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The Business of Pleasure Boating

October 2022


This year’s Park City marine lenders meeting was a tremendous success, thanks to more than 180 of you who traveled from all over the country to participate in the National Marine Lenders Annual Conference.  I have heard so much positive feedback regarding the venue, the location, and the educational content of the event.  I was heartened to see almost a full room each day during our sessions: thank you for your commitment to participate and credit to Peggy Bodenreider and her conference team for assembling such a fine line-up of speakers.  A summary of educational presentations is outlined later in this newsletter.  Many of you also had the privilege of participating in some of the numerous activities the area has to offer, and it was great to hear about the several networking opportunities a number of you took advantage of while in Park City.

I hope that some of you had the opportunity to introduce yourselves and get to know a number of our 48 First Time Attendees (FTA). I had the good fortune of meeting most of these fine young future leaders.  I can assure you from my meetings with them that this Association and the marine industry are in good hands. Our FTA program this year was a great success, and having an NMLA Ambassador assigned to each FTA, in addition to a short “meet and greet” upon their arrival, really helped strengthen and further our goal of engaging new members.  These actions also allowed us to get them interested in the work of the NMLA.

As the NMLA heads into the fourth quarter, we are excited about our upcoming annual elections for the board of directors.  We have a number of excellent candidates running this year, so please watch for an official voting ballot next month, and be sure to make your vote count.  An overview of the election process is included later in this newsletter.

Finally, we are already well underway with plans to kick-off the New Year with our Annual Marine Lending Workshop at the Embassy Suites, Orlando Airport, Florida.   The meeting will run from Sunday evening January 22 through Tuesday afternoon January 24 of 2023.  We have said it before, but I’ll say it again, whether you are new to the marine industry or a long time professional, this educational program is an invaluable, once-a-year opportunity that shouldn’t be missed. Registration forms will be available later this month.

I couldn’t close without expressing a final word of appreciation to our generous and loyal sponsors. The wonderful venues for NMLA’s Annual Conferences, the educational opportunities offered by our Marine Lending Workshop, and the comprehensive market study presented in NMLA’s Annual Statistical Report are all possible because of you, our annual sponsors and the association membership as a whole. Thanks to each of you sincerely for your continued support of the NMLA and the marine lending community.

John Haymond
President, National Marine Lenders Association


  • President’s Message
  • 42nd Annual NMLA Conference – Park City, UT
  • Legislative Report
  • Rigid Inflatables and Electric Boats
  • How to Avoid Lending on Damaged Boats
  • William B. Otto III Award Goes to Karen Trostle
  • 2023 Marine Lenders Workshop – Orlando, FL
  • NMLA Board Election Process
  • NOAA Restrictions Pending – Make Your Voice Heard
  • Here We Grow Again
  • Members in the News


Strong speaker line-up was well-received

The NMLA held its 42nd annual lenders conference at The Chateaux Deer Valley, Park City UT, in August with more than180 attendees representing 76 different businesses. This meeting is a highlight of the year for NMLA members, which includes banks, 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 lenders such as maritime attorneys, USCG documentation and title companies, marine insurers, repossession and liquidation businesses, marine technology providers, and industry associations.

Click here for an overview of this year’s event.
Please click here to view a gallery of pictures from the conference.


Several issues discussed at NMLA conference

Don Parkhurst, Chairman of the NMLA Legislative Committee, provided conference attendees with an update on several issues that impact the boating industry. For details on all initiatives, click here.


Matt Anderson, Global Marine Insurance Agency, updates NMLA conference attendees on these markets

If you are not already lending on these products it is likely you have at least been asked to finance them. Matt Anderson shares his knowledge to help you make the best lending decisions. Click here for the complete story.



Damage isn't always obvious

Click here to read this article by NMLA member Caroline Mantel, Director of Business Development, Boat History Report, as she shares her expertise on how to identify hurricane-damaged boats and avoid lending on one of these problem assets. 


Award recognizes outstanding commitment and dedication to the improvement of the marine industry

The 2022 William B. Otto III Award for outstanding commitment and dedication to the improvement of the marine industry has been presented to Karen Trostle, a 43-year veteran of the marine lending community and founder/president of Sterling Acceptance Corporation.  Click here for details. Congratulations Karen!


The next NMLA Marine Lenders Workshop will take place from January 22-24, 2023 at the Hilton Embassy Suites Airport Hotel, 5835 TG Lee Boulevard, Orlando, FL 32822.

