NAEDA NEWS ALERT
October’s wild volatility mellows into November upswing
The robust NAEDA Stock Index surged 71.08 points, or 7.15 percent, and closed at 1065.09. Advancing issues flew past declining issues at an 18-to-3 count.
Investors who survived the wild ride of October were rewarded with steady improvement in the first half of November. As our trading session ended Nov. 14, 2014, an unexpected move by the Bank of Japan (BoJ) to increase its stimulus program sent an impulsive market to new highs. The University of Michigan’s consumer sentiment index improved to a level not seen since July 2007 as it moved to 86.9, from 84.6. Homebuilders got a boost after D.R. Horton posted stronger quarterly revenue than expected, with orders up 38 percent, hinting at increased demand. “We’re making new highs, volatility is low and that suggests investors are complacent enough to buy stocks at those highs,” said John Kosar, director of research with Asbury Research in Chicago. “Interest rates are still low, oil prices are low and everything looks conducive to more strength between now and the end of the year.”
Tractor Supply posted a robust third quarter report, with an 18.3 percent increase in net income, to $76.6 million, or $0.55 per share, versus net income of $64.8 million, or $0.46 per share in the year-ago quarter. Sales were up 12.6 percent, to $1.36 billion. Investment firm Raymond James upgraded TSCO to “strong buy” from “market perform,” with a price target of $78. Analysts cited expanding market share and double-digit revenue gains. TSCO soared 17.29 points, or 30.03 percent, and was the top dollar and percentage gainer. TSCO closed at 74.86.
AGCO slipped 0.59 points, or 1.32 percent. Third quarter net income was $0.69 per share; excluding one-time items, net income was $0.69 per share, compared to adjusted net income of $1.27 in the comparable year-ago quarter. Net sales were off about 13 percent, to $2.2 billion, from last year’s $2.5 billion. AGCO ended at 44.18, and was the top dollar loser.
Cummins also beat for its third quarter, and shares rose 16.60 points, or 12.92 percent. Cummins earned net income of $423 million, or $2.32 per share, from $355 million, or $1.90 in the same quarter last year. Revenue was $4.89 billion. Analysts polled by Zack’s expected earnings of $2.28 per share and revenue of $4.71 billion. The company cited strong sales in China, Europe and North America. CMI closed at 145.06.
Contact Congress NOW - Dealer Action Requested
As Congress returns to Washington after the Veteran’s Day Holiday, we are asking dealers to take the time to contact their Representatives and Senators and or their staffs concerning our top priorities for the lame duck session. These same priorities will also be used for the start of the 2015 Congress.
If you have their telephone numbers and or email addresses, please make those calls or emails as soon as you can. The message is simple, just ask for them to support our top priorities as shown below:
- Make permanent the bonus depreciation and Section 179 provisions.
- Change the farm and ranch equipment assigned class life to five years for depreciation purposes.
- Maintain Last-In, First-Out (LIFO) accounting method.
- NAEDA supports regulatory reform by Congress that would restore checks and balances to the regulatory process and increased public participation in the rulemaking process.
- With several trade deals being negotiated, NAEDA supports passage of the Bipartisan Congressional Trade Priorities Act of 2014 (H.R. 3830) that will give the White House new fast-track authority (Trade Promotion Authority).
- NAEDA supports passage of a permanent funding mechanism for transportation infrastructure upgrades needed to ensure America’s competitive advantages.
If you don’t have telephone numbers or email addresses, please visit https://www.congress.gov/ where you can select your state and locate your representative and two senators information. A contact by you, your family and or key employees to these three people can make a huge difference in the lame duck session and the start of a new Congress. NOW IS THE TIME.
Should you have any questions, please feel free to contact Michael Williams at 636-349-6204 or by email at firstname.lastname@example.org.
Industry & Manufacturing News
AEM elects 2015 officers, new directors
The Association of Equipment Manufacturers (AEM) announces its newly-elected 2015 officers, as well as directors elected at its recent annual meeting to the AEM Board of Directors and AG and CE Sector Boards.
AEM Officers for 2015 are:
- Chair John Patterson, Chairman JCB USA Group and Director JCB Group, JCB Inc.
- Vice Chair Leif Magnusson, President, CLAAS of America
- Treasurer Göran Lindgren, President Sales Region Americas, Volvo Construction Equipment
- AG Chair James Walker, Vice President Case IH NAFTA, CNH Industrial
- CE Chair Michael Haberman, President, Gradall Industries Inc.
