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Fort Lauderdale, FL – Andrew Cilla, President of Luke Brown Yachts has announced that Bruce H. Johnson, a Luke Brown yacht broker and member of the Florida Yacht Brokers Association (FYBA), has been appointed to the Public Affairs Committee of FYBA. As a member of the FYBA Public Affairs Committee, Bruce will work to advance legislative initiatives that affect the yacht brokerage and marine industries. Additionally, the Committee works to build coalitions with other marine trade Associations using the power of numbers to affect public policy for the improvement of the yacht brokerage and marine industry.
A lifelong boater, Bruce has previously served as a Harbor Commissioner in Falmouth, Maine, and was later appointed to the Marine Advisory Board in the City of Fort Lauderdale. Prior to joining Luke Brown Yachts, Bruce was in commercial real estate where he served on the Legislative Affairs Committee of the Building Owners and Managers Association of Florida.
Johnson said, “This is a great opportunity for me to work towards sound public policy that builds on existing legislation to further the positive economic impact of the boat brokerage profession on the South Florida economy. I look forward to working with Committee Chairman Jeff Erdman and the other committee members to meet this objective”.
Bruce can be reached at [email protected] if you have any issues you would like discussed at the committee level.
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South florida yacht brokers hit with lawsuits that claim 10% commissions violate antitrust laws.
Two newly filed federal lawsuits claim that 10% sales commissions required by South Florida’s yacht broker industry are anticompetitive and violate antitrust laws.
The claims follow an October finding by a federal jury in Kansas City, Missouri, that the National Association of Realtors conspired with brokers to artificially inflate commissions paid to real estate brokers. The ruling, and a March 15 settlement by the Realtors, is expected to radically change how homes are sold in the United States.
Both lawsuits involving yacht brokers name as defendants the International Yacht Brokers Association, based in Fort Lauderdale, the Yacht Brokers Association of America, Boats Group LLC and YATCO LLC.
Also listed as defendants in both suits are a who’s who of South Florida-based yacht brokers, including Denison Yacht Sales, MarineMax Inc., Galati Yacht Sales Inc., Allied Marine Inc., Tournament Yacht Sales LLC and Northrop & Johnson Yacht Ships, among others.
Nearly all of the defendants are headquartered in South Florida.
The most recent suit, filed on March 22, proposes a class of plaintiffs that includes anyone who listed vessels on certain Multiple Listing Services using a listing agent or broker affiliated with one of the defendants and paid a buyer’s broker commission since March 22, 2020.
The lead plaintiff in the lawsuit is Kip Lamar Snell, identified as an Alabama resident. Snell entered into an agreement with Galati to sell a 41-foot Express Cruiser Sea Ray in July 2020 and ended up paying a $12,000 commission on the $120,000 sale price, the suit states. The lawsuit lists as defendants 15 brokers and six organizations that promote the yacht trade or operate Multiple Listing Services.
That lawsuit follows one filed on Feb. 29 that proposes a class of plaintiffs that includes anyone who paid a commission to a listing broker affiliated with the defendants since Feb. 19, 2020. It lists as defendants 11 brokers and five organizations that promote the yacht trade or operate Multiple Listing Services.
The lead plaintiff in that suit is Ya Mon Expeditions, a Wyoming company that paid a “substantial broker commission” when it sold a vessel in January 2023 while represented by Tournament Yacht Sales of Tequesta.
The most recent complaint accuses the trade associations of colluding with brokers to “enforce an anticompetitive restraint that requires (sellers of pre-owned yachts and boats) to pay a brokerage fee to the buyer’s broker and a total aggregate commission fee that is inflated as a condition for selling their yachts.”
The complaint states the typical commission is 10% and is shared between the seller’s broker and the buyer’s broker under terms spelled out in Central Listing Agreements provided by the brokers associations, including the International Yacht Brokers Association and the Yacht Brokers Association of America.
