Casey Seymour of 21st Century Equipment and Moving Iron LLC is joined by David Gibson, manager of the wholesale division for H&R Agri-Power. They discuss watching auctions live in person and the impact of lease returns on the used equipment market.

Due to the number of attendees that preregistered for this topic, the “Valuation Data Sources: What, Who & Why?” roundtable was held both days of the Dealership Minds Summit – Roadmap to Mastering Equipment Remarketing. The majority of dealers attending this session were looking for better tools to use when placing a value on used equipment and trade-ins. One dealer said, “It is an inefficient marketplace, the information is bad. How do we get better information?”

With remarketing being the theme of the summit, over 25 representatives from dealerships across the country met for a 60-minute roundtable discussion on maximizing the efficiency and profitability of reconditioned equipment in stores.

During a roundtable discussion at the Dealership Minds Summit moderated by Anne Salemo, president of Charter Software, dealer discussed how they are tracking their used equipment inventory. Implementing a real-time inventory tracking system at a dealership is an important business decision with several variables to consider. In order to evaluate whether a real-time tracking system will benefit your bottom line, dealers need to evaluate their losses and look at their internal inventory controls.  If your internal inventory controls are off and not being managed properly, implementing a real-time tracking system will have little hope for success, one dealer commented.

When a roundtable of dealer representatives were asked for the first few words that come to mind when hearing the word jockey, responses were all over the map. Some were kinder, mentioning “expert” or “resource,” while plenty of others went the route of “opportunist” and “necessary evil.”

Much like in the auto industry, certified pre-owned (CPO) purchase programs can offer a buyer piece-of-mind with their used equipment purchase. But, offering CPOs may not always be the best decision for your dealership or your customer. There are a variety of financing and support options available across major suppliers like Case IH, Deere and AGCO, however one constant variable is that major suppliers expect higher dollars on certified pre-owned sales. Dealers gathered to discuss what they’ve learned from CPOs during a roundtable moderated by Kyle Kennedy, Livingston Machinery, during the Dealership Minds Summit — Roadmap to Mastering Equipment Remarketing.

The small roundtable discussion, “Should I Hold My Own Auction?” started out with three dealers sharing their experiences, and one who was taking the temperature of his peers before taking the leap.