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Saturday, January 2, 2010

2009: Boat repo firm breaking sales records

April 200 - FORT LAUDERDALE, Fla. – For boat repo and auction firm National Liquidators, 2008 was a record breaking year. Sales were up 86 percent, compared to 2007, to nearly $82 million and orders were taken to repossess 3,066 boats, the highest number of vessels in its 21 years of business, according to an article yesterday in the Sun Sentinel.

So far, 2009 looks even better. The company is repossessing about 380 boats a month, and the company’s president, Robert Toney, told the newspaper that number may increase to more than 400.

In addition, the average size of the vessels continues to climb. While Toney told the newspaper that most boats the company seizes range from 30 to 50 feet in length, an increasing number of repossession orders for 55- to 75-foot boats and larger have been taken.

The company was in the news earlier this week for repossessing jailed financier Bernard Madoff's 55-foot, $2.2-million, custom-built fishing boat for federal authorities.

National Liquidator’s subsidiary, National Maritime Services, impounded the boat, which is expected to be sold at auction to help repay investors Madoff defrauded, the newspaper reported.

Credit: Boating Industry

1 comment:

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