Marine Lenders Hold Annual Conference

The National Marine Lenders Association held its 42nd annual lenders conference this week in Park City, Utah, with more than 180 attendees from 76 businesses.

Chad Lyon, managing director of Marine & RV at Wells Fargo Distribution Finance, reported that supply chain issues are showing modest improvement, the NMLA said in a statement on Monday. Wells Fargo research shows the industry gained 32,000 first-time new boat buyers, and 80 percent of new boat buyers are still in boating after five years. Sixty percent of new boat buyers are still in boating after 10 years.

The keynote address was by Eric Herdman of SkillPath Solutions, “Inspiring Creativity with a Positive Attitude.” Four seminar sessions followed.

Lenny Sims, of J.D. Power and Associates, shared his views on the unprecedented increase in collateral values and where they may be headed.

Attorney Theresa Bennett discussed the four areas lenders must be educated and diligent in when financing foreign-owned and registered yachts that are entering the U.S.

Kathi Ford, of the American Vessel Documentation Association, provided insight into the acceptance of electronic documents, including eNotary and eSignature.

Chet Heughan, from AppOne, highlighted its loan electronic solution that enables lenders, dealers and finance service companies to better manage the origination and documentation of retail finance loans.

The annual event, at Chateaux Deer Valley, includes bank, credit unions and finance companies that offer retail and inventory financing for the boating and yachting industry. Associate members providing services to the lenders include maritime attorneys, U.S. Coast Guard documentation and title companies, marine insurers, repossession and liquidation businesses, marine technology providers and industry associations.