- Secretary Dennis Slater, AEM’s full-time President
Farm Equipment Manufacturers Association elects three new directors
Saint Louis, Missouri—November 11, 2014 During the 64th Annual Fall Convention, November 3-7, in Las
Vegas, NV, the Farm Equipment Manufacturers Association added three new directors to its board.
Michael Irish is Landoll Corporation’s Brillion Brand Manager in Brillion, WI. Mr. Irish has held this position
for the past four years. He was the General Manager of Brillion Farm Equipment before Landoll Corp. purchased
it in 2010. The company, whose headquarters are in Marysville, KS, has been a member of the Association
since 1972. It provides such services as contract manufacturing and machining and produces a wide variety
of farming products and implements.
Matt Westendorf is COO at Westendorf Manufacturing Co., an Onawa, IA-based company that produces a
wide range of parts and equipment for the farming and construction industries. He has held that position since
2006, and worked in every department at the company’s plant. Westendorf has been an Association member
since 1977. The company produces front-end loaders, landscrapers, dump spreaders, wagons, trailers and heavy
Janea Danuser has served as Vice President at Danuser for nine years. She and her brother Glenn also are
fourth-generation co-owners and co-operators at the company, which has been an Association member since
1951. Headquartered in Fulton, MO, Danuser manufactures several lines of agricultural and industrial attachments
and parts. It also produces ball joints and various linkage parts for original equipment manufacturers.
During the annual Fall Convention, the Association also elected the following officers: President, Mike Kloster,
Worksaver Inc.; 1st Vice President, Ric Kirby, Kirby Manufacturing; 2nd Vice President, Paul Jeffrey, MacDon
Inc.; Treasurer, Robert Atkinson, W & A Manufacturing Company; and Secretary, Stanley McFarlane, McFarlane
Manufacturing Co. Outgoing President Marc McConnell, Art’s Way Manufacturing Co., will serve as an
Ex Officio member of the Executive Committee.
The Farm Equipment Manufacturers Association is an international not-for-profit trade organization representing
338 manufacturers of specialized farm equipment, 345 industry supplier companies and 43 marketing firms.
Founded in 1950, the Association is headquartered at 1000 Executive Parkway, Suite 100, St. Louis, Missouri.
For more information about the Association, please visit FarmEquip.org.
NAEDA at GIE+EXPO 2014
NAEDA once again had a significant presence at the 2014 GIE+EXPO in Louisville October 22-24. NAEDA was joined by the Ohio-Michigan Equipment Dealers and Northeast Equipment Dealers Association with a booth in the popular Dealer Resource Pavilion where we met with numerous dealers. In addition, NAEDA organized and sponsored two well-attended dealer sessions (over 80 attendees each) for the Dealer Summit. A Manufacturer/Distributor Panel featuring John Crowson, President of Scag Power Equipment; John Marchionda VP of Marketing and Customer Care, Husqvarna; Bev DeVriendt, President, Power Equipment Distributors and Harold Redmon, Senior VP and President of Turf and Consumer Products for Briggs and Stratton, discussed important dealer/manufacturer issues and took questions from dealers. On Friday NAEDA hosted a Dealer “Best Practices” Session that featured excellent discussion on solutions, suggestions and opportunities in dealership operations. Scott Jardine, Arns Equipment, Calgary, AB, Jarod Nobbe, Wm Nobbe & Company, Waterloo, IL and Dale Fronheiser, Passmore Service Center, Bechtelsville, PA served on the dealer panel.
The Toro Company to Acquire BOSS ® Professional Snow and Ice Management Business
BLOOMINGTON, Minn.--(BUSINESS WIRE)--Oct. 27, 2014-- The Toro Company (NYSE: TTC) today announced that it has entered into a definitive agreement to acquire the BOSS® professional snow and ice management business of privately-held Northern Star Industries, Inc. The transaction is subject to customary closing conditions, including regulatory approvals, and currently is expected to close during Toro’s fiscal 2015 first quarter.
Based in Iron Mountain, Michigan, BOSS designs, manufactures and sells snowplows, salt and sand spreaders, and related parts and accessories, for light and medium duty trucks, ATVs, UTVs and loaders. BOSS sales in 2014 are anticipated to be approximately $125 million. To learn more about BOSS, visit www.bossplow.com.
“With the addition of BOSS to our existing market-leading professional contractor businesses, we are even better positioned to strengthen and grow our relationships with these important customers by providing them with the innovative and durable equipment and high-quality service they need for each season,” said Michael J. Hoffman, Toro’s chairman and chief executive officer. “We’ve long been interested in the professional snow and ice management category. We are impressed with BOSS’ solid business performance and we are optimistic about the opportunities for growth through product line expansion and in international markets.”
