The Truth about Boat Auctions Sales Within the U.S.
The year 2009, was a banner year for buying boats and water toys at state or local bank repossession boat auctions. Unashamedly, I've been a frequent boat auction attendee it's generally accepted that a repossessed or seized vessel sold at auction will deliver a 15-20% discount when compared to book value.
That's big!... especially when you figure larger boats retailing over $100K..the savings can be really be worth while. This year is even bigger where the repo the boat auction climate has only served to increase that percentage to as high as 30%.
Boat auction in the states -- especially in the big four states (California, New York, Florida, and Arizona) are seeing banks andre-marketing of 'non-performing' assets. SunTrust Banks Senior vice president Don Parkhurst concluded with regards to their repossessed boat inventory within todays climate, "You've just got to lower the price to where you can move it. You've just got to take the hit."
The rise in repo boats across the U.S. with most lenders has attracted first-time buyers who can now literally buy the same but later model repo for substantially less than what a new boat buyer would have paid 3-4 years prior for the same vessel. Auction companies like National liquidators and Boat Auctions Direct have noted that with the decline of the U.S. dollar coupled the rise of repo boats has perked the interest of shrewd overseas investors particularly from Australia, UK, and Canada who have been taking advantage of this high tide.
So how can you get in on the action as well? According to the experts the key is frequently reviewing what's out there. Staying in front of boat auctions, online listings, classifieds, and dealer liquidations. Only by comparing asking prices and recent sales of similar models of the type of boat you're interested in can you see savings of 50% or more. It's really not difficult or as time consuming if you're using the above tools.
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