Yachts Being Repossessed as U.S. Economy Slows
The Associated Press


The marine industry is feeling the effects of the slowing U.S. economy, as boats from mega-yachts to sailboats and fishing skiffs are being repossessed, reports The Associated Press

National Liquidators, considered the world's largest marine repo company, has tripled its business in the past three years, and now takes possession of about 200 boats a month in Florida, Ohio and California.

James Hedrick, an agent with the Fort Lauderdale-based company, says folks will hang on to the house and the car, but boats and other toys, such as motorcycles and all-terrain vehicles, are going.

Record gas prices aren't helping, making boat trips more expensive. Marine diesel is about $5 a gallon in the U.S., compared to $3.40 last year, meaning a day on the water can cost $250 for some gas-guzzling yachts.

In April, Clearwater-based MarineMax, the largest boat retailer in the U.S., reported that sales fell 28 percent for its second quarter.