Twin Vee appoints head of strategy for digital division following recent acquisitions
Twin Vee PowerCats, a Florida-based manufacturer, distributor, and marketer of power sportsboats, has appointed Tom Huffman as chief information officer (CIO). Huffman will oversee the company’s digital division, which includes BoatsForSale.com and YachtsForSale.com, two digital assets recently acquired from OneWater Marine.
The two digital platforms, acquired by Twin Vee earlier this month, represent the third-largest online boat marketplace in the United States, with over 42,000 unique listings.
In September 2024, Twin Vee revealed details of its new Pro-Direct Platform, a digital boat buying platform based on concepts used in the automotive industry.
“These digital assets are the initial step of a larger plan to propel Twin Vee’s evolution into a diversified marine and recreational company,” says Joseph Visconti, chief executive officer and president of Twin Vee PowerCats Co. “Our long-term growth strategy is focused on increasing Twin Vee’s overall value by investing in innovation, strategic asset acquisition and digitally transforming the marine marketplace.” He adds that the company is actively identifying and integrating assets such as BoatsForSale.com and YachtsForSale.com, which it expects to contribute to revenue growth and its broader digital strategy.
Huffman comments: “I’m excited to join Twin Vee to lead the development of innovative technology, using the BoatsForSale marketplace as the foundation. By combining superior technology with outstanding customer experience, we aim to revolutionise the boat buying process—making it seamless, transparent and more accessible than ever before.”
Huffman has experience in IT, fintech and enterprise solutions. As a former CIO of First American Financial, he was involved in developing vendor management platforms for financial institutions.
“Tom’s extensive experience in leading IT strategy, product development, programme management and enterprise infrastructure make him the ideal person to iterate on BoatsForSale.com and YachtsForSale.com,” says Visconti. “His passion for applying cutting-edge technology to solve complex business challenges aligns perfectly with our vision to become a more diversified marine and recreational company.”
The pivot to digital assets comes after Twin Vee reported a significant decline in third-quarter revenues for 2024. The firm saw revenues fall 64 per cent to $2.9 million in Q3 2024, down from $8.1 million in the same period last year.
The company reported a consolidated net loss of $3 million for the quarter, with its core Twin Vee operations accounting for $2.1 million of the losses.
Twin Vee PowerCats Co. designs and manufactures Twin Vee and AquaSport boats for fishing, cruising and recreational use. The company, based in Fort Pierce, has been building and selling boats for 30 years.
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