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February 2022

Volume: 60

Edition: 2

Dealer Business Operations Report

Cost of Doing Business Study: Strong Revenues, Gross Margins & Profits

Table of Contents

Table of Contents

To the Point

In Praise of Successful Succession

By Kim Schmidt posted on January 24, 2022 | Posted in Operations & Finance, Dealer Succession

Almost 8 years ago, as we were test-driving a singular themed concept for the 2nd Dealership Minds Summit — The Next Generation — the editors of Farm Equipment interviewed 8 up- and-coming dealership leaders who were being groomed to run the business.

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Ag Equipment Intelligence’s Dealer Sentiment & Business Conditions Update

From the editors of Farm Equipment & analysts of Cleveland Research Co.

January 27, 2022 | Posted in Data & Forecasts

Executive Summary is part of a 25-page report issued each month to paid subscribers of Ag Equipment Intelligence.

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Cost of Doing Business

Dealers Report Strong Revenue, Gross Margins & Profits

The latest Cost of Doing Business study reported increased revenue and profit, as well as improving gross margins dollars on parts, service and wholegoods in 2020.

By Ben Thorpe posted on January 24, 2022 | Posted in Data & Forecasts, Operations & Finance

North American dealers reported strong financial results for 2020, according to the results of the latest Cost of Doing Business study from the Western Equipment Dealers Assn. On average per location, revenue, profit and gross margin dollars were all up.

Read More

Hutson Inc. CEO Says a Strong Bench is Key to Dealership Expansion

Josh Waggener attributes the dealership’s success to forward planning with an eye on succession management and leadership development.

By Libby Wawzenek posted on January 25, 2022 | Posted in Best Practices, Dealer Succession

For Josh Waggener, a deep bench is more than just a crucial strategic element of game play for sports teams striving for a winning record. It’s also a vital component of success for dealerships that are looking to grow and expand their impact.

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Manufacturer Profile

Poettinger Shows Solid Growth and Potential

In less than 15 years, Austrian equipment manufacturer establishes itself as a major player in North American forage-handling equipment and broadacre farming tools.

By Dan Crummett posted on January 25, 2022 | Posted in Manufacturer News

Over 14 years, Poettinger U.S., has firmly established itself across the country as a competitive supplier of forage-handling and tillage equipment representing the design work and company culture of Austria’s 150-year-old implement builder.

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Executive Q&A

Leading by Empowering

Chris Werner, CEO of 4 entities located under the BCP Equipment Ownership Group, says giving each store and its employees the autonomy, authority and accountability to make decisions instills an entrepreneurial spirit across the organization.

By Kim Schmidt posted on January 26, 2022 | Posted in Best Practices, Department Management

Chris Werner views how the BCP Equipment Dealership Network, which includes BCP Equipment, Sunset Kubota, Valley Kubota and Cache Equipment, operates as an upside-down triangle.

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Are We Headed Back to the 2014 Used Equipment Glut?

According to Iron Solutions’ Director of Data Services and Software Development Cameron Hurnard, things aren’t quite as grim as they were 8 years ago. However, some of the same issues that caused the 2014 used equipment glut need to be monitored now and in the future.

By Ben Thorpe posted on January 26, 2022 | Posted in Used Equipment Remarketing, Data & Forecasts

Many dealers remember how used equipment began to sit on lots in 2013-14, driven by rising commodity prices, low input costs and a notable increase in the supply of new equipment. This spelled trouble for the used market, with some equipment sitting for over a year before it moved.
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Ahead of the Curve

New Diesel Engine Oils Under Development

By Dan Crummett posted on January 30, 2022 | Posted in Product Innovations & Introductions

OEMs have asked the American Petroleum Institute for new diesel engine oil standards to go with hardware they are developing to meet stringent new 2027 carbon emission and fuel economy requirements.

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Leadership Lessons: Building a 2nd Machine Age Dealership

Execute & Innovate Part 1: 5 Tips for Process Improvement

By George Russell and Luke Sheppard posted on January 30, 2022 | Posted in Best Practices, Department Management

“We sell tractors. We fix them. We collect the money.”
This was the insight I received from a seasoned iron peddler upon my first visit to an equipment dealership more than 20 years ago. Simple and action-oriented, his statement summed up the fundamentals of equipment distribution.

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Ask the Expert

2022: Late Model & Low-Hour Refined

By Casey Seymour posted on February 2, 2022 | Posted in Used Equipment Remarketing

2021 was uncharted territory that brought one surprise after another!
Dealing with shortages, delays and uncertainty became the norm for dealers, customers and manufacturers. In addition, interim price increases, steel surcharges and freight increases made the equipment market a challenging place to navigate.

Read More
Featured Articles

Featured Articles

To the Point

In Praise of Successful Succession

By Kim Schmidt posted on January 24, 2022 | Posted in Operations & Finance, Dealer Succession

Almost 8 years ago, as we were test-driving a singular themed concept for the 2nd Dealership Minds Summit — The Next Generation — the editors of Farm Equipment interviewed 8 up- and-coming dealership leaders who were being groomed to run the business.

Read More

Cost of Doing Business

Dealers Report Strong Revenue, Gross Margins & Profits

The latest Cost of Doing Business study reported increased revenue and profit, as well as improving gross margins dollars on parts, service and wholegoods in 2020.

By Ben Thorpe posted on January 24, 2022 | Posted in Data & Forecasts, Operations & Finance

North American dealers reported strong financial results for 2020, according to the results of the latest Cost of Doing Business study from the Western Equipment Dealers Assn. On average per location, revenue, profit and gross margin dollars were all up.

Read More

Hutson Inc. CEO Says a Strong Bench is Key to Dealership Expansion

Josh Waggener attributes the dealership’s success to forward planning with an eye on succession management and leadership development.

By Libby Wawzenek posted on January 25, 2022 | Posted in Best Practices, Dealer Succession

For Josh Waggener, a deep bench is more than just a crucial strategic element of game play for sports teams striving for a winning record. It’s also a vital component of success for dealerships that are looking to grow and expand their impact.

Read More
Digital Edition

Digital Edition

Farm Equipment February 2022 Digital Edition

February 3, 2022

Read each issue of Farm Equipment on your tablet and desktop computer.
Read Digital Edition

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Online Extras

Online Extras

Online Extras: February 2022 Issue

February 3, 2022

Web-exclusive content for this month's issue includes: Extended coverage of the 2021 Cost of Doing Business Study, More from our conversation with Chris Werner, and Webinar Replay: Spotting Leading Indicators of a Market Turn

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Watch part four of an extended four-part video interview with Chris Heikenen in this episode of the “How We Did it” Docuseries.

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