This comprehensive two-day program emphasizes “best practices” in marine lending and is a must for absolutely everyone involved in this specialized finance industry. Presentations will include underwriting techniques for small and large credits, collateral valuation, registration and lien perfection, marine insurance, and collections/repossession/remarketing dos and don’ts. In addition to the interactive classroom instruction and handouts, all attendees will receive the 200+ page Marine Lenders Workshop Manual that provides additional detail on this year’s presentations as well as additional marine related subjects.

Registration and hotel information can be found on the NMLA website by CLICKING HERE.


Ballots will be sent out in November

As of this moment, the association is pleased to announce that five (5) extremely qualified individuals are seeking two (2) Regular (Lender) Member board positions, and two (2) equally qualified individuals are looking to become your Associate Member director. This is how the election process works:

  • Notice of the Annual Meeting and Proxy will be emailed to all NMLA member companies in early November. The pictures and biographies of all candidates interested in earning your vote will be included.
  • The Proxy is where you will indicate your choice for this year’s board candidates.
    • Each NMLA Regular (Lender) Member company will receive a proxy ballot asking that they vote for two (2) of the 5 candidates to serve as Regular Directors for the term 2022 through 2025. 
    • Each NMLA Associate Member company will receive a proxy ballot asking that they vote for one (1) of the 2 candidates to serve as Associate Director for the term 2022 through 2025.
  • The Proxy must be SIGNED AND RETURNED to NMLA Counsel James Stewart c/o no later than December 14, 2022.

Your vote is very important so please don’t forget to sign and return your proxy immediately upon receipt. 

The election results will be announced on December 15, 2022 by Mr. Stewart at the 2022 NMLA Annual Meeting and shared with the membership directly thereafter. Please contact Robin Cottmeyer ( or 410-980-1401) with any questions you might have.


This is a very important message for anyone involved in the recreational marine industry

NOAA Fisheries has proposed new vessel speed restrictions from Florida to Massachusetts to protect North Atlantic right whales. The proposed changes could potentially shut down recreational boating and fishing – the largest driver of the outdoor recreation economy along the Atlantic Coast.

MAKE YOUR VOICE HEARD! Please take action today on the industry’s grassroots platform, Boating United, and ask NOAA to incorporate the changes to its current proposal to ensure the health of both the right whale population and recreational fishing and boating.


The National Marine Lenders Association is pleased to welcome the Grasshopper Bank as our newest Regular (Lender) Member.

Grasshopper Bank
915 Broadway, 7th Floor
New York, NY 10010
Contact: Jim Velez
(954) 557-5148

With total assets of over $500 million, Grasshopper is a client-first digital bank serving founders, their companies, and the investors supporting them across the innovation economy. Grasshopper replaces the traditional one-size-fits-all approach to banking with a suite of products and services tailored to specific industries, and a passionate team of experts with deep expertise in their fields. Grasshopper's banking solutions cover small business, venture-backed companies, fintech-focused Banking-as-a-Service (BaaS) and commercial API banking platforms, SBA lending, commercial real estate lending, and yacht financing. Headquartered in New York City, the bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. Welcome aboard!


In case you missed it:

  • Check out this blog post You Dream It We Build It from NMLA member Myril Shaw of Dealer Profit Services. The NMLA appreciates the support!
  • Jeff Backus earned a Guest Blog post on Boating Industry with his feature Getting the Win with Financing. Good for you, Jeff!
  • Two people from the marine lending industry were nominated this year for Boating Industry’s Movers & Shakers.  Myril Shaw, Dealer Profit Services is an NMLA Member, and Tracy Williams, Huntington Distribution Finance a sub-company of NMLA’s member, Huntington Bank. Congratulations to both Myril and Tracy on this esteemed nomination.


2022 Gold Sponsors
Bank OZK – Bass Pro Shops Financial Services - Brunswick Product Protection Cox, Wootton, Lerner, Griffin, & Hanson Independent Bank - Lending Associates – Luxury Financial Group - Medallion Bank - National Powersport Auctions   Reliable Documentation - Sterling Acceptance Corp - Vantage Recreational Finance 



We hope you enjoyed our newsletter and will share it with others at your company. Our goal is to continue to include timely industry news as well as information about YOU, our members. If you have an article of interest that you would like to share with our readers, please forward your submission for review to


1 Melvin Avenue
Annapolis, MD 21401
(410) 980-1401