Source: The Toro Company
Kubota to expand headquarters in northeast Georgia
GAINESVILLE, Ga. (AP) - State officials say Kubota Manufacturing of America plans to expand its headquarters in the Gainesville area, creating an additional 650 jobs.
Kubota makes tractors, RTVs and lawn mowers.
The Georgia governor’s office announced the expansion on Monday, saying Kubota Manufacturing of America will purchase 180 acres in Hall County’s Gateway Industrial Centre, which will add to its current operations.
With the expansion, officials say the company will employ more than 2,900 Georgians in two counties.
Source: Capital Press
Final GIE+EXPO 2014 attendance tally confirms double-digit jump
The footprint of the 2014 GIE+EXPO (Green Industry & Equipment Expo), Oct. 22-24, was over 1.3 million square feet, nearly 30 acres and the size of 27 football fields, making it the largest ever for this mega show and, in fact, one of the largest tradeshows in the U.S. The industry event is being hailed as a family reunion that draws all segments of the outdoor power equipment and lawn & garden industry. This year more than 19,000 people from around the world represented an 11% increase in registration over last year. The "reunion" gathering place at the Kentucky Expo Center in Louisville buzzed with business indoors and out.
Hardscape North America (HNA), co-located with GIE+EXPO, also had a record attendance with a 22% increase over 2013.
Dealer Day, Wednesday, October 22, provided focused education, basic and advanced tech training and facilitated one-on-one time so exhibitors and dealers/distributors could network and discuss pricing and products. Dealership consultant Bob Clements' Wednesday seminar - the first of his five free sessions for dealers - drew 320+ attendants who learned how they can achieve higher levels of success while taking back their lives.
Participation in basic tech training sessions was up 213% this year while registration in the advanced training increased 14%.
Registrations for all paid dealer education were up 35%. The inaugural Keynote Dealer Luncheon, sponsored by Gravely and Stihl, drew nearly 200 participants to hear best-selling author Steve McClatchy discuss how to work smarter, reduce stress and lead more effectively.
Source: Green Industry Pros
Legislative & Regulatory News
Biz groups brace for deluge of regulations
Business groups are bracing for an onslaught of regulations, with the Obama administration bent on completing a host of the presidents unfinished policy goals and the midterm elections now in the rearview mirror.
Agencies across federal government are expected to drop a host of major rules over the next few months, with regulations running the gamut from calorie label requirements on restaurant menus to new rules for hydraulic fracturing and air pollution.
Source: The Hill
Business leaders cautiously expect G.O.P. win to open some doors
After years of gridlock in Washington, American business is gearing up for a major push on long-sought goals like an overhaul of the corporate tax system, building the Keystone XL oil pipeline, lighter environmental and financial regulation and winning congressional backing for trade deals with Asia and Europe. Business interests face a much more receptive audience now that Republicans are poised to control both the House and Senate next year.
But despite plenty of public talk of more aggressive action — like a rollback of the Affordable Care Act or the Dodd-Frank rules passed after the financial crisis — lobbyists, experts on Wall Street and political veterans say the actual legislative agenda will be much more limited.
“There is a pent-up demand for legislative action, and there was a logjam because of the campaign,” said Bill Miller, a veteran lobbyist and senior vice president at the Business Roundtable, which represents a wide cross-section of the biggest American companies.
Source: NY Times
Senate GOP steeling for battle against EPA
Senate Republicans are gearing up for a war against the Obama administration’s environmental rules, identifying them as a top target when they take control in January.
The GOP sees the midterm elections as a mandate to roll back rules from the Environmental Protection Agency and other agencies, with Republicans citing regulatory costs they say cripple the economy and skepticism about the cause of climate change.
Incoming Senate Majority Leader Mitch McConnell (R-Ky.) identified his top priority come January as “to try to do whatever I can to get the EPA reined in.”
McConnell made his defense of coal a major piece of Kentucky’s economy, a highlight of his reelection bid, which he won easily over Democrat Alison Lundergan Grimes.
Source: The Hill
Canada warns U.S. to repeal COOL or face consequences
Canada is gearing up to retaliate against the United States after its third victory in the ongoing country-of-origin labelling dispute.
“We will target everything from California wine to Minnesota mattresses, not to mention the over $2 billion in U.S. beef and pork sales to Canada,” said federal agriculture minister Gerry Ritz.
