May 13, 2008 7:09 pm US/Eastern
Boat Repo Businesses Boom In South Florida
MIAMI (CBS4) ―
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The Miami International Boat Show may no longer be pulling in the kind of local customers it used to.
CBS
Another disturbing sign of the times has taken hold across South Florida, and it shows the foreclosure crisis in an entirely different light. More and more boat owners are sinking in debt, and this has local boat repossession companies booming with business.
National Liquidators, a Ft. Lauderdale vessel recovery company has seen its business triple since the credit crunch.
Bob Toney founded the company and says he's had trouble finding space to store all the foreclosed boats that banks have asked him to auction.
"That source of people's income is dried up and they're not able to pay for the luxuries that they once could," said Toney.
His company is receiving about 120 boats a month, compared to the average of 40 a month he would get a few years ago.
But the misfortune of many has become a good chance for others to cash in on a good deal. Giorgio Rondinini is a dealer who helps sell the repossessed boats to Italian and other European customers.
"Currency exchange makes things very easy for Europeans now," said Giorgio Rondinini. "Actually they feel they get a great deal."
Some boats are selling for as much as 30% under wholesale value.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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