Only boat brokers are able to list boats and yachts on such Multiple Listing Services as YachtWorld.com , BoatTrader.com and Boats.com , and the Multiple Listing Services will not accept listings from owners who want to sell their vessels themselves, the lawsuit states.
Yacht owners are “severely disadvantaged” if they do not list their boats for sale on the listing services, while buyers suffer because their brokers are “financially incentivized” to show boats that will earn them standard “and inflated” commission rates of 4% to 5% through co-brokerage transactions, the complaint states.
None of the defendants contacted for this story responded to a request for comment, and no response has been filed yet in either case.
Robert Allen Jr., whose Miami-based law firm Robert Allen Law represents the International Yacht Brokers Association, did not respond to emails or return a phone call.
A woman who answered the phone at the International Yacht Brokers Association said, “We have no comment on that,” and hung up after a reporter asked for her name.
Of six brokers contacted for comment about the lawsuits, only Tournament Yacht Sales responded to emails. “No comment,” the company’s response stated.
Overall commissions have increased faster than the rate of inflation in recent years as the price of larger boats and yachts have increased, according to the lawsuit that lists Snell as lead plaintiff.
The result is that boat owners pay “hundreds of millions of dollars” in inflated commissions each year, the suit alleges.
Both lawsuits allege violations of the Sherman Antitrust Act that are upheld by “brokers who should be competing with one another but, instead, cooperate with each other to the detriment of pre-owned boat sellers.”
Some brokerages represent both buyers and sellers and retain the entire 10% commissions, the suits state.
The trade associations enforce rules requiring brokers to offer their boats through a listing service and to share commissions, the suits state, adding that they can impose significant penalties on members who do not comply with their rules.
Yacht purchasers are disadvantaged by the current system, the lawsuit alleges, because their agents would otherwise negotiate for their business by decreasing their commission rates.
But buyer brokers’ commissions have remained constant despite their diminishing role, the suits state. Many buyers today find boats they are interested in purchasing through online searches and enlist the services of a buyer’s broker only after identifying the yacht they want to buy, the suits claim.
The lawsuits seek an order declaring the commission structure to be illegal, a permanent injunction outlawing what they describe as anticompetitive conduct, plus damages and/or restitution, pre- and post-judgment interest, and attorneys’ fees.
Paul Geller, an attorney for one of two law firms representing the class that includes Snell, acknowledged “parallels between the allegations relating to commissions in the real estate and yacht markets.”
In the real estate matter, the National Association of Realtors on March 15 agreed to a $418 million proposed settlement that would free home sellers from paying commissions to brokers for both sellers and buyers.
After a jury ruled for the plaintiffs in the case against the National Association of Realtors in October, numerous lawsuits were filed across the country with similar allegations, including one in December against the Florida Association of Realtors and 16 brokerages.
“At bottom, the goals of (the suit against the yacht brokers) are similar: protecting consumers by challenging what we allege to be anti-competitive conduct,” Geller said by email. “We believe in the universal truth that consumers benefit by increased transparency and the competitive pricing that results from negotiated terms, including commissions.”
Geller is a partner at Robbins Geller Rudman & Dowd LLP, which specializes in securities litigation on behalf of investors. The firm has offices in 10 cities, including Boca Raton.
The International Yacht Brokers Association was created in 1987 to unite those engaged in the yacht brokerage business for the purpose of promoting professionalism and cooperation among its members; and to promote and maintain a high standard of conduct in the transacting of the yacht brokerage business.
Each member is required to abide by a code of ethics to protect the public against fraud, misrepresentation, or unethical practices in the yacht brokerage profession. Each member is to endeavor to eliminate any practices, which could be damaging to the public or the dignity and integrity of the yacht brokerage profession. The organization is comprised of over 2000 individual members representing over 900 businesses.
The Yacht & Brokerage Show, held yearly in Miami, is owned jointly by the International Yacht Brokers Association and Yachting Promotions Inc. The show represents a significant cornerstone of achievement to the Association and the yacht brokerage community.
