Twin Vee PowerCats has entered into an agreement to acquire BoatsForSale.com and YachtsForSale.com from OneWater Marine.
The digital platforms are among the largest online boat marketplaces in the US, with more than 42,000 listings.
The acquisition is aimed at positioning Twin Vee as a diversified marine and recreational company.
Twin Vee is a manufacturer, distributor, and marketer of power sport boats and was founded more than 30 years’ ago.
In 2023, the company acquired AquaSport Boats, a brand with more than 60 years of history.
The acquisition of BoatsForSale.com and YachtsForSale.com marks the latest step in Twin Vee’s strategy to diversify and scale its operations while maximizing shareholder value.
Our acquisition of BoatsForSale.com and YachtsForSale.com will be another step toward Twin Vee’s long-term growth strategy.
Joseph Visconti
“Our acquisition of BoatsForSale.com and YachtsForSale.com will be another step toward Twin Vee’s long-term growth strategy – one that emphasizes innovation, digital transformation, and strategic asset acquisition to increase overall company value,” said Joseph Visconti, CEO and president of Twin Vee PowerCats Co.
“We recognize the immense potential in the pre-owned boat market, valued at over $9 billion, and we are committed to ensuring these platforms continue to provide a frictionless, consumer-first experience similar to what we’ve seen with successful automotive platforms like CarGurus, Carvana, CarMax, and AutoNation.”
He added: “As the marine industry evolves, Twin Vee remains dedicated to finding and integrating key assets that not only drive revenue but also enhance the consumer and dealer experience.”
Advanced technology solutions
The company says it intends to implement advanced technology solutions into the platforms to create a more intuitive and efficient user experience for both buyers and sellers.
Twin Vee also aims to limit the rising costs of listing and subscription fees on brokerage sites.
“With BoatsForSale.com and YachtsForSale.com, we see an opportunity to offer a competitive alternative to other high-cost platforms,” said Joseph.
“We believe many dealers and private sellers are looking for a more cost-effective and dealer-friendly solution, and our vision is to provide just that.
“These platforms have the ability to disrupt the status quo by offering a more affordable, scalable, and innovative approach to online boat sales.”
He added: “Our focus remains on building high-quality, performance-driven boats, but we also recognize the immense value that digital assets bring to our ecosystem.
“By investing in these online marketplaces, we are positioning Twin Vee as a forward-thinking company that embraces new technologies, expands its reach, and delivers long-term value to shareholders.”
