Abstract: The present invention is directed to an amphibious boat. The boat includes retractable wheel assemblies secured either side of the boat and movable from a trailering position to a storage position. In a preferred embodiment, the wheel assemblies lock with hydrofoil members secured to the boat hull and effectively transfer loads to the boat hull when the wheel assemblies are in the trailering position. The hydrofoils serve to provide additional lift for the boat when appropriately driven through the water. The wheel assemblies also have a unique suspension arrangement of the wheels for improved trailering characteristics.