Rocky Mountain Dealerships (TSX:RME) Canada's largest farm equipment dealer group, posted a 21.1% decrease in total sales during the third quarter of 2019 ending Sept. 30. Sales during the period declined by $49,307 to $184,067 from $233,374 during the same period in 2018.
According to RME, once seeding was completed, market sentiment turned sharply negative as a result of broad macro-economic and political uncertainty coupled with significantly reduced sales across all departments.
Earlier this year, Ag Equipment Intelligence surveyed U.S. and Canadian farm equipment dealers on their major sources for equipment loans. Overall, 61% of dealers reported that customer loans for purchasing equipment came from their manufacturers. But the percentage varied widely depending on the brand of equipment.
During the last several years, a growing majority of dealers have either established a separate department for precision farming or designated a precision farming specialist as the primary salesperson for ag technology.
Redline Equipment is acquiring the Case IH store locations in Indiana of Koenig Equipment. Koenig Equipment was one of the very few dealership groups that owned and operated both John Deere and Case IH dealerships.
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The latest episode of On the Record is now available! In this week’s episode we take a look at the Chicago Federal Reserve Bank’s fourth quarter survey, which suggests farm equipment loans could increase in 2021. In the Technology Corner, Jack Zemlicka discusses opportunities with early order programs in the midst of ongoing shortages and delays in parts availability. Also in this episode, a closer look at Deere and Kubota’s latest earnings releases and Fendt gains market share in Europe.