National Marine Lenders Holds Annual Conference

The National Marine Lenders Association (NMLA) kicked off its 42nd annual lenders conference at The Chateaux Deer Valley, Park City Utah, on August 28 with an opening reception for the 180+ attendees representing 76 different businesses. The conference is a highlight of the year for NMLA members, which include bank, credit unions, and finance companies that offer retail and inventory financing for the boating and yachting industry, as well as associate members that provide services to the lenders such as maritime attorneys, USCG documentation and title companies, marine insurers, repossession and liquidation businesses, marine technology providers, and industry associations.

Eric Herdman of SkillPath Solutions opened the conference with his keynote address “Inspiring Creativity with a Positive Attitude” sharing ideas and tips on being the best you can be for yourself and others, which leads to trust, relationships, and collaboration. Industry leader Chad Lyon, managing director of Marine & RV at Wells Fargo Distribution Finance, provided a detailed look at the past two years’ pandemic-driven success amid ongoing supply chain issues. Wells Fargo research shows the industry gained 32,000 first-time new boat buyers, that 80% of new boat buyers are still in boating after 5 years, and 60% of new boat buyers are still in boating after 10 years. Lyon shared areas of improvement and concerns over the near term and what 2023 may look like with rising interest rates and slipping consumer sentiment.

Four small seminar sessions were held, giving attendees a chance to interact and participate in discussions. Lenny Sims, JD Powers, shared his views on the unprecedented increase in collateral values over the past couple of years, where they are today, and where they may be headed. Theresa Bennett, Law Office of Theresa Bennett, discussed the four areas lenders must be educated and diligent in when financing foreign-owned and registered yachts that are entering the United States. Kathi Ford, American Vessel Documentation Association (AVDA) provided insight into the National Vessel Documentation Center’s acceptance of electronic documents, including eNotary and eSignature, along with other updates. Chet Heughan, AppOne, highlighted their loan electronic solution that enables lenders, dealers, and finance service companies to better manage the origination and documentation of retail finance loans, from application to funding.