NEWS

Boat Equity launches Australia’s largest online boat share marketplace  

22 July 2010

Boat Equity, Australia’s largest online boat share marketplace, is modernising boat share in Australia with a new model that has been created by boat owners for boat owners, who understand that boat share partners want a real sense of ownership and autonomy with no rigid rules or schedules.  

Boat Equity Director Russell Quinn established the company in Western Australia in late 2009 to deliver a boat share system that is equitable, easily accessible, secure, flexible and convenient. It includes rigorous attention to detail and has an ingenious structure to make the boat management process simple for the boat owner.

“We noticed there were many systems for boat share, but none of them really included everything we wanted. We decided to develop a boat share process and online system that covers all areas of boat share, so no longer will informal arrangements between family, friends or business partners end in disaster.”

“Boat Equity is an ideal option to formalise the process, which gives boat owners complete power to select the terms of their syndicate. And the beauty is that we’re not tied to one brand or manufacturer. We take all boats – big, small, new, used, and power or sail and we already have 30+ boats listed online with shares available,” Mr Quinn said.      

Boat Equity's simple process;
Boat Equity’s method begins with the boat owners negotiating the terms and agreeing to a set of rules that are formulated into a legal agreement to avoid potential conflict.

Once the arrangement is signed off the boat owners have access to an online booking calendar that clearly shows the dates they will use the boat. This can all be done from the comfort of their living room – or on-the-go to eliminate the need for several phone calls.

To make the process fair and equitable each member is allocated a certain number of points that is dependent on their level of ownership, which avoids common arguments about level of usage.
When a boat owner books their time on the vessel the other owners are sent an email and SMS notification, in addition to when maintenance happens, or damages might occur. 

An online logbook calculates the fuel usage for each trip and sends account reports to each owner and there is also a detailed account management that compiles a full report of usage at the end of the month via email.  If boat owners need to arrange for maintenance, servicing, insurance and cleaning this can all be taken care of by Boat Equity’s optional concierge service.

When it comes to selling the vessel shares can be marketed on the Boat Equity website (www.boatequity.com.au) via Boat Equity.

Taking Boat Equity to a national level; 
CRS Yachts has recognised the potential for Boat Equity in Australia and approached Boat Equity to have the exclusive license in NSW and Queensland in conjunction with where CRS Yachts offices are located in Rose Bay and Marina Mirage.
 
CRS Yachts Sales and Marketing Director Mark Chapman said: “We immediately saw potential in Boat Equity. There are many boat share options on the market, but none really compare to the model that Boat Equity has produced.

The process is simple for the boat owner because everything has been considered. With a detailed system and no fixed maintenance contracts or high management fees you can’t really go wrong.” 
“If you’re interested in syndicating your boat or would like to purchase a share in a luxury, high-end boat and live in NSW and QLD we encourage you to contact us for a consultation.  You really won’t be disappointed.

We already have a number of boats with shares available and can say from experience it is a completely straightforward process.” 

CRS Yachts and Boat Equity will be sharing a stand at Sydney International Boat Show held from 29 July to 2 August 2010 at Cockle Bay Marina in Darling Harbour, and will be showcasing a number of boats available via syndication.  



To see boats currently available via syndication or to sell shares in your boat contact Boat Equity on 08 9339 8800 or visit www.boatequity.com.au.  Alternately, you can contact CRS Yachts if living in NSW or QLD on 02 9327 8829 or visit www.crsyachts.com.au.  



Boat Equity - Example of usage;
In 2009 Grahame Duff, engineer and father of three, was looking to purchase a share in a boat. Although he loved the thought of owning his own vessel he knew that realistically he would have limited time to use it with his busy job, so couldn’t justify the expense. Having searched the internet and investigated different options his attention was drawn to Boat Equity.

“Compared to the other options Boat Equity was cheaper because it has minimal management fees, no fixed maintenance contracts and best of all I could coordinate everything online from booking time to coordinating servicing. In searching the Boat Equity website further and speaking with Company Director Russell Quinn I was confident in purchasing a ¼ share in a 46 foot’ Sunseeker Portofino.”

“In conducting research I also noticed many boat share agents allowed for 8 to 10 people in a syndicate. Boat Equity allows for this, but strongly advises against it because it destroys the ‘sole boat owner’ feeling you have when there is 2 to 5 owners. I was further convinced it was a system by boat owners for boat owners when they told me this.”

Grahame found each step extremely easy from coordinating the arrangements and legal documents with the three boat owners (four including Grahame) to synchronising bookings online and allocating costs.  Having used Boat Equity for over one year, Grahame is very pleased with how everything is tracking.

“Boat Equity really is the most comprehensive system available. It’s a one-stop-shop for those looking to buy or sell a share in a boat.

Boat share is a fantastic way to utilise a boat at a fraction of the cost. It’s also about usage. If I owned a boat myself I wouldn’t use it anymore than I do now. It just makes financial sense.”

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