The World Trade Organization ruled that U.S. amendments to the COOL regulation continue to discriminate against live imports of cattle and hogs into the U.S. marketplace.
COOL was implemented in 2008. On May 23, 2013, the U.S. revised the regulation in an attempt to come into compliance with the WTO.
Canadian livestock and meat producers said the amendments only made matters worse and the WTO agreed.
Source: The Western Producer
NAEDA Update Official Sponsor
What the U.S. election results mean for Canada
It didn’t take the Canadian government long to note the far-reaching policy implications of the Republican wave in Tuesday’s midterm U.S. elections.
Source: The Star
PM announces tax cuts, increased benefits for families
Prime Minister Stephen Harper has announced new measures to help make life more affordable for Canadian families. The proposed new measures includes The Family Tax Cut, a federal tax credit that will allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket.
Source: Prime Minister of Canada Stephen Harper
Market access for farm products a final hurdle in TPP trade talks: U.S
Access to Canada's tightly controlled agriculture market is among the main remaining hurdles to a historic 12-country free-trade deal, the U.S. administration said Thursday.
Source: CBC News
Big harvests, poor prices: analysts
Low prices for years is the most reasonable expectation for farmers, analysts said last week at Cereals North America. It was a dark thread that wound through a conference that contained few hopeful elements. A crop-heavy world situation has exacerbated logistics problems in Canada and the United States, and there are hints that Canada’s quality, consistency and reliability have been undermined in world markets.
Source: The Western Producer
OECD trims outlook for Canadian growth to 2.3% in 2014
The Organization for Economic Co-operation and Development has cut back its outlook for the Canadian economy to 2.3 per cent economic growth in 2014 and 2.5 per cent in 2015.
Source: CBC News
Canada’s economy gains 43,100 jobs, jobless rate drops to 6.5%
It’s hard to deny that Canada’s employment picture has turned “definitely positive.” For a second month in a row, overall hiring activity soared - in many of the right places - and interrupted the seesaw trend between gains and losses that has persisted all year.
Source: Financial Post
Harper signs $2.5B deals with China, and raises human rights issues - signalling new era of cooperat
Eight years ago, soon after he became Prime Minister, Stephen Harper invited the wrath of the Chinese government by declaring Canada would not “sell out” on human rights just to cash in on trade and investment with the rising superpower.
Source: National Post
NAEDA, Association & Program Partner News
Resolving Disputed Credit Card Transactions
Most of the time transactions move smoothly through the system, and are processed with few problems. Occasionally you will be required to provide additional information about a transaction in order to resolve a dispute. The card associations have procedures in place to facilitate the timely resolution of disputes. Your part in this process is very important.
Basically there are 2 items that will signal a cardholder dispute:
1. Retrieval Request
A retrieval request is simply a request from the bankcard processor to a merchant for information and documentation related to a specific credit card transaction.
This information is requested to be supplied within a specified time. The merchant’s compliance with a retrieval request is critical. When a request goes unanswered a fee is levied against the merchant by the bankcard processor. The next action is that of the cardholder to then charge the transaction back if no supporting documentation of proof of the transaction is provided.
A chargeback is the dispute of a credit card transaction that appears on a cardholder’s month end credit card statement. If the cardholder does not recognize the charge they will normally contact the issuing back of their credit card and request that the charge be reversed or charged back to the merchant. Not all chargebacks mean a lost sale however. If the merchant is able to provide supporting information such as a signed transaction receipt, the information is heavily scrutinized by Visa®/MasterCard® in considering the best remedy for the situation.
Merchants are notified of a chargeback by their credit card processor. The processor receives notification of a chargeback or retrieval request from the issuing bank of the credit card. When the chargeback information & documentation are prepared and ready to be mailed or faxed a merchant is directed to send it to their credit card processor. The processor’s chargeback department will then send this information to Visa or MasterCard for a resolution. A decision is generally sent back to the processor within 30 days. The processor will then notify the merchant.
In the event that a chargeback dispute is decided upon by Visa/MasterCard in favor of the merchant, the merchant will receive the funds back for that transaction however the fees associated with the administration of the chargeback are not refunded typically.
Good communication with your customers can help avoid chargebacks. Along with informing customers of any changes or delays related to a sale. When issuing credits, do so promptly and always be clear about the return and exchange policy.
By keeping accurate records and following established procedures by Visa and MasterCard merchants can minimize exposure to retrievals & chargebacks.
