News Home Video Gallery Newsletters Photo Gallery Cruising Int
Sail-World.com : Job done with Marine Auctions (Part II)
Job done with Marine Auctions (Part II)

'Adrian Seiffert with a Riviera Sports that was auctioned recently.'    Marine Auctions

In Part I, we got to learn some home truths about selling and buying boats from Adrian Seiffert of Marine Auctions. Part II is all about the new ways Marine Auctions are going to assist you with the sale of boats, pens and other marine items.

Marine Auctions have been reviewing moving online for around 18 months before commencing. It’s a far cry from the early days when they made and physically sent out expensive brochures. They were trialling some items and ensuring the accuracy of their 40 to 50k email address database, which they know gets on-sent to possibly 220 to 250k more. How? Well one person phoned to ask where the office in California was, as he wanted to pop down. Interestingly, there are very few dedicated marine auction services around the globe today, which is why Marine Auctions works so hard to target their information to all potential buyers and why opening the equation to a global audience has been an important step for them.

‘Without all the buyers from all over the globe, many of our vessels would not have sold or achieved the sale prices they did. Historically, we have always had lots of telephone bidding and very recently, a 49’ steel sloop designed by the late Ben Lexcen would not have sold to a buyer in Spain without global reach and telephone bidding. We'll have both types of online auction as we expand the service. There will be those timed to run for just one week and also fully live and in real time, so there are no issues running them concurrently. The latter will continue to have our selection limited to no more than 40 or 50 boats.’

The first live online and simultaneous bidding auction will be held at the Rivergate International Boat Show from 5th to 7th October, 2012. Four vessels from Noble with unreserved price tags will be one of the highlights. ‘We cannot sell every boat out there, but we are somewhat unique in that we also sell berths and other marine assets. Part of me feels that in five or 10 years’ time, the whole thing may well be all conducted online and that includes pens and other assets. Berths are now about 50% of what they were, and in comparison to other countries, they’re even cheaper again. One client bought his pen at our auction and put his boat there. He flies in for a month and uses the boat. To him, one year at Hamilton Island is the same as one month in his native Hong Kong’, commented Adrian.

Adrian Seiffert with one of the brand-new Noble's Marine Auctions has on offer. -  Marine Auctions  

‘We would get 20 to 30 enquiries for all of our boats. Some are perhaps just sniffing or very much looking for a bargain, but there will easily be four or five bidders who miss out on each vessel. The terms are simple - 10% deposit and balance in seven days, and we get an unconditional offer on nearly every boat, as well.’

Technology has certainly expanded the possibilities, just as much as the potential market base, ‘We’re always looking to upgrade our software and make it more user friendly. At one point, we may have had 200 vessels from one brand alone sitting around Australia on consignment, but the manufacturers are now only building to order. More than one global manufacturer is talking with us right now, as they see us as potentially a new channel. Everyone is looking for ways to sell boats and not parking them in lots. The last new boats from Noble that we sold only recently all came from being on consignment with dealers around country and all sold above their reserve price. I do feel this will be an expanding trend, as we are selling 30 to 40 pm from 18 to 100' (private and commercial) and some brokers would not sell that in a year.’

The Internet certainly has made its impact, but it seems the humble digital camera has become the weapon of choice. When I look at a boat, I just go click, click, click, as the camera is my memory. I take three cameras with me - two digital and the phone as a backup. To a degree and in certain applications, I can now do desktop valuations. Simply send 100 pictures or more and the specifications and we can get it done. This was not possible even five years ago and it is more time efficient and cheaper, as well. One purchaser commented before buying that he did not need to be sent the boat’s specifications, as he could see them from the 150 images we’d sent through. We are opening a bigger market for our sellers here in Australia and really the world, I guess. If a prospect cannot get to a boat, then we can send them a list of a dozen or so surveyors nearby and then they can bid over the phone or online. That and all the images seem to be more than enough. It is very much an open market and you must be more proactive than ever before. Days are gone of ad in the paper and expecting people to turn up for both selling a boat and auctions themselves are over. I find a lot of brokers saying the phone is not ringing. Ours are going all the time.’

