Larry Reagan is senior vice president, director of marine and recreational lending for OceanPoint Marine Lending, a division of Middletown-based BankNewport. He is responsible for the daily management, as well as strategic planning for the growing division.
Reagan has more than 30 years of experience in the marine and recreational lending business. He joined BankNewport last spring as the former owner of JustBoatLoans by Vertisol Inc., a marine-service company specializing in consumer marine and recreational vehicle-financing programs.
Stay Ahead of Winter Respiratory Illnesses: Expert Advice from South County Health Express Care Providers
As winter progresses, so does the season of respiratory illnesses. Colds, the flu, RSV, and…
Learn More
Reagan previously served as a principal in National Horizon Inc. and as a senior executive with such marine lending firms as Yegen Marine, First New England Financial, and the Chase Manhattan Leasing Co.
PBN: How did you get into the marine lending business?
REAGAN: I was first introduced to marine lending in 1983 during my role as a commercial inventory finance manager for a New Jersey bank. We were banking a few New Jersey boat manufacturers at the time and I ultimately developed a floor plan program for their dealers that provided a path to increase stocked inventory at marine dealerships throughout the country.
I found the industry and its people instantly compelling and was hooked on this business sector from the very beginning.
PBN: How did the acquisition of JBL by BankNewport – and your position with the resulting OceanPoint company – come about?
REAGAN: I started JustBoatLoans in 2001 and with the invaluable contributions of our dedicated staff, expanded the company by approximately 300% over the next 15 years. JBL simply grew beyond my personal capital capacity and I began to consider a number of available acquisition opportunities.
An intriguing conversation at the 2018 Annapolis Boat Show with a decadeslong friend from BankNewport led to an introduction to Leland [Lee] Merrill, chief operating officer of the bank. Through discussions with the bank, it quickly became clear to me that they were committed to the marine industry and a perfect landing spot not only for me, at this point in my career, but also for the talented marine-finance professionals in our employ.
PBN: Is OceanPoint doing anything different than what JBL did?
REAGAN: Yes and no. JBL was an industry leader not only in its service to marine dealers and brokers and their valued customer base but also in the efficient manner in which it had maintained its relationships with industry funding sources. OceanPoint has made a point to adopt these best practices and procedures.
However, the strength and reputation of BankNewport provides OceanPoint with innovative capabilities and market-targeted finance options that are simply not available through independent finance companies such as JBL. OceanPoint is better positioned to meet the needs of the evolving consumer marine industry.
PBN: How has the need for boat/marine vehicle lending changed over the years?
REAGAN: The marine-finance industry has become much more service oriented over the years. Consumer access to information is boundless; success in the industry is dependent on a company’s ability to tailor its financing options to meet the specific needs of the boat-purchasing consumer.
Program flexibility and innovation is required to provide the necessary levels of service. It is also important to provide vertical services to assist the consumer with their ancillary needs, such as marine insurance, and titling and registration services. Service to the customer is much more than simply answering the “What’s your rate?” question.
PBN: How would you describe your core customer demographic, and do you see that changing?
REAGAN: For years, customer demographics of the consumer recreational lending industry [were] tied to the [baby-boom] generation and was predictable – 45 to 54 years old, homeowners, $150,000 to $250,000 household incomes, predominantly two-wage households, etc.
With the aging of this generation, the marine industry is challenged with marketing its products to a new and younger generation with different preferences. The marine-finance industry has also had to adjust to properly understand current employment trends, consulting and independent contractor careers, student debt, and other changes to the financial profile of today’s boat buyer.
Remaining nimble enough to understand these changing trends while continuing to provide expeditious and professional service to the marine-industry consumer is challenging, but it is a challenge that OceanPoint Marine Lending is uniquely qualified to meet.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.