repossessed catamarans for sale near melbourne vic

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Bargain sessions with repossessions!

What is a repossession and why does it mean good things for a bidder?

An auction that features repossessed assets can be a treasure trove for a bidder looking to get a high value item for a bargain! Just about anything can be repossessed so it’s definitely worth keeping an eye out for those items in our auctions.

But the real common area is repossessed vehicles and recreational assets, so if you’re on the look out for a new boat or jet ski this summer you’ll want to be on top of repossessions and how they work!

What is a repossession?

There are two different types of repossessed goods, commercial and private. Commercial repossessions are generally because of a business liquidation. Liquidations often happen when a business can’t pay its debts or bills. The company’s assets are now sold off in an attempt to pay the remaining debt or bills!

For example, if a business buys a car for $50,000 but now it’s only valued at $40,000 but they still owe the financier $45,000 it means there is no equity in the asset to repay further debts. The bank can take the car and sell it to try and get as much money back for it as possible.

If they only owed the bank $35,000 and there is equity it will be sold as a liquidation asset by a liquidator. They sell the car, pay the financier what they are owed and use the remaining money to pay further creditors.

The bank or a liquidator seize the assets, have them valued and sell them on behalf of the company. This is where we come in.

Repossessed Assets and Auctions

In many instances a valuation is conducted and then the goods are released to public auction. The same goes for the repossession of personal goods. If someone takes out a loan or finance in order to purchase an item and then can no longer afford to pay it off, the asset is seized, valued and sold at auction.

Repossessed goods are normally sold at the first auction as the financier is looking for an immediate return. Sometimes they will even go through completely unreserved!

Why buy repossessed assets?

Anything can be repossessed and sold through auction with us. We have had everything from gym gear right through to massive excavators! But most of the time it is assets like cars, motorbikes, boats and jet skis that get repossessed.

The assets are generally only a couple of years old as most people, including businesses, buy them brand new with a three to five year finance plan to pay it off. It can be as soon as six months when it becomes clear they cannot pay their bills and the asset gets repossessed.

The assets are also usually high value. Paying a purchase off through finance or a bank loan means people tend to afford the best of the best!

So basically, repossessed vehicles or liquidation assets are high value, low age and have to be sold. And in many cases, this means great savings for the bidders!

Keep your eyes peeled, particularly in our fortnightly Motorbike, Marine and Recreation auction for bikes, boats and jet skis labelled as repossessed. Our weekly Used Cars auction is a good one for repossessed cars!

Want to be the first to know about any repossessed vehicles here at Lloyds?

sign up for email alerts straight to your inbox when our Used Cars and Motorbike, Marine and Recreation auctions open!

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Matt Kalinski

Head Of Valuations

Qualifications & Affiliations

American Society of Appraisers Candidate Member

Certified Practicing Valuer AVAA

Matt has been in the valuations space for many years and has extensive experience in the space across an abundance of various industries. He now leads the valuations teams for Lloyds Auctions with a passion for encouraging his team to set and achieve high goals and produce great results for the company whilst growing the team’s skills starting with a great culture and team mindset. 

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At Pier 35 Boat Sales, our  boat dealers in Melbourne, Victoria  offer the finest range of used boats for sale in Victoria. We stock only well maintained, low hour luxury boats that pass our stringent inspection process. All our pre-loved and second-hand boats for sale are in pristine condition and undergo a comprehensive inspection, service, mechanical overhaul and thorough cleaning, detailing and outfitting.

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At Pier 35 Boat Sales, we are also trusted boat brokers. Representing private sellers, we make the sales process easy and ensure you get the best price for your boat. We only deal in well maintained, low hour boats in pristine condition. Each of our used boats has to pass stringent safety, maintenance and condition inspections carried out by our expert mechanics. As a full service broker, we can handle all aspects of the sale including repairs and maintenance, wet or dry docking, cleaning and detailing, as well as all the sales, financing and insuring.

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If you’re looking for used fishing boats for sale , we can help. We stock a wide range of premium quality, luxury fishing boats, as well as one of the best selections of commercial fishing boats for sale in Victoria .

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If you’re looking for a luxury boat for sale in Melbourne, you’re at the right place. Pier 35 Boat Sales is one of the most trusted names in sports cruiser and motor boat sales in Victoria. We specialize in all aspects of boat sales, purchase, marketing, management and brokerage of the finest launches in Australia.

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