Just within the last few weeks, there’s been plenty to keep one’s attention, both in and outside of the farm economy. For a while up until the first debate, even the presidential election seemed to be fighting for attention. Here’s just a few things we’ve been watching as we put together the final edition of 2020.
It’s been a strange year for dealers to say the least. Not only are dealers following a particularly wet and difficult planting season in 2019, but now they’re facing the long term effects of a global pandemic, as well as an election year in the U.S.
For Burnips Equipment, a necessary realization put them on the path to streamlining used machinery management and cutting inventory levels in half, while more than tripling turn rates.
Subtlety can be overrated when it comes to managing used farm equipment inventory. Sometimes, bluntness is necessary to force dealerships into a defining decision that cuts used equipment levels in half and increases annual equipment turns by 1.5 in less than 3 years.
Jim Wood, chief sales and operations officer, explains how Rocky Mountain’s dedication to its processes and documentation have helped control the 36-store dealership’s used equipment inventory.
Through the second quarter of 2020, Rocky Mountain Equipment (RME), Canada’s largest Case IH dealership group, has reduced its used equipment inventory by C$40 million since the fourth quarter of 2019.
Trent Hummel breaks down how dealers can use hard data to get a handle on their used markets and make smart decisions with their used combine inventories.
Interest in used equipment is on the rise, but not particularly in used combines. According to results from Ag Equipment Intelligence’s August 2020 Dealer Sentiments report, a net 6% of dealers reported their used inventory “too low” in July, the first time it’s been “too low” since June 2012.
As part of his recent presentation at the 2020 Virtual Dealership Minds Summit, Trent Hummel, consultant and trainer with the Western Equipment Dealers Assn.’s (WEDA) Dealer Institute, showcased a series of studies conducted with Farm Equipment in which surveyed dealers were asked what influences their valuations of used equipment.
Dealers who are looking for more options for moving their used equipment inventory may want to consider overseas buyers. However, not everyone is sure where to begin with such an endeavor, or what it takes to begin the process.
When it comes to moving used equipment, Scott Hoober believes a collaborative approach is best. The owner of Hoober Inc., a 9-store Case IH dealership based in Intercourse, Pa., knows it’s important to work with the team at his dealership, but he takes it a step further.
Doing your research when it comes to auction companies, setting realistic expectations and selling a mix of farm equipment inventory are just a few recommended tactics.
Some dealers occasionally use auctions as part of their methods for selling used equipment. At the 2020 Dealership Minds Summit, three experienced professionals shared their experiences running their own used equipment auctions.
The fifth spoke in the upper right completes the Good to Great Flywheel — “Building your dealership brand with all segments” by employing a robust marketing process.
Today’s agricultural tires resemble their predecessors in that they are still round and mainly made of rubber. Maintaining a tread and staying inflated may have been enough for years, but modern tire design parameters accounting for soil compaction, improved traction, tread wear, sidewall strength at super-low inflation rates and, increasingly, environmental concerns have permanently changed the way farm equipment engages the soil.
It’s been a strange year for dealers to say the least. Not only are dealers following a particularly wet and difficult planting season in 2019, but now they’re facing the long term effects of a global pandemic, as well as an election year in the U.S.
The fifth spoke in the upper right completes the Good to Great Flywheel — “Building your dealership brand with all segments” by employing a robust marketing process.
Built on 90 years of expertise, Yetter Farm Equipment leads the agriculture industry in designing effective and innovative equipment for residue management, seedbed preparation, precision fertilizer placement, harvest attachments, strip-tillage, and more.
Montag is the industry’s innovative leader for precise, accurate metering of fertilizer, seed and other nutrients. The Montag system has become the standard for deep banding of fertilizer. Montag is also pioneering the technology for cover crop seed application. The new Cover Crop+ is able to meter the smallest seed, and can be mounted to tillage implements, combines, plus Hagie sprayers and detasselers.
At Machinery Scope, we believe you deserve the best risk management solutions for your investments in heavy equipment. Since 2013, we have been proud to offer extended warranty, appraisals, and inspections. Machinery Scope is a family-owned business built on our experience in farming and equipment dealerships. We understand your business and provide a personalized and professional level of customer service. Machinery Scope has built a strong warranty product with our customers in mind, offering the same professional level of service from the time you get a quote, through the processing of a claim.