DUNEDIN, Fla. (August 6, 2015) HCP Associates was retained by yacht broker Tom George Yacht Group (TGYG) for research, strategic planning, marketing, public relations and event management. Formed in 2009 by renowned yacht broker Tom George, TGYG represents Hatteras Yachts, Marquis Yachts, Carver Yachts and smaller sport-sized Cobalt and Edgewater brands.
Sean Coniglio, HCP’s Senior Strategist/Partner said, “We are extremely excited to be selected as the marketing firm of record by TGYG. Our firm has a history of international business with an emphasis on increasing brand equity and sales for luxury products and services. The experience and passion Tom George and his team exude is second to none, and we can’t wait to expand their presence and increase revenue.”
Much like the rest of the market, the global yacht and small power boat industries shrank during the 2008 recession, and most boat manufacturers literally stopped production. Finding used boats for sale on the market manufactured after 2008 was a daunting task for anyone, except TGYG.
Founder Tom George said, “We made some risky but lucrative decisions with vessel acquisitions during the recession and it paid off. Now we are laser-focused on increasing global brand equity and taking on more brands to satisfy our long-time clients, all while introducing a new generation to life on the water. I have enjoyed watching clients grow into larger boats as their careers and lives change; it’s gratifying to be there for them and consistently over-deliver.”
Adding to the 2008 market collapse and a boatload of manufacturers going belly up, China aggressively entered the yacht industry in recent years with an infatuation by white-collar Chinese workers.
HCP Senior Research Director Sarah Lindemuth stated, “According to ChinaMarketResearch Reports.Com, the yacht market in China kept increasing and in 2013 was equivalent to USD 1.45 billion, up by 30 percent. The output value of yacht club, yacht driving training and related tourist industries was far higher than the market size of yachts in China. It is expected that the annual growth rate of yacht market will remain above 20 percent in the next few years.”
However, according to the National Marine Manufacturer’s Association (NMMA), the U.S. experienced a seven-eight percent increase in 2014 sales of new powerboats with continued growth of an additional five percent in 2015. Plus, there has been an increase in US-based acquisitions of struggling European brands hit hard during the global recession in 2008. US-based manufacturers are now breathing new life into historic European-acquired designs with enhanced technology with larger and more comfortable interiors.
TGYG Partner Jimmy Rogers, a Certified Professional Yacht Broker (CPYB) said, “Some of the most beautiful yachts over history have been Italian-made; they are some of the most amazing hand-crafted vessels on the water. However, much like some European sports cars, form does not always follow function once inside the cabins. Interiors can be tight and austere, trading comfort for outside beauty. Two of our most recent partnerships are with Marquis and Carver Yachts. This is a great example of US-based investors rescuing some historic European brands and creating more jobs in the U.S., and we are proud to represent them.”
Coniglio added, “TGYG is synonymous with top shelf customer service and retention in a highly competitive industry. Anyone that knows how they work will say ‘they are truly dedicated to advising the customer and their interests, creating an enjoyable and hassle free yachting experience.’ TGYG works hand-in-hand with their clients’ captains and crew to ensure a smooth and worry free relationship between all parties. To prove the success of their methods, many clients have purchased several yachts from them over their lifetime. Tom George’s greatest source of new business is referrals and word of mouth from satisfied customers who become lifelong friends. His creativity, knowledge and level of detail to get a deal done is extraordinary. Tom and his team represent TGYG’s clients with the highest degree of professionalism and diligence. We hope to make the brand more of what it already is—on a much larger scale.”
It is expected that the annual growth rate of the yacht market will remain above 20 percent in the next few years. Many opportunities exist for manufacturers, trading enterprises and service enterprises in the industry.
For more information on Tom George Yacht Group, visit their website at www.tgyg.com.