Secured Marine Trust Launches Online Business Application to Manage Yacht Transactions

New Haven, CT, November 10, 2003-- Secured Marine Trust (SMT), www.securedmarinetrust.com, a marine financial services company, is revolutionizing the way yacht and boat sales are facilitated and administered with a new online business application that accurately and securely expedites the entire transaction process. Created for yacht brokers and boat dealers, marine manufacturers, marine lenders, floor plan providers, and insurance agents, the comprehensive electronic document and data management tool provides a full range of services that will streamline the entire process, resulting in real-time labor and cost savings and increased profits. Subscribers to the Secured Marine Trust system operate within a completely secure environment where the privacy of their data is assured as it efficiently flows to support each detail toward the closing of a sale.

"The marine transaction process can be quite fragmented and highly repetitive, resulting in increased labor costs," said Secured Marine Trust CEO Jeff Turner. "Our application is the first of its kind in the marine industry and will provide a unifying technology conduit for all who are making essential contributions to the closing of a yacht transaction. Brokers, marine lenders and manufacturers will be able to interact more efficiently through our online application, which will result in greater customer satisfaction and increased profits."

Efficiency, Accuracy, and Security

For each of the constituents in the marine transaction process, SMT's new technology will greatly enhance efficiency and reduce costs by eliminating repetitive processes that can cause data errors and delays. The proprietary security system imbedded in the SMT application ensures the privacy of all transactional data.

ß Yacht brokers and new boat dealers will experience a new efficiency in all aspects of the boat sale process, reducing the cost per transaction and improving margins on each sale.
ß Marine lenders will benefit from a new standard of efficiency and security in marine loan initiation, preparation and closing.
ß Manufacturers will see real-time data for all new and used boats sold through the SMT system, supporting customer tracking, management of warranty issues and expenses, and providing a tool for their dealers to automate sales and these related details.
ß Floor plan providers can access accurate, up-to-the-minute dealer inventory data, reducing the time and cost of required physical inventory inspection.

Streamlining and Safeguarding the Entire Marine Transaction Process

SMT customers will also be introduced to a new standard for vessel documentation and loan processing. As part its service, SMT will provide:
ß Secure FundsSM bonded escrow services to manage initial deposits through possible post sale disputes with an independent process for loan disbursement and pay-off.
ß A Countdown to ClosingSM feature, which provides 24/7 access to the real time status of important milestones for each transaction, including financing, documentation, surveys, and insurance. At any point during the transaction, all parties will be able to review the progress of the marine transaction via the Internet.
ß Secure DocsSM, an industry standard title holding service that guarantees accountability in holding title related documents such as Builders Certificates, Manufacturers Statement of Origin ("MSO"), Bills of Sale, Ship's Mortgages, and Marine Security Agreements for proper disposition of a marine transaction.
ß Vessel TrackSM, providing unique search functionality of the US Coast Guard database of documented vessels and other state registration databases to facilitate the efficient and accurate preparation of documents.
ß Closing Coordinators who will be following each transaction through the system and provide any required administrative support throughout the process.
ß Additional services include Warranty TriggersSM, Loan Close TriggerSM, New Loan Trigger, Coast Guard documentation and state registration services.

About Secured Marine Trust

Secured Marine Trust is headquartered at 205 Church Street in New Haven, Connecticut. For more information, visit http://www.securedmarinetrust.com or call (203) 777-7277.





This article courtesy of http://yachtsandcruiselines.com/.
You may freely reprint this article on your website or in
your newsletter provided this courtesy notice and the author
name and URL remain intact.

Submit Your Article