"Repo Boats For Sale in 2012 Will Continue to Force Banks to 'Take a Hit'..
(Buyers taking advantage of 60-75% off book value...even newer boats right now--free links to resources below…)
Frugal buyers have been taking notice of the repo boats trend as banks struggle to re-market and liquidate their "non-performing assets."
Unfortunately for lenders, the total number of repos that move to auction, while not made public by banks or credit unions, will most likely continue to shoot upward throughout 2012. More boat loans are going into default …especially those who used their homes as an ATM to the to finance the boat.
One thing this economy continues to reveal …
As the economy worsens boats are one of the first things that consumers surrender if they’re struggling to make payments on their home mortgage or unable to pull equity out of their home for “help”.
Click Here to Access Repo Boat Auctions Near You.
And it’s not just boats...
Auction lots are holding repossessed power sport and recreational vehicles (ATV’s, RV’s, motorcycles, choppers, snowmobiles, jetskis, travel trailers, etc.) across all named brands.
Even though repo boats are liquidated by banks via. boat auctions, dealerships, used car lots, and even bank or credit union parking lots, sellers understand that they will recapture maybe 75% of the outstanding loan balance, says Cathy Tierney, president of Community First Credit Union.
Here’s some very recent stats...
Check out these recent Repo Boats Sales Stats:
- A leading repo boat auctions source company recently stated, “…repossessed vessels and recreational vehicles are right now a temporary luxury for boat buyers. Alarming prices as much as 40-60% off of book value will eventually dry up. These lenders who's hands are being forced to liquidate "non-performing collateral" as a total loss will soon come to dramatic slowdown. That's why the most opportune time to buy a repo boat is now."
- Community First Credit Union had to let go of a repo boat with a 320-horsepower Mercury engine, for a mere $40,000. The 2003 Sea Ray Sundancer (top image) had less than 50 operating hours.
- Recently a 1990 yacht with a book value of only $12,000 (b.v.= cost – depreciation) with a loan balance of $6,000, plus the $3,000 in expenses to have a liquidator recover and remarket the asset…is just not worth the banks effort. It’s easier to just let them go…
- USauctions.com liquidated a ’97 Chaparral 232 Sunesta deck boat for under $3,000 just recently.CURRENT RETAIL: $14,000
- Recent boat auction sales just revealed this IRS seized ’91 Formula 311 31-footer powered by two Chevy 454 cu.in engines via. currently up for bid. They update their repo sales monthly.
- Another auction source received a Bank Owned Repo Cuddy (‘06 Stingray 240 CS) with only 68 hours in mint condition that SOLD at an absolute, NO-Reserve auction for $22,490..CURRENT RETAIL: $43,000
- National Liquidators has an ‘03 Glastron, 175 SX including trailer up for bid at only $7k and the lender is accepting offers..CURRENT RETAIL: $11,900
We had too many to list so that reflects a few of the most recent. Repo boats continue to escalate for lenders but not as bad as it was in 2008. Nonetheless, sales prices continue to indicate that it is still a buyers market for sure.
Below you can check out the top sources online that we use to find boats and other repossessed assets that lenders (SUNTRUST, BANK of AMERICA, CITI BANK, etc.), credit unions, insurance companies, and Gov’t agencies can use to liquidate boats:
Top Repo Boats Resource Links for 2012
BoatAuctionsDirect.com once again maintains an impressively thorough and deep resource specifically geared for repo boats.
, yachts, pwc's, rv's, atv's, and marine equipment buyers.
This site aggregates auction sources (LIVE sources) then organizes each by "State Sources", "Government Sources", "Distressed Owners", "Online Sources" and finally "Salvage Sources".
This source is currently promoting a one-time access fee. At the time of this writing they have been revamping their entire search utility. Users will be able to select the type of boat they're interested in via. drop down menus and the database will search across the U.S. or a specific area and list the results. It's a big undertaking but a very efficient means for quickly finding repo boats for sale.
lacks the depth of Boat Auctions Direct but has a broader base of asset auctions. In addition to boats I can find farm equipment, cars, antiques, coins, and furniture. If you're looking to bid on homes in foreclosure check out the foreclosed homes link below.
All in all GovAuctions is still a good addition however,...and a big time saver. Auction sources are displayed for quick access to those within reasonable proximity to your zip should you want to actually attend the auction.
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Check out how this boat dealer is staying ahead of traditional boat sales via. repo boat sales:
Repo Boats Video.
is a very relevant site that also offers repo Michigan boats for sale and may be the midwest's largest repossessed boat sales outlet. Located in Harrison Township, Michigan, Harrison Marine's website allows you to view and bid online for repo boats
specializes in the marketing of pre-owned and repossessed boats, rvs, and yachts. I found them to be a very reputable company out of Long Beach and Newport Beach, CA. Awarded the Dealer of the Year from Boat and Motor Dealer magazine, Long Beach Yacht Sales represents many of the major marine lending institutions in the resale of repossessed inventory.
is based out of Port Haddock, WA BRNW and will soon be (if they haven't already) listing their recovered boats and watercrafts onsite. The repo company recovers than preps the vessel for auction.
offers services to Lending institutions and boating clients by recovering, mooring (storing) and selling boat repos. Located in Seattle, WA.
has handled over 10,000 cases since its inception in 1988, from jet skis to yachts to passenger cruise ships and used boats. Their inventories include bank repo boats, foreclosures, government seized vessels and brokerage boats. Their facilities are located in Fort Lauderdale, Florida, Newport Beach, California and Cleveland, Ohio.
has one of the biggest boat classifed listing services online. By typing the words "repo" or "repossessed" within their sites search engine you'll spot quiet a few boat repos for sale either by dealers or lending institutions. Be careful though as some of the results that you will find will not be repos but rather words that contain the word repo i.e. repowered or some other variation with the word "repo". Nonetheless, you have a huge database from which to sift through.
is the home of Southeast Auction Company, Inc. This is a good auction source that regularly liquidates a large inventory of repo Boats, RV's, as well as other merchandise. Open to the public auction house sells vessels to the highest bidder regardless the price. Located in Tuscaloosa, AL.
is a large outfit specializing in the sales of repossessed yachts, vehicles, aircrafts and equipment. All of the items on this site are selling under what they consider "unusual circumstances" i.e. repossession, insurance payoff, damage, or simply an owner who has a strong desire to sell the unit quickly. Located in Mendon, MA and Warwick, RI.
specializes in the repossession of vessels and act as a "substitute custodian" on Federal Court Ordered Arrests of vessels by the U.S. Marshal's Service. Located in Seattle, WA.
has two locations in Wisconsin and Ohio. They routinely acquire bank repo boats from all across the U.S. Skipper's Marine repo center usually inventories around 100 repossessed boats that include lender or bankruptcy sales. You can find anything from pontoons, to fishing boats, to 60' yachts.
The above links represent some very popular links not to mention my most favorite boat
repo sites. If you didn't find anything within a reasonable proximity,
will provide lists of opportunities within each state including government, local, and financial institution auction listing sources.
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Update: Check out the latest boat auction sales stats.
This repo boats sales resource will be revised and updated as new and relevant sources come available.
repo cars guide offers an automobiles guide if interested in car repos.
Please feel free to suggest any other relevant boat repo sources or information that may be of help to our readers.