Marine Auctions are careful to take pictures of everything, so that you can really see what you're buying. -  Marine Auctions  

Now if the banks are talking with them, then the clearance rates must be something. ‘Ours are down a little from 18 months ago. I hope to get all the lots unreserved in time. This is happening a bit with earth moving at the moment and there can be $100m worth of stock in the one auction and they’re all unreserved. Currently, during a lot of our auctions, an owner will downgrade the reserve as we’re underway, so that their vessel gets sold. Everybody is a valuer now, as a result of the Internet. Historically, the difference between the advertised price and the selling price was around 20% and I feel it may be a bit more now. The market has bottomed and we will never see it at previous levels again. There are still buyers for boats and our enquiry rates are huge, with a lot of people from the mining sector, especially. From all our enquiries, we’ll move 50% on the day and within two weeks we have achieved 70% clearance, no matter whether it was two or 50 boats on offer and they are all cash buyers.’

‘I love the challenge and I love achieving. When we sell and the vendors smile, it is great. The days of dealers with a yard of boats, ads in papers and expecting people to show up are gone and hence the number of organisations that are closing their doors’, said Adrian.

It is a really tough market around the world now, yet Marine Auctions are getting results. You may wonder why you’d choose now to be pretty much at the leading edge with the online auctions and when you consider that there are a lot of physical aspects with an asset purchase of this nature. Perhaps it is how you define service, which is more than just images and phone calls. ‘I want my staff to have huge phone bills each month’, said Adrian. ‘The biggest thing with service is to contact our vendors every few days to provide feedback from the enquiries. We get up to 10,000 hits a day on our site. The word ‘auction’ may offer connotations of low prices, but it is our job to get the best price and thus create that market level.’

Adrian then went on to describe a few instances where not just the volume of enquiry was important, but also quality. Two stand out, like the widow who had not been able to move her late husband’s boat. It had been listed for 18 months at $20k over the odds and not moved. She got the new price and was so delighted that she even gave Adrian a case of wine. Seems she very much appreciated the fact that the differential was nothing in comparison to the holding costs. Another was a large vessel Marine Auctions had put $4.5m on and the bank had stipulated $4.5 as the reserve. Come the day of auction, Adrian thought they may get closer to $5m as there had been 160 real enquiries from the right people. The cheque was written immediately after the auction for the final price - $5.5m.

There are a lot of adages riddled throughout this article, but there appear to be even more that are appropriate. Adrian highlighted a few, ‘Sometimes the craft you think will sell, actually don't get a lot of action and yet others that would be classed as challenging, get a lot. Go figure. I can tell you though, that project boats are usually hard to move. I have also seen bidders get lost in the sport of the auction, because they are so competitive. Conversely, an offer at the right time still works. Finally, do not judge prospective buyers. I have seen many appear and some may wonder if they could afford a piece of rope, let alone the whole boat. Another asked if he could look over a boat. Given a positive response, he stripped down and jumped over the side to review the hull. It certainly takes all sorts...’

When you boil it right down, if you need to get the job done, then you probably need to have a word with the team at Marine Auctions. Quite possibly the only thing you have to lose is the title to your boat or pen, as you hand it on to the next owner, and that will leave you free to do whatever it is that you need. Nice work, eh?

Pair of Mercruiser sterndrives powering the Riviera Sports. -  Marine Auctions  

Helm station of the Riviera. -  Marine Auctions  

Down below in the main saloon of the Riviera. -  Marine Auctions  

Owner's Stateroom up for'ard on board the Riviera. -  Marine Auctions  

Read Part I here


by John Curnow

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=102593

3:45 AM Fri 5 Oct 2012GMT


Click here for printer friendly version
Click here to send us feedback or comments about this story.

