People Increasingly Turning To Fractional Boating As Alternative To Boat Ownership
Annapolis, MD – SailTime® Group LLC, the world leader in fractional boating, announced its year-end figures today, illustrating that more people are looking to fractional boating as an alternative to ownership during the recent economic downturn. According to Wayne Diviney, CEO and President of SailTime®, “Despite the significant drop in boat sales occurring across the industry, SailTime® has seen steady increases in membership and boats being brought into the program as boating enthusiasts seek innovative and affordable ways to keep their boating dreams alive during uncertain economic times.”
Pioneered in 2001, and similar to the concept of airplane sharing, the SailTime® program enables shared use of a sailboat owned by one individual with seven other non-equity members. Each member pays a membership fee to the SailTime® base for access to the boats and is guaranteed at least seven sail times
every month as well as unlimited "as-available" use on a 24-hour notice at no extra cost. The membership fees include all dockage, insurance, and maintenance of the boat. Owner-members are paid a fee that helps defray the cost of their monthly mortgage payment. SailTime® founder George Bonelli notes: “The owner virtually eliminates their expenses and the members get access to a new luxury sailboat in their local waters for a fraction of the cost of owning or chartering a boat.”
During 2008, SailTime® brought on additional sales and marketing staff at the corporate level to bolster sales, services, and awareness of the SailTime® brand, including Matt Leduc as National Sales Director, Jim Steadman for member sales and customer service, Jennifer Devlin for public relations, Intertwine for website design and development and Grafik for marketing and communications support. “As our company shifts to a franchise model, we want to support our base owners and members with the best technology, sales support and communications outreach we can offer,” noted Diviney. “We believe our business model has the potential to continue to grow and expand, not only in North America and Europe, but in other regions such as the Caribbean and Australia where boating is an important industry.”
In addition to growing staff support, SailTime® has also expanded its offerings and services in 2008, adding SailTime® PLUS, which allows members who travel access to boats at SailTime® bases worldwide, including those in premiere destination spots like Miami, Puerto Rico, Toronto, San Francisco, Chicago,
New York and the south coast of England. Through SailTime® PLUS, members can take advantage of up to seven days of sailing at each desired location, depending on availability. Reservations can be made up to 60 days in advance of travel. Prices vary per base but are significantly lower than charter or sailing club fees. Members can also reserve different boats at their home base, as long as they complete the appropriate additional training required for each vessel.
In addition to its exclusive relationship with Hunter Marine in the United States and Beneteau in the U.K., in 2008 SailTime® also began serving as a North American dealer for the full line of Hunter Small Boats, which range in size from 14 feet to 25 feet, and are available on the Chesapeake Bay (Annapolis and Virginia Beach) and in the Chicago area. Adding to the fleet is also an innovative new Hunter model known as the Edge. A 27 foot boat that can function as both a powerboat and sailboat, The Edge is the first in an up and coming line of hybrids that appeal to the powerboating and sailing communities alike. The company anticipates additional expansion in 2009 as it launches SailTime® Power, a similar program to their fractional sailing memberships but with mid-sized, luxury power yachts. Power boats have already been introduced to the SailTime® fleet in some markets, including Toronto, Canada, New York , Houston, and Mystic CT in the US.
By bringing new people into the sport of boating, many of whom will go on to purchase boats in the future, SailTime® offers an innovative approach to boating that benefits consumers and the industry alike. “Purchasing a new boat, whether through the SailTime program or through a dealer, may bring additional
benefits as well,” notes Diviney. “A recent article in Smart Money by tax analyst Bill Billschoff suggests that for those who live in a state with low or no personal income taxes, such as Florida or Texas, buying a car or boat between now and year's end could give you a bigger sales tax deduction and cut this years federal income tax bill.”
About SailTime® (www.sailtime.com)
SailTime® is the worldwide leader in fractional sailing and power boating membership, a program that provides economical alternatives to boat ownership. SailTime also offers attractive boat ownership options. Pioneered by SailTime®, fractional memberships put novice and experienced boaters on the water for a
fraction of the cost of ownership, maintenance, and upkeep. SailTime® currently operates a fleet of over 160 boats located at more than 50 locations in North America, the Caribbean and Europe, allowing SailTime® members daily access to boats in major waterways and coastal regions in the U.S. and abroad for
a low monthly fee. Visit www.sailtime.com for more information.
