How and What to Expect at State Boat Auctions This Year
This year has been simply the best of years for buying boats at state or local bank liquidation auctions. As a frequent boat auction junkie myself it’s typically accepted that a vessel sold at auction will offer a 15-20% savings compared to retail.
That’s not bad, especially when you consider larger boats retailing over $100,000..the savings can really be big. However, boat auctions has only served to increase that percentage to well over 20%.
Boat auction in the states — especially in the hardest hit (California, New York, Florida, and Arizona) are seeing banks and credit unions more aggressive in their re-marketing strategies of ‘non-performing’ assets. SunTrust Banks Senior V.P. Don Parkhurst says with regards to their repossessed boat inventory, “You’ve just got to lower the price to where you can move it. You’ve just got to take the hit.”
The continued escalation in repo boats across the states with most every lender has attracted buyers who can now literally buy a late model repossession for substantially less than what a new boat buyer would have paid 3-4 years ago for the same make and model. Boat auction liquidation sources like National liquidators and Boat Auctions Direct have indicated that with the decline of the U.S. dollar coupled with the rise of repossessed collateral shrewd international boat enthusiasts particularly from Australia, UK, and Canada taking advantage of this high tide.
So how can you get in on the action as well? The key is frequently reviewing listings. Regularly attending 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 reap savings of 50% or more. It’s really not much luck as it is smart shopping with the right tools.