Twin Vee PowerCats announced yesterday that it has agreed to acquire two digital assets from OneWater Marine: BoatsForSale.com and YachtsForSale.com.
According to a company statement, the platforms represent the third-largest online boat marketplace in the United States, with more than 42,000 unique listings. This strategic acquisition is expected to further diversify Twin Vee.
“Our acquisition of BoatsForSale.com and YachtsForSale.com will be another step toward Twin Vee’s long-term growth strategy — one that emphasizes innovation, digital transformation and strategic asset acquisition to increase overall company value,” president and CEO Joseph Visconti said in the statement. “We recognize the immense potential in the preowned boat market, valued at over $9 billion, and we are committed to ensuring these platforms continue to provide a frictionless, consumer-first experience similar to what we’ve seen with successful automotive platforms like CarGurus, Carvana, CarMax and AutoNation.”
The acquisition, Visconti said, will position Twin Vee to offer an alternative to high-cost sales platforms and will not “alter Twin Vee’s core business model of designing and manufacturing new Twin Vee and AquaSport boats sold through a nationwide dealer network.”
