The boating industry has gone through the BIGGEST transformation in the last 15 years. Due to the exponential growth and dominance of the Internet, mobile devices, social media, new technologies, combined with rising customer expectations and changing buying behavior, the rules of sales and marketing have drastically changed across all markets — and boat brokers must adapt or get left behind. 2019 will be a game changing year and here are my top 5 trends and market predictions.
Do I own my boat? A simple answer in 99% of cases. Everyone knows that once closingoccurs, title passes from the Seller to the Buyer. But what happens in those 1%?
Venue Change Announced for the 2019 Sail America Industry Conference, CPYB’s Earn 10 Recertification Credits: Register for Conference Here
Sailing conference to be held March 6-8, 2019 in Horseshoe Bay, Texas.
Yacht Sales Professionals – YSPs (brokers, dealers, salespeople) nationwide have a benchmark for measuring their skills, abilities and performance, while enhancing their marketing value.
This article was recently published in the California Yacht Brokers Association newsletter and is being provided to YBAA courtesy of CYBA.
The yachting industry is abuzz amidst the January report that a South Florida jury issued a $70.6 Million verdict against Island Girl Ltd., a Marshall Islands company that owns the Motor Yacht Endless Summer. Although the circumstances surrounding the case are now widely known throughout the industry, in summary, a crew member onboard Endless Summer was raped by another crew member. The victim sued Island Girl Ltd. for negligence in failing to provide a safe working environment among several other things.
Be prepared because during your client’s yacht ownership an incident, fire or accident will most inevitably happen. Being your client’s confidant means that when this happens, you will get a panicked call from your client looking for immediate guidance, which, is usually never Monday through Friday during business hours. As lawyers, we don’t necessarily like to think about it, but a part of our duty is to look at a situation and recognize what the worst-case scenario may look like, as we have counseled many clients through disasters and emergencies through the decades and, ultimately, predict how to mitigate or rectify the situation.
Wire fraud is ramped and simple to commit. Wire transfer instructions are emailed to the buyer from the seller or seller’s representative. The buyer complies with the instructions to the “T”. Within hours, the seller contacts the buyer asking if the money has been sent yet. The buyer checks with their bank and is assured that the funds have been transferred out. However, when the money has still not shown up, everyone begins to retrace steps. As it turns out, the wiring instructions were bogus. The email came from an address that looked very much like that of the sellers or sellers’ representative, but it was not actually theirs and was that of a hacker.