How Boat Auctions and Banks Can Help You Buy Cheap
The year 2009, has been one of THE best years for buying water toys at state or local bank liquidation auctions. As a frequent boat auction follower myself it’s generally accepted that a repo boat sold at auction will deliver a 15-20% savings relative to retail.
That’s not bad, especially when considering larger boats retailing over $100,000..the savings can be really be significantNow fast forward to now where boat auctions has only served to inflate that percentage.
Boat auction in the states — especially in the big four states (Florida, California, New York, and Arizona) are seeing banks and credit unions more aggressive in their re-marketing of non-performing assets. SunTrust Banks Senior vice president Don Parkhurst concluded 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 rise in repossessed boats across the states with most every lender has attracted buyers who can now literally buy a late model repossession for significantly less than what a new boat buyer paid 3-4 years prior for the same make and model. Boat auction sources like National liquidators and Boat Auctions Direct have witnessed that with the drop in value 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 consistently reviewing what’s out there. 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 brag about savings of 50% or more. It’s really not much luck as it is smart shopping with the right tools.
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