The founders of the ag equipment auction advertising marketplace Tractor Zoom, are introducing an ag equipment valuation product called Iron Comps. The platform, tailored for banks and equipment dealers, launches on Monday, Nov. 11.
Iron Comps is a software as a service (SaaS) platform that gives dealers and lenders a more accurate picture of agricultural equipment valuations by using real-time auction data. The ground-up analytics engine produces better valuation results by accounting for fluctuating market conditions.
Iron Comps intelligently leverages daily auction results across the country with valuations from more than 22,000 make and model combinations. The platform allows users to filter results by make, model, distance, sale date and hours with the ability to manage their entire equipment fleet where values update automatically.
Low commodity prices have tightened agriculture margins making auction values a key focus for dealers, bankers, auctioneers, farmers and OEMs as they support the farming community. “Research proves people are valuing equipment based on auction data,” explained Kyle McMahon CEO of Tractor Zoom, “Banks and equipment dealers have been the first to come to us asking for a solution.”
McMahon’s team worked in tandem with banks and dealers as they developed the Iron Comps platform to get it right. “We are excited to have worked closely with a select group of banks and dealers to develop a robust, easy to use online tool that gives them a transparent look at auction market values.”
“We've chosen to partner with Tractor Zoom to use Iron Comps as a more consistent way for us to manage equipment lists across our ag lending practice,” said Margaret Nightengale, chief lending officer of Grant County Bank. “Having real-time auction results helps bring security and uniformity to our process and should prove invaluable as we prepare for exams and the pending CECL standards.”
Iron Comps will be unveiled at the Agriculture Bankers Conference in Dallas, Texas, and the North American Dealer Conference in Scottsdale, Ariz. Interested dealers and lenders can start using the solution for free at IronComps.com.