What I Believe About Purchasing At Auctions

By Stuart J. Everts


Boats at auction consist primarily of boats from bank repossessions i.e. bank repo boats or motivated / distressed owners, not to mention dealer liquidations. Boats liquidated by Government agencies or Police auctions do occur but I've found not that often.

I continue to discover more boats at all the auction houses scattered here and there across North America. The work you put into visiting those boat liquidators in your region can be time consuming. I've found out first hand that it's a tremendous, time consuming effort to peruse repo boats online without some help. If you're willing to frequent these sites you will soon get a good idea what a good price will be for the type of boat you're interested in.

Bank repossessed boats may not be let go for what they used to back in early 2006 but they're still being sold for prices that you can brag to your neighbor about! You know he would do the same. Lenders only a couple years back were like a deer in headlights when the economy threw out an anchor and all the boats and small water craft that were financed in 2006 suddenly became non-performing 'dead weight' on the banks books.

Repossessed boats sold at local and regional boat auction houses are becoming even more attractive as banks become more willing to clean up their books of dead weight i.e. non-performing, unprofitable assets in the form of repossessed mid-sized yachts, fishing boats, cruisers, and other water toys. On the other hand classified sellers still want to get what their boat was worth say a few years back. So banks (unlike many emotional classified sellers) stick to facts and figures and lately have been feeling the heat to move inventory. Bottom line is banks are wonderfully motivated and are willing to make a quick decision.

There are several ways to go about searching for a bank repo boat for auction. Most tend to take the path of high resistance and dig through their favorite search engine for auction houses liquidating boats. That is the path I used to take but have wised up by utilizing boat auction aggregation services or sites that pull then categorize all the repos from across North America under one roof. Usually the cost is a one time small fee that's will put you light years ahead of the other boat buyers sifting the search engines.




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