In this episode Casey Seymour of Moving Iron LLC talks with Jon Wommack, who is the managing guides editor with Iron Solutions by Randall-Reilly, about trends he is seeing in used equipment inventories and pricing.
“There's a lot of combines that are going to come in, and we're going to end up with a lot of combines that have very low set powers on them. It means you're going to end up with quite a few expensive trades,” Wommack says.”
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Hi, I'm Kim Schmidt, executive editor of Farm Equipment. Welcome to Farm Equipment's Used Equipment Remarketing Roadmaps podcast. In this episode, Casey Seymour of Moving Iron LLC talks with Jon Wommack, who's the Managing Guide's editor with Iron Solutions by Randall Reilly. This episode of the Used Equipment Remarketing Roadmaps podcast is brought to you courtesy of the Dealership Mine Summit. Let's jump in as Casey and Jon talk about what they're seeing in the used equipment market right now, including a buildup of used combines and a leveling out of large row crop tractors.Casey Seymour:
First off, let's get your feel for the marketplace, Jon. As you look out there right now and you see what's happening around you, what are you seeing happening right now? What are some of the hot spots? What are some of the, hey, it's par for the course type stuff? And then what are you watching right now that's got you a little bit of concern?Jon Wommack:
Well, one of the things that it's always type, by type, by type, and it's sometimes it's even class by class. On four wheel drives. It depends on whether or not it's got wheels or if it's got tracks.Casey Seymour:
Sure, yeah.Jon Wommack:
But I guess starting where everyone always starts, which is combines, I've seen combines really starting to... Everyone's saying that they're flat, but with every up there's a down. So when you start to see something come up and then you start to see a flattening happen, that's telling me what's coming. So therefore the guide, everyone's probably saying that that uses a guide. We've started to turn down combines ever since December because I do see this big wall coming that I think that we're going to hit sooner rather than later. I think we've got a lot of combines that are going to end up coming back. I think a lot of dealers took allocation whether or not you took full allocation or not. There's a lot of combines that are going to come in.
And we're going to end up with a lot of combines that have very low set powers on them. So it means you're going to end up with quite a few expensive trades. And then you figure the interest rate into that. However, they're still very expensive. But you do have a little bit of price protection there with your new price increases. So I can see that maybe helping it out a little bit. But I do think that combines are probably going to be the first thing to call it fall off the ship, or I just say take a decline. I do think that they're down almost across the board. But I do think that your bigger classes, class A, class nines are down maybe a little bit more than class sevens. Class sevens for some reason saw a little bit of a spike in February. I think that that is just something that we're just going to see for a month, maybe two, and then it's going to all kind of fizzle out.
What has really gotten my attention has been large row crop tractors. So basically everything from about a 280 horse, 275 horse all the way up to a 400, 410, they have really leveled out. All of my data showing me that they've leveled out. I've been told by multiple dealers, and a lot of my data is telling me that the supply of those is starting to come back a little bit. I'm not going to sit here and say that lots are filling up for anything like that because that's just not true. However, if you look at where we were a year ago and then we look at now, there's a substantial difference. I mean, we were putting 20-30,000 bucks in each tractor, each large row crop tractor in the guide. And I was seriously thinking, hey, I can't keep up with this. This is absolutely insane. And you compare that to the last guide where everything was just flat. They're not going down, they're not really coming up. They're just flat. They're just holding where they're at.
Then the next group that I've been taking a look at, if you're talking about large equipment, we can get to small equipment if you want to, but 9Rs, like I just talked about a second ago. If it's got wheels, that means one thing. If it's got tracks, that means another thing. And most of those are different things. I've been seeing and hearing that dealers are not really having that hard of a time getting wheeled stuff. It's actually a little bit of a surprise. But the tracks are non-existent almost. So as far as the guide is concerned, been really looking at that data and trying to stay as current as possible. However, that 9R market from my experience, gets hot and cold. It can get hot and cold very, very, very quickly.
However, right now when we're dealing with a supply issue, I think that it's just going to remain hot. And that's kind of what we're prepared for. And until the data tells me to turn it another way, I think that's what we're going to probably stay with. Now, when we start putting this next summer guide together, I could get a massive amount of data that tells me something different. However, the way it's looking right now is that they're probably going to stay pretty hot through the end of the year. And then your small ag stuff, lots are starting to fill up. I've been driving around looking at lots right around in here in Tennessee, and I've seen a lot of lots starting to fill up. A lot of that stuff is very heavily dependent upon the general economy. We got the Fed last week that came out so that they were going to raise rates again. And they said that the raising of rates it's not catching up to what the economy's actually doing. So does that mean they're going to continue to raise rates? It very well could.
However, to your normal homeowner, I would think that they would not rush out to go buy a one-year old $20,000 compact right now. Got still quite a few guys buying new because they're getting that 0% interest. A lot of guys are still running the 0% interest. You're getting full warranty with that. A lot of that is going on. However, what I've been focusing on is getting enough money between a brand new compact tractor or a utility tractor, and a one-year-old. Because it doesn't matter if that one year old has 10 hours on it, or five hours on it, or whatever. It's still a one-year-old. You still can't get the cut on interest. And you still have to pay. I mean, you still have to pay for it. And you have one year less warranty on it. So in a nutshell, that's kind of what we've been facing. A lot of to digest there. But different parts of the industry are reacting very differently.Casey Seymour:
Yeah, no, that's a pretty good synopsis of what we see out there. I think you hit on combines. I think combines are always the... They're the whipping post of every... Whether it's a good time or a bad time. They're the whipping post everything out there. So if you take a look right now. So I've been started doing the thing where I started following the number of machines that are out there on... Listed out there that have $500,000 or more as far as an advertised values go. And the reason I watch that so closely is I'm a big washout cycle guy. The washout cycle makes the world turn as far as I'm concerned. But when you're looking at how those things play together and how that comes together and what that looks like, the price of equipment now, especially combines, tractors, you name it. The number of units that it takes to washout now is now probably three or four more times than it was previously.
