YachtWorld Gets a Lot of Hate, But Does That Make It a Monopoly?

GUEST POST: First Curtis Stokes and Now Catamaran Outfits Bail on Listing Service

This is the logo for a private Facebook Group dedicated to resisting YachtWorld price increases and named “Boats Group Has Gone Too Far.”

Preface: This article was originally written and published by Peter Swanson on “Loose Cannon” and is reproduced here in parallel by prior arrangement, as part of our team effort to cover this story to its full extent. — Phil Friedman

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“Frankly, I hope other brokers do stay on YachtWorld and waste their money.”

—Curtis Stokes

Has there ever been a more universally reviled player in the American marine industry than YachtWorld? Think about it for a minute. Get back to me.

YachtWorld is the dominant online multiple-listing service for selling boats in the U.S. Now it’s under increasing scrutiny because of a lawsuit seeking to disrupt the entire yacht brokerage system. Corporately speaking, YachtWorld is son of Boats Group, which is son of Permira, which is a British private-investment “megafund.”1

Boats Group and Permira are defendants in a federal lawsuit, along with more than a dozen big yacht brokerages and two major yacht broker associations, all of whom are accused of conspiring to engage in monopolistic practices that cheat boat buyers and sellers.

Read the Full Story Here: [Lawsuit Rocks the Yacht-Sales World]

Talk to enough brokers, and it will soon become apparent that (were their colleagues not defendant “co-conspirators” with Boats and Permira) many would be cheering for Ya Mon, the plaintiff which brought the suit and claims to represent thousands of people who sold boats over the past few years.

There’s even a Facebook Group for brokers who are hating on YachtWorld. “Boats Group Has Gone Too Far” is not very big yet. Its founders are urging members to “please invite 10 additional people” like an old-fashioned chain letter. In the group’s mission statement, they call YachtWorld a “borderline monopoly”:

Making money is making money. And yes, Boat Group offers some amazing tools. But the price increases have been unethical and we are all being held hostage with no power to effect change. It's time to get band together, share some ideas and create a collective voice so that our opinions matter. Boats Group has borderline become a monopoly, and we are NOT helpless to effect change if we work together.