Yachting Art Magazine

Your Boat Club, a major player in boat sharing in the United States and strategic partner of the French group Bénéteau, is the subject of legal proceedings initiated by Wells Fargo. The American bank is seeking the seizure of hundreds of boats following a default on payments amounting to several million dollars. This dispute weakens a structure that had previously been presented as a growth driver in the North American market.

YBC occupies a central place in Bénéteau's American strategy. In 2021, the Vendée-based manufacturer invested several million dollars to acquire 40% of the capital, before increasing its stake to 49%. This move was aimed at supporting the rapid development of a shared-use model — a rapidly growing trend in the Midwest — combining flexible access to a fleet and cost sharing among members.

The system is based on a membership of around 2,000, each paying between $5,000 and $5,500 per year to enjoy a fleet of around 400 units. This fleet includes pontoons, fishing boats, jet skis and bowriders spread across 40 marinas in Minnesota, Wisconsin, Florida and Illinois. Each marina has around ten boats.  Users reserve boats within the network according to their needs, without having to own or maintain them.

This dynamic is now threatened by legal proceedings. Wells Fargo Commercial Distribution Finance has filed a lawsuit for breach of contract after terminating a financing agreement signed in 2023 last July. The bank claims that YBC has neither repaid the amounts owed nor returned the 269 boats given as collateral for a £4.5 million loan. It is asking the Hennepin County Court to order the immediate seizure of these units.

This action comes at a time when the company still has strong ambitions. According to co-founder Luke Kujawa, expected revenue for 2025 is approximately $26 million. When interviewed by the Minneapolis Star Tribune, he said he was ‘surprised’ by the proceedings and emphasised that discussions are underway to reach a quick settlement. ‘We are confident that a resolution will be reached soon,’ he said.

Founded in 2010, YBC was built around Luke Kujawa, former president of Crystal Pierz Marine, which was sold to Bass Pro Shops in 2009. He then launched the concept of large-scale boat sharing, focusing on flexible access and pooling of resources as an alternative to individual ownership.

For Wells Fargo, the challenge now is to secure the value of the financed assets. For Your Boat Club, it is a matter of preserving a business model based on the continuous availability of a shared fleet. The legal outcome could weigh heavily on the company's trajectory and, indirectly, on Bénéteau's strategy in the field of shared use in the United States.