Click for further information on
Marine Auctions On line Auctions

Related News Stories:

10 Aug 2012  Marine Auctions broaden appeal online
31 Jul 2012  Online Marine Auctions - buy and sell boats with unlimited scope




Cruising USA

The Marion to Bermuda Cruising Yacht Race have announced the opening of registration for its 20th anniversary, which will commence on June 19, 2015. Supported by the Beverly YC of Marion, Mass., the Royal Hamilton Amateur Dinghy Club of Paget, Bermuda, and the Blue Water SC of Boston, Mass., the race is open to seaworthy yachts appropriate for an offshore ocean race as defined in the USSER. ... [more]  

Just the thought of falling overboard scares most sailors into a 'stay-aboard-at-all-costs' mindset. And yet this most serious of sailing emergencies does happen now and then. Recovery will be tough no matter what the marine weather conditions. ... [more]  

If a car or truck's vanity license plate can tell you a lot about the person behind the wheel, what can a boat name tell you about the person behind the helm? ... [more]  

The Cauden Basin in Port Louis has come alive with rally atmosphere over the last week. Transformed to a vibrant marina with yachts dressed overall, boat parties and welcoming new arrivals has made for a great spectacle and an exciting place to be. ... [more]  

Boyan Slat is a 20-year-old on a mission - to rid the planet's oceans of floating plastic. He has dedicated his teenage years to finding a way of collecting it. But can the system really work - and is there any point when so much new plastic waste is still flowing into the sea every day? ... [more]  

Tell me what self-respecting Galley Guy could possibly (while on the beautiful island of Barbados) turn down an opportunity to tour the famous Mount Gay Rum Distillery? For sure, not this Galley Guy! Sadly, the other Galley Guys did not get the call. ... [more]  

Nv charts announces the release of their newly updated chart set for Region 9.1, Bahamas Northwest, including Bimini and Berry Islands, Nassau to Abaco, and Grand Bahama, for 2015-2016 in paper and digital format. ... [more]  

We are northwest of the southern peninsula of Haiti lying within radar range south of Guantanamo Bay, Cuba and drifting in the current in the direction of Port-au-Prince at less than a knot. ... [more]  

The 60ft Makayabella was stormed by elite members of the Irish Navy some 200 nautical miles off Mizen Head - Ireland's most southerly point - in the early hours of Tuesday, September 23rd. Five men, including the three onboard the yacht and another two in England, have been arrested and police are hunting for a sixth man in connection with the seizure. ... [more]  

A pearl among Gulf Islands parks, this sandy haven is ideal for hiking, beachcombing, birding, fishing…or just hanging. Sidney Spit is a park of superlatives. With the best sandy shores, the best sunsets, the best crabbing and some of the best hiking in the Gulf Islands, it’s no wonder it’s a hit with just about all who visit – for a few hours, a day or a week. ... [more]  

Vast, magnificent and remote, Prince William Sound offers the ultimate adventure for cruisers on North America’s West Coast. Few cruising boats visit beautiful and remote Prince William Sound. Some 2,800 square miles in area and situated at the very northern tip of the Gulf of Alaska, this inland sea has a coastline equal to that of Oregon and California combined. ... [more]  

Cast off on a cruise on someone else's boat and you'll want to remember to pack those basic essentials that form the foundation of your personal 'sailing ditty bag'. Each sailor will have their own ideas of the best gear to bring aboard. But here are some pieces of gear I've found to come in handy time and again, day after day. ... [more]  

This was our eleventh Malacca Straits passage, and it turned out to be just like some of the others - a pain in the neck. Keeping in mind that the boat hadn't been actively used for fifteen months, we started cautiously with a 40 mile passage from Singapore to Pulau Pisang. ... [more]  

The Marion Bermuda Race and Harraseeket Yacht Club are thrilled to announce a cruising yacht rally from Maine to Marion in advance of the 2015 Marion to Bermuda race. Called the M2M2B, the rally will be an enjoyable and convenient way for Maine-based yacht skippers to sail from Maine to Marion, MA as they stage their boats for the 2015 Marion-Bermuda race. ... [more]  

