Faced with sizable inventories, farm equipment dealers have been utilizing auction sales. “It really started last year in July with dealers just smashing equipment out to auction,” said Greg ‘Machinery Pete’ Peterson. “The losses they’re taking are massive, but they’re trying to get ahead of it.” While appearing at the Big Iron Farm Show, Peterson told RRFN he had tracked the number of one and two-year-old equipment units sold at auction. “I looked at it through June this year and we were up 74 percent over last year. Compared to 2014 through June, there was a 423 percent increase in dealers putting stuff out to auction. These dealers are being super aggressive.” Visit the RRFN YouTube channel to watch Thursday’s forum.
