Knowing that it could benefit by tapping into the remarketing surge spreading across the marine industry, JOA created a new business under its umbrella called Southeast Marine Liquidators. The wholesale buying and auction division serves lenders by offering them a diversified service.
To bring the concept to life, JOA acquired two five-acre storage facilities and appointed technicians who were suited for assessing used product. Then it created an auction Web site — www.southeastmarineliquidators.com — that allows for open bidding within the United States and across international markets.
The auction process allows lenders, who have repossessed the units, to abide by current laws and regulatory concerns that typically crop up when you place these products with dealers. And as this segment grows for JOA, the business allows it to both drive up revenue and forge new partnerships with lenders.
Additionally, the system allows JOA to reach out to the wholesale lending community and offer a diversified service. JOA, with its 40 years in business, believes it provides lenders a better chance of remarketing the product quickly with the best return.
“The advantage,” Matthews explains, “is that we understand what it really takes to not only sell the boat but also to protect the lender’s investment from neglect and the undo wear and tear that the products tend to experience at an average wholesale or auction yard while maintaining the lender’s need to be impartial.”
Since traveling an initial learning curve in this new sector of the market, the company has made what Matthews says are “dramatic strides.”