A Wilmington-based company that recently went public has been marking significant milestones in company growth.

Off the Hook Yachts Inc., a pre-owned boat dealer, rang the closing bell at the New York Stock Exchange (NYSE) American on Wednesday, on the eve of the New York Boat Show. After its initial public offering (IPO), the company, under the leadership of CEO Brian John, announced it had expanded its inventory financing capacity to $60 million, more than doubling its previous $25 million credit facility, according to a press release. 

“Off the Hook is well-positioned to lead the evolving $57 billion marine market,” the company said in the press release, which also describes Off the Hook as “America’s largest buyer and seller of pre-owned boats.”

Off the Hook officially became a public company after completing an IPO of $15 million in November. The company, which trades on the NYSE American under the ticker OTH, offered 3.75 million shares at $4 each, according to Securities and Exchange Commission filings.

“Going public really gives us a lot of credibility,” said Jason Ruegg, founder and president of the company. “It allows us to raise the capital we need to do it properly and really take this to its fullest potential.” 

Ruegg officially founded the company in 2012 after flipping boats and selling them for a profit. In addition to Wilmington, the company has locations in East Greenwich, Rhode Island, Kent Island, Maryland and Lake Winnipesaukee, New Hampshire. Ruegg said the company plans to keep expanding in South Florida and in Wilmington. 

“For our region right now, we’re trying to set up what I call almost like a mega‑service center in Wilmington,” said Ruegg. “We’re going to start really now trying to ramp things up and get a lot more service techs on board.”

Off the Hook relies on independent brokers that are supplied with everything from capital to service technicians and marketing, according to Ruegg. The model allows the company to purchase boats from across the country and lease short-term slips or create storage spaces for areas with more volume. 

“I would love to see us get to 500 brokers by the end of the year,” Ruegg said, adding that the company has been rapidly adding brokers since the beginning of the year. 

The company’s verticals include Autograph Yacht Group, a luxury yacht brokerage; Boats & Buyers, an online auction platform; Azure Funding, the company’s financing division; and We Buy Boats, a private wholesale division. 

Additionally, a press release announcing Off the Hook’s expanded floorplan financing credits its AI-driven sales platform for playing a critical role in the company’s scalability. The company currently uses AI for boat valuations and plans to eventually integrate it into its financing division, according to Ruegg. 

“The more data we give it, the more dialed in the valuations will get,” said Ruegg. “There is no way we could scale and get to the point where thousands of brokers are buying and selling boats with our capital without AI.”

On Jan. 8, the company announced a share buyback plan of up to $1 million, with the timing and amount of repurchases at the company’s discretion. The company’s current share price is just below $3.