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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In this episode of On the Record we take a look at AGCO's recently introduced Transformational Assessment Process (TAP) for its North American production ag dealers. In the Technology Corner, Michaela Paukner examines how CNH Industrial and John Deere's tech stacks compare. Also in this episode, the latest earnings reports from Deere & Co. and Kubota.