Nobody said reselling used equipment would be a guaranteed avenue for success, and even our most valiant attempts will occasionally beckon to the auction block. But with the right preparation and mentality to sell trade-ins in a timely manner, I think dealerships can find more success than they would lead themselves to believe.
We’ve been reporting during the last few months that there were signs popping up in various places that suggest that business levels are improving for North American dealers. Many of these came from our own dealer surveys during the past year.
David Meyer, Titan Machinery's chairman and chief executive officer, stated, "Overall first quarter financial results were generally in line with our expectations. Due to the stabilizing agriculture equipment inventory environment and the progress we have made in reducing our equipment inventory."
Farm equipment dealers who cater to row-crop operations with large ag machinery and implements have been particularly affected by the downturn in the ag economy. And the beat down goes on.
At least one analyst sees Titan Machinery’s ongoing destocking efforts paying off and the dealership group’s merger and acquisition efforts could restart as early as fiscal year 2018.
Titan Machinery and CNH Industrial recently presented a check to Minnesota State Community and Technical College-Moorhead/Moorhead Community and Technical College Foundation as the first installment of a $100,000 commitment to support the Diesel Equipment Technology program and the new Transportation Center.
While supply and demand imbalances continue to plague many ag machinery dealers, the three publicly held North American farm equipment dealership groups are reporting progress in reducing their equipment backlogs. On the other hand, it has come at a price as dealers report that ongoing low used equipment values offer little or no profit margin.
Titan Machinery, the largest farm equipment dealership group worldwide, announced its second quarter fiscal year 2017 earnings on Aug. 25. The company reported that revenues for the period were down 19.3% to $285 million vs. $353 million a year ago.
In this episode of On the Record, brought to you by Associated Equipment Distributors, Marc Johnson, principal with Pinion, provides 4 factors that will be important for dealers to watch in 2025 that will impact their business.
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