Yacht-Flipping Phenomenon Hits the Big Time: Off The Hook Yachts Rakes in $68M IPO
In a remarkable tale of entrepreneurial spirit and adaptability, Jason Ruegg's off-the-hook (pun intended) yacht-flipping business has catapulted into the stratosphere. What began as a college side hustle has blossomed into a $68 million publicly traded company, making it the largest pre-owned boat company in the US.
Ruegg's journey started in his senior year of college, where he was already doing 30-40 boats per year while studying to be an accountant. He did the math and realized that boat-flipping was the more lucrative option. Fast forward to today, and Ruegg's Off The Hook Yachts (OTHY) operates almost entirely online, much like Carvana for boats.
The company's business model has been a game-changer. OTHY buys $100 million worth of used boats each year and offers an impressive inventory turnover rate – five times a year, far above industry standards. Buyers can make offers on boats in as little as 30 minutes, with transactions sometimes closing in a single day. The company's AI-powered matching system connects buyers with sellers, gathering information from sales on the site and across the internet.
OTHY's in-house closing team handles paperwork, finance arm helps buyers set up financing, and conducts its own inspections – streamlining the process for customers. This one-stop-shop approach has resonated with consumers, particularly during economic downturns when new boat dealers struggle to compete.
Despite industry fluctuations, OTHY has been profitable every year for 13 years, thanks in part to its recession-proof business model. Customers are increasingly turning to used boats, and the company is selling them like crazy. With a notable shift in the marine industry, Ruegg expects continued growth.
As the company expands, with plans to add two new locations, it's clear that OTHY's virtual presence will remain a key strength. Brokers from upstate New York to Tennessee are part of the team, and with 100 employees now on board, the company aims to reach 1,000 workers by 2027.
Ruegg's rags-to-riches story is one for the ages – from college student to CEO of a $68 million publicly traded company. As OTHY continues to chart its course, it's clear that this yacht-flipping phenomenon won't be slowing down anytime soon.
In a remarkable tale of entrepreneurial spirit and adaptability, Jason Ruegg's off-the-hook (pun intended) yacht-flipping business has catapulted into the stratosphere. What began as a college side hustle has blossomed into a $68 million publicly traded company, making it the largest pre-owned boat company in the US.
Ruegg's journey started in his senior year of college, where he was already doing 30-40 boats per year while studying to be an accountant. He did the math and realized that boat-flipping was the more lucrative option. Fast forward to today, and Ruegg's Off The Hook Yachts (OTHY) operates almost entirely online, much like Carvana for boats.
The company's business model has been a game-changer. OTHY buys $100 million worth of used boats each year and offers an impressive inventory turnover rate – five times a year, far above industry standards. Buyers can make offers on boats in as little as 30 minutes, with transactions sometimes closing in a single day. The company's AI-powered matching system connects buyers with sellers, gathering information from sales on the site and across the internet.
OTHY's in-house closing team handles paperwork, finance arm helps buyers set up financing, and conducts its own inspections – streamlining the process for customers. This one-stop-shop approach has resonated with consumers, particularly during economic downturns when new boat dealers struggle to compete.
Despite industry fluctuations, OTHY has been profitable every year for 13 years, thanks in part to its recession-proof business model. Customers are increasingly turning to used boats, and the company is selling them like crazy. With a notable shift in the marine industry, Ruegg expects continued growth.
As the company expands, with plans to add two new locations, it's clear that OTHY's virtual presence will remain a key strength. Brokers from upstate New York to Tennessee are part of the team, and with 100 employees now on board, the company aims to reach 1,000 workers by 2027.
Ruegg's rags-to-riches story is one for the ages – from college student to CEO of a $68 million publicly traded company. As OTHY continues to chart its course, it's clear that this yacht-flipping phenomenon won't be slowing down anytime soon.
they just went public and raking in 68 mil lol what's next a billion dollars?! i mean i love boats as much as the next person, but i never thought i'd see the day where someone would make a killing flippin them 
. anyway, it's clear that their online model is key - who needs to go to a dealership when u can just shop online and have everything done for u? sounds like a dream come true... also, i'm curious how they do the inspections and whatnot, are they using drones or somethin' 
but at the same time, I'm thinking... how sustainable is a business model that relies on buying and flipping used boats? Like, what happens when the market gets saturated or the economy takes a hit? Won't that be like, super bad for them? 
. And what about the people who work there? Are they getting fair pay or is it all about profits? 
plus they're relying on AI to match buyers with sellers... what if the algorithm gets hacked 
. And I love how Ruegg himself has built this company from scratch, it’s like he always knew he was going to make it big 
. I guess what I’m saying is, if I were in the market for a new boat (which, let's be real, never happens 
), I would definitely be checking out OTHY first!
. And the fact that it's all online is genius - like Carvana for boats! That AI-powered matching system must be making some serious money too 
. That's like, what, a record or something? 
And now they're expanding with new locations and hiring more employees... it's like they're taking over the whole boat industry 
.
) and be willing to pivot when circumstances change. It's not always easy, but Ruegg's success shows that with hard work and a flexible mindset, you can turn your passions into a successful business 
.
I'm low-key obsessed with Jason Ruegg's story! Like, who would've thought that flipping yachts on the side while studying accounting could turn into a 13-year profitable streak? 
i mean, having an ai-powered matching system that connects buyers with sellers in just 30 minutes is absolute genius! 
and the fact that othy has been profitable every year for 13 years is just mind-blowing. jason ruegg's rags-to-riches story is truly inspiring 
! Who knew flipping boats could be so lucrative? The way he saw an opportunity in college and ran with it is super admirable 
!
! Like, who would've thought a college student's side hustle could turn into a multi-million dollar empire? 
mind blown! Anyway, congrats to Ruegg on this incredible achievement 
and here's to many more years of growth and success for Off The Hook Yachts 
. The fact that they're expanding with two new locations and planning to reach 1,000 employees by 2027 is also a huge plus. This yacht-flipping phenomenon is definitely one to watch! 
they just hit 68 million with their ipo! i'm literally so inspired by jason ruegg's story 
he started flippin boats in college and now his whole business is online like carvana for boats lol. the way he streamlined the process for buyers & sellers with his ai-powered matching system & in-house closing team is genius 
The AI-powered matching system is so cool too - it's like they're speaking our language (or at least, our buying language) 
, especially during economic downturns when new boat dealers struggle to compete. I'm curious to see how this growth will continue, maybe we'll even see more entrepreneurs jumping into the used boat market