The Best 4 Repo Boat Auctions Sites for 2010
On May 21, 2010 in Recreation
The following represent the best resources to locate bank repo boats for auction within the U.S. Other smaller boat auction sources exist but these will cover them all and then some. I haven’t listed any dedicated Government auction sources since Coast Guard or police auctions rarely offer a vessel that is worth bidding on.
Having pursued bank owned boats for sale for the better part of six years, I’ve come to recognize that many times a great deal on a used boat is more gratifying than the shine and smell of a brand new factory product.
Considering the last three years as well as our current economic condition, boats and jet ski’s sold at auction will probably continue to offer as much as 30 to 40% discount versus dealer owned vessels.
Whether you’re a handy DIY type or you’re in the market to find a well conditioned repo boat for sale, the sites below are currently recognized as some of the most worth while boat auctions sources available on the internet:
Top 5 Boat Auctions Sales Sources
1. BoatAuctionsDirect.com — This website regularly updates and checks out nearly every boat auction source across the U.S. and organizes them for easy access. This site is me the most comprehensive and detailed listing boats, pwcs, rvs, atvs, and marine equipment assets as well. It’s a big time saver if you’re looking for something right now.
2. BoatAuctionsInfo.com — This web resource posts a free listing of about ten of the top boat auction houses for free. You won’t find half of what’s out there; however, it’s a good point to start.
3. YachtAuctions.com — National Liquidators is the largest boat (mostly yachts) auction house on the planet and regarded as one of the ‘go to’ sources banks and the Government rely upon to liquidate repo boats in Florida. Typically, they will have a minimum of 300-350 bank repossessed yachts in their yard.
4. GovernmentBoatauctions.org — All those “Gov’t” auction membership sites just aren’t worth it especially when they simply pull all their listings from the same 3-4 Government agency sources. You can access the same Government seized assets here for free.
These auction sources will give you a big head start. Frequenting these sites will eventually put you in the right place at the right time without wasting time sifting the search engines for days. Good luck!
Boat Auctions: Why Banks Want Your Offer
On March 10, 2010 in Entertainment
This year has been simply the best of years for buying water toys at state or local repo auctions. As a frequent boat auction attendee myself it’s typically accepted that a boat sold at auction will deliver a 15-20% savings when compared to retail.
That’s not bad, especially when you figure larger yachts retailing over $100,000..the savings can really be big. However, boat auctions has only served to up that percentage.
Boat auction in the states — especially in the big four states (California, New York, Florida, and Arizona) are seeing financial institutions like banks and credit unions more aggressive in their re-marketing strategies of non-performing assets. SunTrust Banks Senior vice president Don Parkhurst states 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 surge in auctioned boats across the U.S. with most every lender has attracted buyers who can now literally buy a late model repo for suprisingly less than what a new boat buyer threw down 3-4 years ago for the same make and model. Boat auction sources like National liquidators and Boat Auctions Direct have indicated that with the value decline of the U.S. dollar coupled with the rise of repo boats shrewd overseas buyers particularly from Australia, UK, and Canada taking advantage of this high tide.
So how can you take advantage as well? The key is regularly reviewing auction listings. Frequenting 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 reap savings of 50% or more. It’s really not much luck as it is smart shopping with the right tools.
USA: Where Everyone Can Boat Auction For Fun and Savings
On December 31, 2009 in Entertainment
The year 2009, has been one of THE best years for buying water toys at state or local bank repo auctions. As a frequent boat auction follower myself it’s generally accepted that a repossessed or seized sold at auction will offer a 15-20% discount relative to retail.
That’s big!… especially when you figure larger vessels retailing over $100K..the savings can be really be significantHowever, boat auctions has only served to up that percentage to as high as 30%.
Boat auction in the states — especially in the hardest hit (Florida, California, New York, and Arizona) are seeing lenders and credit unions more aggressive in their re-marketing of non-performing assets. SunTrust Banks Senior vice president Don Parkhurst states with regards to their repossessed marine inventory, “You’ve just got to lower the price to where you can move it. You’ve just got to take the hit.”
The surge in repo boats across the states with most every lender has attracted new buyers who can now literally buy a late model repo for significantly less than what a new boat buyer would have paid 3-4 years ago for the same make and model. Notable boat auction companies like National liquidators and Boat Auctions Direct have reported that with the value decline of the U.S. dollar coupled with the rise of boat repos shrewd overseas boat enthusiasts particularly from Australia, UK, and Canada taking advantage of this high tide.
So how can you save on a boat this year as well? The key is frequently reviewing auction listings. 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 reap savings of 50% or more. It’s really not rocket science.
The Hunt For Repossessed, Cheap Boats Under $1,000 Finding Repo, Cheap Boats for Less Than $1,000
On September 28, 2009 in Retail
Due to the market jobless boaters have recognized their need to force a quick sale or surrender their boat to the repo man. Today more than ever new boaters are taking a double look at this new found opportunity and are unable to resist the flood of cheap boats for sale by banks, distressed owners, and even government agencies. So what is a cheap boat and how can you get your hands on one?
Cheap boats are vessels that are able to be purchased for less than $1,000 and may or may not require a bit of repair or restoration to be safe or legitimately seaworthy. A must sell, cheap boat can be found by sifting through local and online classifieds, internet auctions, and bank repo auctions, and Government seized boats.
Bank repo auctions are rather difficult to find since banks typically haul their repos to one or a few local boat auction houses so as to quickly and efficiently liquidate their non-performing asset. Only on rare ocassions will a bank store and liquidate on their own as they just aren’t equipped with the space, time, resources, or market experience. So lenders resort to local dealers or auction companies to repair, clean up, store, and liquidate the repossession quickly for a piece of the sale price.
Boat auction houses will typically auction off boats on average of around 20-30% below market, according to National Liquidators. Depending upon the popularity of a boat they can sell for up to 40-50% below market. For a large yacht the savings is significant but even a cheap boat under a $1,000 liquidated at auction can mean a $300-$400 cash savings compared to a dealer or private seller.
If you’re a DIY’er and have boat repair experience, extremely cheap boats or salvaged boats are often sold at insurance auctions and can offer savings as high as 90% below market value. However, the trade off is time and a little of work to get the boat back to her former luster.
In my experience with boat auctions over the past 7 years locating a legitimate worth while boat whether it be a cheap fishing boat, cruiser, or sail boat can be a time consuming process if you’re unaware of those resources available where for a minimal fee you’ll get the cream of the crop. The key to finding a cheap boat whether you
use it for your own pleasure or ‘turn it’ for a quick profit is to keep yourself in front of cheap boats for sale consistently and frequently. That’s why sources to consider likeBoat Auctions Direct, National Liquidators, and Associate Marine Specialists are just a few of the many sources you should use to keep your email full of new inventory.