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This dramatic economic downturn across the U.S. has resulted in an ongoing surplus of repossessed collateral, most notably mid-class boats and watercraft. As a result we're still witnessing an open but slow and closing window of opportunity for boat buyers to find incredible boat bargains via. seized and repo auctions than ever before. Banks still need to deal with the remarketing of their repo boat collateral. Lenders are needing to liquidate boat repos within 120 days forcing them in many cases to simply move quick and accept whatever cash they can get or realize a total loss.

National Liquidators who is one of the largest yacht and boat auction liquidators used to have as many as 500 repossessed boats and watercraft for sale and currently inventory around 300 to 350 units. There are signs that the boating industry is recovering for sure. A few years back when banks were in a state of shock with plummeting boat values and inventories rising they couldn't give away the boats since nobody was buying them. But that was partly and perhaps significantly due to the fact that lenders weren't able to see what values really were back then.

Suntrust Bank's senior vice president Don Parkhurst, concurs and further comments on the remarketing of their boat repo collateral, "You've just got to lower the price to where you can move it. You've just got to take the hit." According to Parkhurst the glut of repossessions and the subsequent money tightening has led several marine lenders to pull out of the market in the last year. Parkhurst continued with the fact that there is still an awful lot of repos on the market right now. Many of which are mid-sized cruisers which represents the heart of the boating market.

Lenders are in uncharted territory with the numbers of repossessions and their plummeting values, and are trying to figure out how to catch up. With repossessions reaching unprecedented highs, lenders are scrambling to unload the vessels in an already flooded market and fetch enough money to avoid taking a complete loss.

With this surplus of bank repossessions lenders aren't sure how to react with plummeting values and are shocked in terms of how to keep their head above water. The last economic recession in the late eighties you could at least sell your boat. Today that's not an inspiring option. It's a supply and demand issue right now while banks are taking the brunt of it while smart buyers are capitalizing on some of the best values ever seen.

Buyers from overseas i.e. the Carribean, Europe and Canada are able to benefit at U.S. boat auctions two fold. The value of the USD as well as the glut of repo auctions across the U.S. particulary bank repo boats where you have a serious and motivated seller who's now willing to 'take the hit'. This has attracted international buyers scrambling figuring out how they can best transport their newest repo boat.