manufacturers/distributors get around the law on price fixing in the US (which IS illegal) is that there is no mention of any kind of this policy in their dealer agrement, which the dealer and manufacturer/distributor sign.
However, as soon as it is signed, a "policy document" magically appears at the retailer's door, which says, basically:
1. You can price however you wish.
2. If you price below <X>, we will stop selling to you.
3. It is illegal to discuss pricing with other dealers; don't. We also will make no agreement with you on this matter, as that's illegal too.
So basically, they squeeze through a loophole in the law, even though the clear INTENT is to violate the laws against price-fixing.
What makes this dishonest at best is that the dealer knows that this document will be forthcoming as soon as they sign the dealer agreement - you'd have to have a room-temperature IQ not to know it as a scuba retailer, since every OTHER retailer is doing the same thing! Not knowing ANYTHING about the market you are in (or entering) would qualify as terminally stupid in any business endeavor, so the claim that this is not an organized, actual conspiracy (that is, both manfuacturer and dealer know in advance that this is indeed a part of the dealer agreement, even though its not presented that way) rings rather false to anyone with a brain.
In some countries (like the EU, for example) this kind of dance is illegal and can lead not only to civil but criminal penalties - this is where a lot of the "mail order" products come from, because even with the reimporation duties and shipping costs added back on its STILL cheaper when sold at a price that the MERCHANT selects!
I have copies of several of these "pricing policy" and "dealer agreement" documents, and they all look like they were written by the same lawyer - although they are all from completely unrelated manufacturers.