For more information concerning Interchange and the NAEDA endorsed credit card processing program, contact Danielle Gibson 800-546-1831 ext. 5434 or Danielle.Gibson@elavon.com.
Consider a contribution to NAEDA's Equipment Dealers Foundation
NAEDA’s Equipment Dealers Foundation (EDF) was created to provide grants to meet the industry’s need for training resources, career advancements and scholarships. Through the years, the EDF has expanded its efforts to help dealership employees affected by natural disasters. Moving forward, your support is needed for research, grants and scholarships to continue to enhance our industry.
When faced with a disaster, the EDF has been able to step in and help. The EDF has financially aided a number of dealers and dealer employees, thanks to the generous support of dealers, manufacturers, suppliers and affiliated associations.
The purpose is not to replace insurance coverage or the entire business economics; rather, the efforts through “bridge grants” of up to $2,500 help put food on the table, replace toothbrushes and toothpaste, put gas in the vehicle and generally help individuals get their everyday routine back as quickly as possible. To date, the EDF has provided more than $200,000 to assist disaster victims.
In 2012 and 2013, EDF has offered a matching scholarship program in conjunction with dealers and affiliate associations, with the goal of helping dealers train the next generation of employees. These scholarships, coupled with the other matching grants of the sponsoring dealer and affiliate associations, were used to help students interested in the equipment industry attend schools and receive training so they can be a part of our industry after graduation. To date, 145 matching scholarships have been awarded to students.
Now is where you can help. In order for EDF to assist when disaster strikes again—and it will—and to help do research and provide important industry data and education, and provide scholarships to students excited about our industry, we need your continued support. Please consider a generous donation to the NAEDA EDF as we close out the year.
Please visit our website at https://www.naeda.com/SupportEDF/EDFFoundationOnlinePayment.aspx to contribute online.
Tip of the Month
Flu season is almost once again upon us, leaving many dealerships short staffed as employees become infected and unknowingly share their germs. Running November through April, Flu seasons are unpredictable and often severe; each year on average 5% to 20% of the population gets the flu. More than 200,000 are hospitalized with flu symptoms yearly.
While the flu is often confused as a common cold, it is very different. While it can be mild, it is often severe, and sometimes may even cause death. While the best way for you and your employees to prevent the flu is with a flu vaccination, there are other measures that can be taken to prevent the spread of flu viruses.
Encourage sick employees to stay at home.
Maintain a clean office.
Educate your employees with preventative tips.
Managers have many tools on hand to educate their employees about to prevent sickness and the spread of germs. Through company email blasts, newsletters, and even signs in the bathroom and kitchen, you can provide employees with the information they need to stay healthy. Some suggestions are:
The best advice to avoid sickness in the workplace is to encourage all employees to get vaccinated before the flu season begins. For more information about preventing sickness in the workplace contact email@example.com.
Free KPA Webinars
- Protect your Employees and Save Time and Money with Compliant Personal Protective Equipment (PPE) in the Workplace - November 13, 2014
- HRM Weekly - How to complete a Termination (Old and New HRM System) - November 18, 2014
- The Good, the Bad, and the Ugly: How Strong is your Documentation? - November 20, 2014
- HRM Weekly - Performance Management: Employee evaluations and Disciplinary Reports (Old and New HRM System) - December 2, 2014
- Department of Transportation (DOT) Hazardous Material Shipping Compliance for Dealerships - December 4, 2014
- HRM Weekly - Hiring Processes in the New HRM System - December 9, 2014
- Is This Product Safe to Use? - December 11, 2014
- HRM Weekly - Reports and Compliance Scores in the New HRM System - December 16, 2014
- Last Chance: Understanding New OSHA Reporting Regulations - December 18, 2014
From the NAEDA Office
The Current Drop In Farm Equipment Sales
NAEDA responds to AEM Advisor News.
In the Oct. 13 issue of AEM’s Advisor News, Charlie O’Brien, AEM senior vice president and ag sector lead, discussed “10 reasons not to panic about the current drop in farm equipment sales.” While I do agree with many of his observations and reasons, I feel a need to respond from the dealer’s point of view.
First, let’s take a look at what Charlie had to say in his article:
If you saw the latest AEM Flash report, the numbers for August sales don’t look very pretty with a lot of negative signs. One hundred horsepower tractors were down 11% for August compared to last August. Four-wheel-drive tractors were down 37% and combines were down 28%. Those are big drops for that specific month. Fortunately, the beginning of the year sales were still strong so overall the year to date figures are showing decreases but certainly not in the 30% range. Should we be panicking right now? Probably not and here are my 10 reasons why:
1. The underlying fundamentals are still strong in agriculture. People need to eat and there are about 200,000 more people every day that need to eat. We are in the food business so our sector is stable with the need for productive equipment to plant and harvest food with increased productivity to meet the food demand. We will continue to sell equipment to help meet the food needs of society.
