Secured Marine Trust says its YBAA-endorsed program is accessible from any location
Beth Rosenberg, Staff Writer 10/2007
Secured Marine Trust developed a Web-based tool for brokers and dealers to take the fragmentation out of boat buying by making it easier for companies to keep track of all aspects of the sales process.
The administrative application is called ONEtoolSM, and provides brokers and dealers with documents needed for a sale, from listing and purchasing agreements to closing statements; access to vessel finance and insurance; escrow services, U.S. Coast Guard
documents and more.
"Through the technology, not only do you create efficiencies, but you control costs while increasing productivity," said Tim Houchin, managing director and partner in Connecticut-based SMT.
SMT was founded in 2002 by admiralty attorney David Bohonnon, and ONEtool was launched three years ago, Houchin said. Since its inception the company has continually made upgrades to the product to offer additional services.
Its line of offerings includes:
- electronic document generation and management, including a checklist within every sale transaction called "Countdown to ClosingSM."
- a bonded escrow service
- marine finance
- vessel insurance
- documentation company services
- MLS links
"We're about to release ... the ability to generate reports out of the system," Houchin added. "We continue to improve technology based on feedback."
Because the system is Web-based there's no software to buy, Houchin said, comparing the system to online banking.
"The best analogy is online banking. When you log in, your user name, password is protected. The only thing you see is your account," he said. "This is specific to a yacht brokerage or dealer, and then the broker would only see his or her transactions within that brokerage or dealership."
Also, levels of accessibility can be set up within a brokerage, allowing a manager to oversee a broker's accounts, for example.
"The fact that it's Web-based gives multiple office locations the big advantage," Houchin said.
The system has been endorsed by the Yacht Brokers Association of America, which generally doesn't endorse one company over another, but in this case there was no similar program, said executive director Joseph Thompson.
"We felt that what we saw as the model of what they were going to be offering as their services would be somewhat unique," he said.
As part of the association's relationship with the company, SMT hosts the online version of YBAA's forms generator program. The association's more than 1,000 individual broker members and 300 brokerage firm members may use this service at no cost.
"We're trying to get people to embrace what's possible out there," Thompson said.
Though he wouldn't disclose SMT's number of clients, Houchin said that there are hundreds around the country using the services to varying degrees. The company is growing, he said, with the recent hiring of inside and outside sales people and more hires expected soon.
The cost for ONEtool is $650 per year per broker, with a $250 set-up fee, though discounts are available for multiple brokerages and YBAA members. However, unlike software-based systems, there is no monthly maintenance fee.
"As we continually improve the technology and the software, our clients get the added benefit," Houchin said.
© 2007, Soundings Trade Only, All rights reserved
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