The Australian Institute of Marine Science (AIMS) revealed in a peer-reviewed journal, PLoS One on October 9th that inshore reefs are particularly vulnerable to Ocean Acidification (OA)* on the Great Barrier Reef (GBR). 'We found that inshore reefs were particularly vulnerable to ocean acidification (OA) during the wet season. ... [more]  

Estimating the diversity of life by Australian Institute of Marine Science
How many species are on Earth? Answering this simple question is not easy, but essential if we are to understand impacts of global change and manage environmental resources successfully. Without baseline knowledge of how many we have or what we have in different places, how do we know what we have lost, or might lose and how do we manage these natural resources to minimise extinctions? ... [more]  

NOAA, with assistance from the U.S. Coast Guard, will manage the historic wreck of Diamond Shoal Lightship No. 71, the only American lightship to be sunk by enemy action during World War I. The two agencies signed a formal agreement between NOAA’s Office of National Marine Sanctuaries and the Coast Guard’s Historian's Office last month. ... [more]  

A British couple was rescued off Spain's Almeria coast after their 21.6m yacht caught fire. The Coastguard and the 112 Emergency Coordination Service received several reports of a flare going up 12 nautical miles east of Carboneras at 11:30pm on Saturday. ... [more]  

We sail with just two crew most times, so it was amazing to visit a vessel with a ship's crew of 3000, plus another 3000 'passengers' being the various air wing teams deployed aboard. That's 6000 people on a ship that is 1000' long, and displaces 192,900 tons. ... [more]  

Nature’s Own founder Vaughan Bullivant had previously hoped to get around $65 million for the Daydream Island resort he paid $25 million for in 2000. But with his health deteriorating and the island failing to sell in two years, agents have convinced Mr Bullivant to lower his expectations — and the price — to about $30 million. ... [more]  

After sailing approximately 2350 nautical miles, the first of the World ARC fleet has arrived in Port Louis, Mauritius. Nexus, the 17.90 meter Semi Custom Catamaran skippered by Russell Owen, arrived today in the late afternoon. Completing the passage in 13 days, a warm welcome ashore greeted them with offerings of fruit and rum! ... [more]  

A new research project being run by the Royal National Lifeboat Institution (RNLI) with the support of the Maritime and Coastguard Agency (MCA) and the Royal Yachting Association (RYA) is exploring attitudes towards risk and safety, and the various ways yacht sailors participate in their sport. ... [more]  

Will your lifelines pass this sailing test? by Captain John Jamieson, Florida
Most production sailboats have lifelines these days, but just how safe are they. Would they keep your sailing crew or partner, spouse or family members safe in all sailing weather-fair or foul? Put your lifelines to the test today with these five easy sailing tips. ... [more]  

After her gruelling and eventful maiden voyage of over 8000 miles, Aventura was left in the care of the New England Boatworks in Portsmouth, R.I., to give her a thorough service before being exhibited at the Annapolis boat show. With everything done on time, my crew joined me last Saturday ready for the passage to Annapolis. ... [more]  

Super Typhoon Vongfong reached sustained winds of 155 mph (250 km/h) this morning (Oct. 7), with gusts of up to 190 mph (306 km/h), according to the U.S Navy's Joint Typhoon Warning Center in Pearl Harbor, Hawaii. ... [more]  

The Commander in charge of the warship that helped rescue a stricken sailor says she is proud of her company. Conditions during the drama, which began with a May Day distress call on Monday afternoon, were intense, with heavy rain, wind, little light and an incoming electrical storm. ... [more]  

Earth Wind Map - with typhoons by Sail-World Cruising
The Earth Wind Map is an amazing project to visualize global weather conditions carried out by Tokyo based software engineer Cameron Beccario, resulting in a beautifully mesmerising depiction of the earth's winds. Weather data is produced by the Global Forecast System (GFS), operated by the US National Weather Service. Forecasts are produced four times daily and made available for download from NO ... [more]  

