It’s expensive not to sell a boat. That’s the basic premise behind Boathouse Auctions, where director Jack Mahoney says two types of yacht owners are now having success. “One is, ‘I have the best boat, but I don’t know how many days it’s going to take,’” he says. “The data shows the boat might be on the market half a year or three quarters of a year, so they might choose to explore Boathouse Auctions because of the time value of money, to have the boat sold in 40 days.” The other type of owner has a boat that’s been on the market for a while. “They’re frustrated,” he says. “Nobody wants to buy the boat.”
Instead of waiting indefinitely for a buyer and carrying the ownership costs, the auction moves the process along with a reserve price that must be met. “It’s really the market and the seller wanting to take more control over the market,” he says.
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