This has without a doubt been a banner year for buying boats at state or local repossession auctions. As a frequent boat auction junkie myself it’s typically accepted that a vessel sold at auction will deliver a 15-20% savings compared to retail.

That’s big!… especially when you figure larger boats retailing over $100K..the savings can be really be significantNow fast forward to now where boat auctions has only served to up that percentage.

Boats auction in the U.S. — especially in the big four states (Florida, California, New York, and Arizona) are seeing banks and credit unions more aggressive in their re-marketing strategies of non-performing assets. SunTrust Banks Senior VP, 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 USA with most every lender has attracted new buyers who can now literally buy a late model vessel for suprisingly less than what a new boat buyer threw down 3-4 years earlier 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 international buyers 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.