For the first time, scientists have used an unmanned aerial vehicle to study killer whales from above. The device they're using is a remote-controlled hexacopter with a high-resolution camera mounted in its belly, and the photos it produces are beautiful and full of detail. The images offer an entirely new view of this species. ... [more]  

Having taken Operation Command of the EU Naval Force at the end of August, a priority for Major General Martin Smith MBE was to visit the Horn of Africa and the east African region to strengthen ties with the EU’s partners and highlight EU Naval Force’s commitment in the fight against Somali piracy. ... [more]  

Since leaving the paradise of the Cocos (Keeling) Islands exactly one week ago, the World ARC fleet have made good progress towards their next destination of Port Louis, located on the western coast of Mauritius. Awaiting the fleet is a beautiful island with its blend of diverse cultures and religions including Hindus, Creole, Chinese, Muslims and Europeans. ... [more]  

Woods Hole Oceanographic Institution (WHOI) researchers are part of a collaborative effort to understand and monitor changes in marine biodiversity within U.S. coastal waters. Marine biodiversity is a key indicator of ocean health and critical to sustaining natural resources such as fisheries. ... [more]  

In preparation for his forthcoming circumnavigation with the Blue Planet Odyssey round the world rally, Jimmy Cornell completed this summer a grueling test of his new 45 foot Aventura, an Exploration 45 aluminum centreboard yacht built by Garcia Yachting in France. ... [more]  

Join Andy Schell and Mia Karlsson, event managers at our World Cruising Club USA base, for the 45th edition of the Annapolis Sailboat Show. For the first time, WCC USA will be featuring a boat in the show (in lieu of a booth this year), to demonstrate what it takes to make a classic cruiser into a proven bluewater voyager. ... [more]  

Canadian shipwreck discovery solves 170-year-old mystery
British couple help stranded Syrian refugees to safety
Blue Planet Odyssey yacht completes Northwest Passage transit
World ARC fleet embarks on leg 11, across the Indian Ocean
Pantaenius and Camper & Nicholsons Marinas become strategic partners
How to make a distance scale for faster navigation
New maps of the polar regions reveal unseen world beneath the ice
Naval Commanders talk on-going piracy threat at sea
Erie, Pennsylvania - Small place, big boating
EU Naval Force frigate, ESPS Navarra aids yacht in the Gulf of Aden
Insurance, towing and safety 'provisions' reminder for snowbirds
A guide to steering without a rudder + Video - a must read and watch!!
You scratched my seagrass!
Cocos Keeling Islands - Yet another paradise for the World ARC fleet
Hurricane Odile: Two Brits missing in Mexico after yacht overturns
Sailor texts girlfriend for help after yacht sinks in Bristol Channel
Gas safety: don’t let it go off the boil
Arctic sea ice summer minimum 2014: A scientific perspective
British Virgin Islands, a taste of Caribbean cruising
The Galley Guys take on the Vancouver International Boat Show
Are you ready to enter that marina?   
Cruising the Bay of Quinte and Thousand Islands   
Ten safe and clean refueling tips for boaters   
World ARC fleet moored at Christmas Island   
Blue Planet Odyssey welcomed to Bora Bora   
Remember to properly dispose of obsolete distress beacons   
Blue Planet Odyssey - Aventura makes landfall in the US   
World ARC fleet bids farewell to Bali   
Antarctic Team discovers mechanism for massive ice shelf collapse   
Baltic 4 Nations - Next edition sets sail July 2015   
BoatUS offers 'Boater's Guide To Winterizing'   
Yachts prepare for second Atlantic Odyssey, departing this November   
Thai drama with Phuket yacht clampdown   
Sailing Rallies launch two new events at PSP Southampton Boat Show   
World ARC crews in Bali   
Could your sailing navigation use a tune-up?   
Images of marine sunsets by Tripadvisor   
Citizen science model proposed to fill fundamental ocean data gap   
Ocean Cruising Club celebrates 60th Anniversary with record gatherings   
The Boat Cookbook   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News





Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW Cru USA
LocalAds   DE  ES  FR  IT