AI-powered marine technology company NextBoat has partnered with recreational boat and yacht retailer MarineMax.
Under the agreement, MarineMax becomes the first enterprise dealer group to adopt the NextBoat AI platform as its preferred wholesale partner.
The partnership will route a share of the trade-in and pre-owned inventory it liquidates through the platform-where the inventory will be evaluated, marketed, and sold into NextBoat’s nationwide network of wholesale buyers.
MarineMax has around $2.3 billion in annual revenue across 120 locations worldwide and is expected to drive increased volume across the NextBoat AI platform, which the company believes will accelerate the growth of its marketplace, data and financing businesses.
The NextBoat AI platform provides AI-powered vessel valuations supported by real transaction data, wholesale bidding and nationwide buyer access alongside real-time transaction management and deal tracking.
In addition, it provides automated workflow and communication tools.
Revenue opportunities
The partnership will also enable long-term revenue opportunities through financing and marine insurance, with the recurring revenue stream set to become a valuable components of NextBoat’s business.
As part of the partnership, NextBoat will leverage Newcoast, MarineMax’s finance and insurance arm, to provide financing and insurance solutions across transactions originating on the platform.
“For 15 years, I’ve believed the marine industry deserved the same technology, transparency and scale that transformed automotive retail,” said Jason Ruegg, founder and executive chairman of NextBoat.
“Today, the largest and most respected company in our industry has chosen to deploy the platform we built – we believe that validation speaks not only to what NextBoat has built, but to where this industry is headed.”
Innovation
MarineMax anticipates the partnership will improve efficiency and customer service.
“This partnership brings together two industry leading organisations committed to innovation and improving the trade-in and preowned customer experience,” said Kyle Langbehn, executive vice president and president of retail operations at MarineMax.
“Additionally, the partnership with Newcoast will drive meaningful finance and insurance revenue with the industry’s leading team and products.”
NextBoat was founded in 2012, and was previously known as Off The Hook YS Inc.
The company operates across boat brokerage, wholesale inventory acquisition, auctions, financing and marine services.
