Current Challenges in Market for 2023/2024
We are just coming out of the fall boat show season. Atlantic-Cruising yachts had a company meeting to discuss the two main challenges facing our team this year. Many of us are aware of the rising interest rates and difficulty for clients to secure insurance for their boats. We had an insurance underwriter and a finance expert share some of their knowledge to help us educate our buyers so they can qualify and close on their new or used boats.
Many of you know this information but we need to be an expert and consult with clients about their
goals and how to achieve them. Taking the right courses, hire a captain for a period of time and help
them prepare their resume to present to the insurance underwriters so they are not denied coverage. It
should be one of the first conversations you have with your clients so they don’t get to the acceptance of
yacht stage or closing on a new boat and find out they cannot sail where they had planned.
We should be asking questions when we first meet our clients to find out their time frame and help them
achieve their goals since they hear many stories on social media and from friends and they assume they
will be able to retire, sell the house, buy and boat and sail away when in reality, they need to reverse
those steps and plan ahead so they can get their loan and insurance when the time is right.
Many years ago, I spoke at a Pentagon Sailing Club meeting in Northern Virginia. There were about a
dozen of the 50 or so members at the meeting who were retiring from the military soon and planned to
sell the house and sail away. Once I explained the best steps to achieve their goals, they changed plans
and ordered their boat while still working and owning their home. Once they closed on the boat, they
retired and sailed away with their loan in place while renting their home or maybe sold it a year or so
after starting their journey and paid off their loan and used rest of funds for cruising. I keep in touch
with many of them to this day and they are so thankful for the knowledge I shared so they could achieve
Denise Hanna, CPYB, YBAA Board Member