Brexit and the Implications for the American Boat Buyer
June 30 2016
By Andrew Cilla, President Luke Brown Yachts
Derek Jarman. Luke Brown's European AgentLike most of you, I woke up Friday morning thinking that the UK had voted to stay in the EU. I started off the day as I do every weekday morning, watching CNBC business news. I was shocked to realize that the UK had in fact voted to leave the EU. Watching the world markets nose dive, I became alarmed and started to ponder how this going to affect me, my family, and my business.
As fate would have it, Mark Grant, the internationally recognized financial guru, was on CNBC discussing his outlook on the European Union post Brexit. Mark is a Luke Brown client and friend whose Dutch trawler we sold a few weeks ago. I highly respect his financial acumen and level headed approach to macro-economic forecasting. Fortunately Mark was assuring the audience that things would work themselves out, markets would adjust, and the ramification of Brexit wouldn't be as horrific as many had forecasted. Mark Grant, Financial Guru
Soon after Mark's interview I picked up the phone and called Derek Jarman, Luke Brown's European agent. Derek has represented us out of Southampton, England for over 25 years as a sales broker and project manager.
He assured me "the sky isn't falling" and that all will be fine. That conversation then segued to...."hey Derek I bet it's a great time to buy a boat in the UK". That conversation lead to my phoning the listing broker of a Nordic Tug located on the Hamble River. It's a listing that I had been following because we are a Nordic Tug dealer and this particular Nordic Tug appeared to be in superb condition. With the dollar having gained strength against the pound as of late, and with the huge overnight adjustment, I recognized that there is a unique opportunity to use a very favorable exchange rate to shop for boats in England.
I have fond memories of cruising the south coast of England many years ago and the thought of acquiring a Nordic Tug to revisit many of my favorite destinations had my brain swirling. Wow, how cool would that be! I buy a Nordic Tug at a huge discount, enjoy her this summer and then ship her back to the states for the fall selling season.
Those of us from North America can trace our yachting heritage back to England. The English have done more to bring yachting into the 20th century than any other nation. Today, England remains one of the major manufacturers of popular power and sailboats. Brands such as Sunseeker, Oyster, Fairline, and Princess Yachts epitomize the British marine manufacturing industry.
If you would like to explore the opportunity of acquiring a vessel in England, Luke Brown Yachts is uniquely positioned to assist you in this process. Derek Jarman, our UK agent, along with the corporate support staff based in our Fort Lauderdale headquarters, can efficiently and effectively direct you to the opportunities that exist and assist you in the acquisition, support and transportation of your next yacht.
Our clients are always welcome to contact me at andrew@lukebrown.com.
I love talking about boats and would enjoy the opportunity to refer you to one of our talented brokers, as well as to introduce you to any of of the many service providers we use and respect.
