To me, Dr. Weber is one of the most influential philosophers in the ag equipment business. Every month, I would skip to Farm Equipment’s last page, read his column first and then return to page 1.
Let me start by saying the COVID supply chain disruption was an absolute gift from the equipment gods because it helped clear out old used equipment. I am sure my statement will shock and astound everyone reading this. The perception that less equipment was sold during 2021-2023 is wrong.
Used equipment is going through the next iteration in managing inventory. Over the past 24 months, the inventory taken off the market has hit the great reset button and fostered a brave new world.
To say 2023 is going to be interesting is like saying a hurricane creates a slight breeze. As the equipment market settles down and supply chain issues revert to “normal,” equipment values will change.
In my opinion, these buyers tend to trade every 3-5 years and develop a niched used equipment segment that is overlooked and undervalued as a buying group.
In February 2014, I was sitting at Palm Spring International Airport, returning home after a conference I attended. I was invited to give a presentation titled “Pros and Cons of Leasing vs. Buying Equipment.”
Last month I wrote an article entitled “Lines of Delineation.” In the article, I write about 6 different buyer types. New buyer, the late model low hour used buyer, high depreciation used buyers, 5- to 10-year-old used buyer, and the high hour used buyer. After reading the article, I am not sure one paragraph did each segment justice.
Casey Seymour has spent his entire career in used equipment remarketing at 3 different dealership groups, currently serving as the remarketing manager for 21st Century Equipment. He also operates Moving Iron LLC, which includes meetings, a longer format podcast series and other opportunities for remarketing managers. He can be reached at casey.seymour@movingironllc.com
In this episode of On the Record, brought to you by Associated Equipment Distributors, we take a look at the preliminary results of the 2024 Ag Equipment Intelligence Outlook & Trends report.
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