Boats damaged by Superstorm Sandy are being auctioned to dealers at a fraction of what they were once worth, according to an article in the Asbury Park (N.J.) Press.
QCSA Direct, a national auction firm with headquarters in Iowa, started online auctions in February to sell hundreds of Sandy-damaged boats and recreational vehicles that are now at the Monmouth Executive Airport.
“It’s everything but cars,” Simon Smock, logistics manager for QCSA Direct, told the newspaper. “There are everything from scooters to 30-foot boats.”
The damage Sandy inflicted on the recreational boating industry was enormous. BoatUS estimated that 65,000 recreational boats were damaged, with a dollar value of $650 million, making it the largest industry loss since BoatUS started keeping track in 1966.
QCSA Direct came to New Jersey to help several insurance companies recover boats and vehicles damaged by Sandy and take them to a temporary salvage yard at the airport, where they were inspected, Smock said.
Those that could be repaired were. The rest, deemed total losses by insurance companies, will be sold to dealers, some at initial offering prices as low as $5.
The boats and vehicles are sold under a salvage certificate, Smock said. That means they can’t be put back onto the road or water unless they have been reconstructed, he said.
Even then, the new title will denote the boat or vehicle has been damaged so “nobody can be duped in the future,” Smock told the paper.
But not all of the items sold at the online auctions will end up rebuilt. Some dealers buy them for parts or to recycle the materials.
The auctions are open to dealers only, but QCSA Direct can put individuals in contact with brokers if they want to purchase items for sale, Smock said.
Auctions, online at www.qcsadirect.com, last about a week each and end on Wednesday. The auctions will continue for at least another month until all of the roughly 300 damaged boats and vehicles that remain are sold, Smock said.Click here for the full story and video.