OnBoard Magazine - Issue XIII - 2021 Season

W hat a difference a year can make. There is no shortage of stories about how the pandemic drastically accelerated changes across a variety of industries and individual lifestyles. The events of 2020 undoubtedly had a profound effect on many of us, but there was a silver lining—a largely positive impact in the housing, boating, and recreational vehicle industries. According to the National Marine Manufacturers Association, sales of new powerboats rose 12% in 2020, to a 13-year high. By all measures, boat sales sky- rocketed and are showing no immediate signs of slowing down. Much like the hottest suburban housing markets, the boating industry is seeing tremendous demand alongside historically low availability. The combination is driving up prices and is likely to ensure a strong seller’s market for the foreseeable future. “Sellers of otherwise average pre-owned listings are being rewarded with big offers and higher values than ever before,” says Bluewater Marketing Manager Blake Tice. Bluewater partner Earle Hall agrees with the analogies to the housing market, “It’s just like what they say in real estate; ‘if you sleep on it, you’re not going to get to sleep in it.’” Another result of the demand is a big backlog of new “retail” orders placed with manufacturers. It’s been no secret that boat dealerships and manufacturers have struggled to maintain inventory and meet demand while facing erratic materials costs and parts delays. But that’s where the used boat market is getting its time in the sun. Many builders saw the demand quickly rising last Spring, but few found themselves in a position to capitalize—their production lines frustratingly hamstrung by state or local shutdowns at the time. At many Northeastern factories such as Viking and Sabre Yachts, after looking out for the safety of their employees, the priorities shifted to keeping furloughed workers retained for a swift return. All of Bluewater’s new boat brands are now fully back to work and eager to meet demand but face new and unique challenges. The foremost issues are delays in acquiring both people and parts, according to Bluewater General Manager, Wyatt Lane. While he is understandably hesitant to forecast the future, Lane is ecstatic with how the marine industry has fared so far through the pandemic. “It is a relief when something so terrible happens and an industry can come out the other side with wins—for both the workforce and our customers. It is a huge jolt of goodness, which doesn’t happen often for us.” Squarely a discretionary spending activity, recreational boating has been one of the sectors often affected first, and most deeply by economic downturns in the past. Thankfully, this global shakeup and recovery is largely turning up roses for the marine sector. YOU ONLY LIVE ONCE Over the last year, buyers have exhibited an extreme commitment to getting a deal done. Prospective buyers that were previously on the fence, jumped all-in. Deals that had been in lingering negotiations for months, quickly firmed up. Folks who had been WHAT THE HISTORIC BOAT-BUYING SURGE HAS MEANT FOR BUYERS AND SELLERS 10 BLUEWATER