2. Today, farmers still have very strong balance sheets resulting from strong commodity prices that brought benefits to the bottom line. The farm sector’s debt-to-asset and debt-to-equity ratios are forecast to remain essentially flat at 10.8 and 12.1%, respectively. Both ratios remain near their post-1970 historical lows as reported by the USDA. Farmers have the capacity to buy equipment that adds value to their farming operation.
3. We have been selling equipment at a very high level the past several years. Even with the existing drops in units sold we are still in one of the top 10 years for equipment sales.
4. The need for productivity gains to meet the food demand is never-ending. The need to continue down the path of new innovation that brings together the storms of precision agriculture and the use of data coming off the equipment is immense. New innovation and new equipment will be part of the solution for agriculture.
5. We all understand we work in a cyclical business with a variety of variables not the least being weather. We enjoy strong yields this year which is building stocks. We don’t know what another year will bring but we can bet on one thing. It will be different and may tip the cycle back in our direction.
6. Data is king. Innovation is driving the production of more and more data. Billions of data points are being gathered from new equipment. The appetite for new data and new equipment will not end. In fact, we are at the dawn of this new age, which will continue to drive new equipment sales.
7. Through close monitoring of the situation, we are optimistic that the Section 179 deduction and bonus depreciation will be reinstated providing farmers the incentive to purchase new equipment.
8. There is extremely limited land available to put into production in the U.S. The only way to increase yields is by increased productivity. Consequently, part of the solution is new, more innovative equipment to continue to push productivity on its persistent upward track.
9. The current surplus of used equipment will be pushed through the distribution channel over the next year returning dealer inventories to manageable levels and stabilizing the purchase cycle for new and used equipment.
10. The U.S. continues to be the most productive agricultural country in the world. The world is counting on us to help meet the ever increasing food demands of a booming population, and we will deliver. We always have. And equipment always has been and continues to be a vital part of the equation.
My initial response to Charlie’s reasons for not panicking can best be described as valid if your focus is on selling new equipment. However, reducing the inventory of used equipment will bring the most pressure to dealers—not the selling of new equipment.
Farmers (our customers) have the capacity to buy new equipment, but they do not have the immediate need. The vast majority have units that are 2 years old or less with lots of productivity left in them. If manufacturers implement programs and incentives to drive the sale of new equipment, it will exacerbate an already untenable situation. The market and dealer lots are saturated with used equipment that in many cases is overvalued and unwanted.
Most often, when a dealer sells a new piece of equipment, the transaction includes a trade-in unit, which increases a dealer’s used inventory. Currently, this inventory is not moving through normal distribution channels. Additional issues like Tier 4 compliance will make much of the late-model used inventory unusable in many countries because of fuel issues. Therefore, we cannot count on world demand to absorb used inventory.
For a dealer not to panic about the current drop in farm equipment sales, they must properly value a unit at trade-in. Overvaluing a used piece of equipment in order to make a sale and maintain market share places the dealership in a challenging financial position that is not sustainable. During the past several months, the NAEDA Industry Relations Task Force met and discussed this very issue with many manufacturers around the country. With no exceptions, the manufacturers recognized the need to work with their dealers to address the growing inventory of used equipment.
Dealers and manufacturers working together to address the drop in farm equipment sales truly is a reason not to panic.
As always, your ideas, issues and suggestions are welcome, so please feel free to contact me a firstname.lastname@example.org or 636-349-6221.
Thank you for being a valued member of NAEDA.
RICHARD “Rick” LAWHUN is president/CEO of North American Equipment Dealers Association (NAEDA). The association provides educational, legal, legislative and financial services to approximately 5,500 retail agricultural, construction, large property/rural lifestyle and outdoor power equipment dealers in the United States and Canada. Rick can be contacted at 636-349-6221 or via e-mail at email@example.com
To read this article in full, click here
About NAEDA Update
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NAEDA Update is provided as a service to members of the North American Equipment Dealers Association. This information may not be reprinted without permission from NAEDA.
The North American Equipment Dealers Association provides educational, legal, legislative, and financial services to approximately 5,000 retail agricultural, construction, large property/rural lifestyle, and outdoor power equipment dealers in the United States and Canada.
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