How much is a boat really worth? Blue Water Index says data holds the key

Blue Water Index founder Robb Corrigan is aiming to bring greater transparency to recreational boat valuations, using data science to help buyers, brokers, lenders and insurers make better-informed decisions.

Corrigan, who spent around 30 years working in technology, data and AI, began developing the business after trying to establish the market value of a used boat as he approached retirement. The experience highlighted a gap in the market: asking several people to value the same vessel could produce multiple answers, while online listings revealed asking prices rather than actual sale prices.

“When you ask three or four people, you get five different answers,” he says.

Discussions with boat owners and industry professionals soon convinced him that the problem extended well beyond individual buyers and sellers. As a result, Blue Water Index now applies data science and statistical modelling to assess a vessel’s market value, drawing on factors including its age, length, model, location and condition. The objective is to provide not just a valuation, but evidence explaining how the figure was reached and how confident users can be in it.

Data science and statistical modelling bring “an explainable answer,” Corrigan says. “It’s not necessarily just the value, it’s the confidence in the value, and where that confidence sits.”

Data science aims to support brokers

The company is initially targeting the 6–35m recreational leisure boat market in the UK and Europe. Corrigan sees the platform as a complementary tool for brokers rather than a replacement for their expertise and acknowledges the complexity of comparing vessels, given differences in equipment, wear and tear, maintenance and operating environments.

“We could never replace brokers because you can’t tell if the inside of a hull is stinky through data science,” he says. “A broker will know if there are problems with the osmosis. They’ll know things that data science can’t find.”

An independent approach to market value

The technology provides additional evidence to support pricing recommendations, monitor market movements and explain to sellers why a boat may not be attracting buyers at its current asking price.

The same data can help buyers assess whether a vessel is fairly priced, while lenders and insurers can use transparent valuations when evaluating assets and underwriting risk.

Corrigan says Blue Water Index’s independence from sales transactions is central to its credibility.

“We don’t own the boat. We don’t own a marketplace. We’re not part of a brokerage. We sit completely independent from the transaction.”

Blue Water Index launched its free consumer tool shortly before this year’s Cannes Yachting Festival, with professional products planned for release.

Blue Water Index seeks investment to accelerate growth

Corrigan, who has self-funded the business as its sole founder, is now seeking seed investment to accelerate development and expand its professional offering via a monthly subscription model.

His ambition is to see valuations become an established part of evidence-based decision-making across the industry.

“I would love to look at an industry in three years that is making decisions based on evidence,” he says. “If we can just help to shorten the emotion out of the discussion of selling a boat, then we’ve really done our job.”

About the Founder Podcast Series

This discussion forms part of the Founder Podcast Series, a collaboration between Yachting Ventures, Marine Industry News, and the Ben Taylor Podcast. The series explores innovation, leadership and the evolving opportunities across the marine and yachting sectors.