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Gotta remember, VMG is BOTH speed AND angle. Net vector speed to the mark at whatever angle and speed we can muster. Yes, you have to enter the coordinate of the mark and let the gps device, if set to VMG, calculate and display your VMG to that mark.
Now we're onto VMG we'd better get it clear. VMG is velocity made good in the upwind (or downwind direction) not speed to the mark. The GPS can only calculate VMG if it knows the wind direction. Your GPS can easily calculate the velocity towards the mark but that's not allowing for the other tack - which old fashioned VMG does. As an example if your best angle is say 50 degrees off the wind when the mark you're heading for is directly abeam you're getting further from the mark each second, ie. a negative GPS velocity towards the mark, but still haven't reached the layline. Your old fashioned VMG is still a nice positive number, keep going.
AC75s no doubt have a mast head apparent windspeed and direction sensor. With boatspeed the computer can directly calculate VMG and true wind direction. The onboard computer, knowing the co-ordinates of the mark , the current performance of the boat, can then output the distance to the layline.