IYBA provides educational seminars and services to its members to strengthen the ability of our industry to remain abreast of legal, local and international regulations, technology, and many other facets of the yachting industry.
As an advocate of one of the Sunshine State's largest industry (the marine industry), the IYBA serves as a united voice for yacht brokers in the legislative and regulatory processes. By actively engaging with state and local legislators, the IYBA's lobbying efforts have protected and nurtured the health of the yachting community since its inception.
IYBA promotes professionalism and cooperation amongst its members by establishing a code of ethics and encourages best practices when engaging in transactions with other member brokers. IYBA maintains a presence at important industry events with the goal of removing barriers to commerce and improving consumer protection.
The IYBA provides many opportunities to network through our social and professional events and seminars. Our publication, COMPASS, is an informative magazine updating our members 8 times a year with articles on legislation and maritime law, member news, and bulletin board.
The yachtbroker.org MLS is a database established by our industry’s leading professional yacht broker associations to collect, control & provide data about vessels for sale and is exclusively for yacht sales professional use. The MLS allows yacht brokers to see one another’s listings with the goal of connecting buyers to sellers through a yacht sales professional.
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*YachtBroker.org is a member listing service for active Professional & Charter members of any professional yacht broker association such as IYBA, YBAA, CYBA and NYBA. We do not work directly with any vessel buyers or sellers. We do not receive any commissions or referral fees from any resulting transactions. Guidelines for use of this platform and its data feeds are outlined in your Member Listing Service Broker Reciprocity Authorization Agreement.
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Fort Lauderdale, FL 33316 . [email protected] +1 954.522.9270 +1 954.764.0697 ... With more than 1900+ members and growing, the International Yacht Brokers Association (IYBA) is the world's largest and most influential association for the yacht brokerage & charter industry. Established in 1987 and formerly known as the Florida Yacht Brokers ...
Fort Lauderdale, FL 33316 . [email protected] +1 954.522.9270 +1 954.764.0697 ... With more than 1900+ members and growing, the International Yacht Brokers Association (IYBA) is the world's largest and most influential association for the yacht brokerage & charter industry. Established in 1987 and formerly known as the Florida Yacht Brokers ...
Fort Lauderdale, Fla. - February 9, 2016 - The Florida Yacht Brokers Association (FYBA), the world's largest association of professional yacht brokers and yacht charter agents, has elected a new association president and new members of its board of directors for 2016. The results of the election were announced at the FYBA's Annual ...
"Our new name, International Yacht Brokers Association, better reflects who we are — the largest and most prestigious group of professional yacht and charter brokers in the world." The organization was founded nearly 30 year ago and has more than 1,350 members working in more than 400 businesses.
IYBA is a professional organization for yacht brokers and marine industry members. It offers education, networking, listing service, show, legislation and code of ethics.
The Florida Yacht Brokers Association (FYBA) was created in 1987 to unite the businesses within the yacht brokerage industry in order to promote professionalism and cooperation among its members as well as promote and maintain a high standard of conduct in yacht brokerage transactions. FYBA membership is comprised of over 1100 individual ...
The Florida Yacht Brokers Association, the group that co-owns Yachts Miami Beach, rebranded itself as the International Yacht Brokers Association to reflect its global membership. "When we mapped out the FYBA membership, ...
Founded in 1987, the Florida Yacht Brokers Association (FYBA) was established to unite those yachting professionals engaged in the practice of buying and selling yachts in the state of Florida.. Today, the FYBA is a statewide association which has grown into one of the world's largest organizations of yacht brokers with over 1,100 members, including associations and affiliates of the marine ...
The International Yacht Brokers Association, headquartered in Ft. Lauderdale, FL, was founded in 1987 and is comprised of over 2,000 individual members. While most of the members reside in Florida ...
Florida Yacht Brokers Association announces new board, awards Broker of the Year. FORT LAUDERDALE, Fla. - Florida Yacht Brokers Association (FYBA), the world's largest association of yacht brokers and charter agents, announced…. Read More ».
IYBA, Fort Lauderdale, Florida. 5,194 likes · 15 talking about this · 30 were here. Non-profit association created to unite those engaged in the yacht... IYBA, Fort Lauderdale, Florida. 5,194 likes · 15 talking about this · 30 were here. ...
The Guide for the Professional Practice of Yacht Brokerage & Sales, the complete reference and training guide for yacht brokers who are committed to their success.. Based upon the CPYB program Body of Industry Knowledge and including a variety of helpful resources and sample documents, The Guide is a useful three-ring-binder publication addressing the following key topics:
Learn about the history, mission, and membership of the Florida Yacht Brokers Association, a non-profit organization for yacht brokers in the state. Find contact information, website, and related companies of the association.
Fort Lauderdale, FL 33316 . [email protected] +1 954.522.9270 +1 954.764.0697 ... With more than 1900+ members and growing, the International Yacht Brokers Association (IYBA) is the world's largest and most influential association for the yacht brokerage & charter industry. Established in 1987 and formerly known as the Florida Yacht Brokers ...
Setting the Standard for Yacht Sales Professionals for Over 100 Years The Yacht Brokers Association of America, Inc. - YBAA - was founded in 1920 and exists to unite Yacht Sales Professionals throughout North America to establish, promote and enforce high standards of professional competence, character, and ethical conduct; foster public recognition of, and support for, YBAA and its member ...
Yacht and Ship Broker Licensing Unit. 2000 Evergreen Street. Sacramento, CA 95815-3831. Tel: 916-263-8197. NOTE: Yacht brokers operating in Florida must be licensed by the State. YBAA provides an 'office of record' for a minimal annual fee in the state of Florida to assist members in meeting the legal requirements of Florida law.
Webinar Date: June 11, 2024. Presenter: Craig Nann, CPYB. Any CPYB Candidate (or CPYB certified member) is invited to participate in this exam prep session led by Craig Nann, CPYB. In this two-hour session, you will hear from 5 subject matter experts while they cover key topics under each of the five Principal Knowledge categories that ...
Fort Lauderdale, FL - Andrew Cilla, President of Luke Brown Yachts has announced that Bruce H. Johnson, a Luke Brown yacht broker and member of the Florida Yacht Brokers Association (FYBA), has been appointed to the Public Affairs Committee of FYBA. As a member of the FYBA Public Affairs Committee, Bruce will work to advance legislative ...
Fort Lauderdale, FL 33316 . [email protected] +1 954.522.9270 +1 954.764.0697 ... With more than 1900+ members and growing, the International Yacht Brokers Association (IYBA) is the world's largest and most influential association for the yacht brokerage & charter industry. Established in 1987 and formerly known as the Florida Yacht Brokers ...
Advertisement. Two newly filed federal lawsuits claim that 10% sales commissions required by South Florida's yacht broker industry are anticompetitive and violate antitrust laws. The claims ...
If Buyer rejects or is deemed to reject the Vessel, after all expenses incurred on Buyer's behalf have been paid, (i) the Selling Broker shall return the Deposit to Buyer, (ii) this Agreement will terminate, and (iii) the parties and the. Buyer's Initials: _________ Page 1 of 4 Rev. 9.26.14 This form was prepared for the exclusive use and ...
The International Yacht Brokers Association was created in 1987 to unite those engaged in the yacht brokerage business for the purpose of promoting professionalism and cooperation among its members; and to promote and maintain a high standard of conduct in the transacting of the yacht brokerage business. ... Fort Lauderdale, FL 33316 . iyba ...
YachtBroker.org is a member listing service for active Professional & Charter members of any professional yacht broker association such as IYBA, YBAA, CYBA and NYBA. We do not work directly with any vessel buyers or sellers. We do not receive any commissions or referral fees from any resulting transactions. Guidelines for use of this platform ...