I used to always use three and a half to four times to wash out maybe four and a half at the most. Rarely did I ever say five was the number that you needed to see. But it was three and a half to four was a pretty common thing. And if you look at how combines play out, knock in the head 25% each washout. When you start figuring out everything that plays into that and that kind of how that number kind of played out. You look at it now, I mean, you're looking at... I did it the other day, and to get down to where that hundred and less than a hundred thousand, less than $75,000 machine. It's like eight. You're eight down there now.
So I mean that's extended the amount of time that we see out there and we extended the amount of every just dollars, and what's tied up, and all those things that come to play. So the other day I was doing some research and I was like, you know what? I'm just going to look and see how many machines actually in that $500,000 plus range, how many machines are actually out there. And it was whatever, it was like 1,200 machines or something like that, that fall into that. If you drill down into that and say, okay, well what's 400 engine hours is roughly 200 separator hours plus or minus 50 hours, 25 to 50 hours depending on what it is. But when you put in 400 engine hours and it pulls all that stuff down, there's 846 machines and the average price is 563,000 bucks.
Where my concern for combines is it's not so much the number of combines that are out there that I'm so worried about. Right now I think we're sitting at historical data. If you go back and look at 21, 20 something like that, we're kind of getting close to that number of machines on the marketplace. Which if you come down to 21, I mean there was a big... This time in 21, you started seeing a bunch of machines sell off, and that looks like. But I don't know that we're ever going to have that same 18 or 19 timeframe number again, just because we don't have the machines. There's nothing [inaudible 00:09:43] machine.Jon Wommack:
Right. And if we ever did get back to that timeframe, it's going take quite some time to do it.Casey Seymour:
Yeah, it's going to really.Jon Wommack:
One thing I will say about combines as compared to everything else, is that we didn't quite sell out of combines like we did tractors, especially not 8Rs or 9Rs, we're even getting down to 6Rs. So I do think that there was some that were left on the market. Now, whether or not those were older combines that probably just need to be sent to auction to begin with or you're wholesaling them, whatever. I have had some dealers tell me that they did end up with some of those older models that they still weren't moving just because no one was interested in that older model due to whatever you want to call it, set hours, technology, whatever you want to call it or how big it is. So I do think we still have some of those lingering around like we always have. But I do think that supply is going to come back. I don't necessarily know if it's going to come back, like you said, like it was in 19 or 18. But I have been following that. But what you were saying, what's getting my attention the most is how expensive they are.
And when you're rolling out of say like an S-600 series, would that be a 70, 80, or 90, and you're rolling into an S-700 series. Outside of probably a 17 model, there's a substantial amount of money there. And then you throw in... Your guy's got an operating loan now that is seven, eight, 9% depending on where you're at. And then you take your equipment loan and you put it right on top of that. And we're not going to probably cut interest on an 18 model combine. So therefore, that's a tough sell. That's a very tough sell. So that's what I'm a little bit concerned about, I guess you could say. And it's going to take in a minute, I think, to play out. But that's what we've been kind of gearing up toward to look at because when combines fall, they fall quick.Casey Seymour:
Yeah. Yeah. And I think from the combine side of it, when I'm looking at how this plays out, and what this looks like, and all these things come to come together, and all the moving parts that we see, to me it's not so much that combines are the high price that they are because if you take a look at a price of a combine relative to the new one, I mean just like this average price I just said here, if it's a class eight combine, which this is just every combine out there. But you're looking at class eight combine now whether you're looking at Lexion, Deere, [Case 00:12:26], whoever, it's a $600,000 plus machine, you know what I mean? So you start dialing that in, you start looking at that. There's some benefit to buying a used one when you start looking at overall heart. But that's always been, that's no different than in past history too.Jon Wommack:
Yeah, it's no different than normal times. And the way the decision that a farmer has to make, I think it's pretty close to the same decision. You're just dealing with a hell of a lot more dollars.Casey Seymour:
And I think one thing too, to put in that, when that caveat, when I tell people that is, now the caveat there is back when a 2010, 97, 70, you're paying $235,000 for that machine brand new, right?Jon Wommack:
250 maybe. And then the 2011. No, 2012.Jon Wommack:
Well, it was S-600.Casey Seymour:
70. Yeah. Same comparable machine. I don't remember what the price increase was. But now you're paying close to somewhere between two 50 and 300 for that machine, right?Jon Wommack:
Mm-hmm (affirmative).Casey Seymour:
Now, the big difference for me that was, yeah, the used one was always cheaper. The same percentages were there, right?Jon Wommack:
Relatively. The same percentage are here too. It's just the numbers are bigger.Jon Wommack:
That's exactly right. And you're dealing with a lot of higher interest rates.Casey Seymour:
A lot higher interest rates. And that's exactly right. So if you look at where we're at now and you're looking at how interest plays into this, the one thing I think in the marketplace as you look and see what's happening and things are moving forward, is that going into this timeframe when the shortages all happened, the overall fleet was as old as it's ever been, right?Jon Wommack:
I mean as old as it's ever been in the history of me, mechanical farming equipment, right?Jon Wommack:
So that's feeding that, and you start looking at... Guys are like, "Man, I've put the last dollar I'm putting in this machine," or, "I've reached the point of depreciation," or whatever it is that they're measuring, and it's time to come back in and look at something different. The issue is, and I think a lot of guys where there's some of the shock is coming from with some of these guys, is that the last machine they bought, the trade difference is just as much as the machine was that they bought that they're trading in.Jon Wommack:
That's exactly right.Casey Seymour:
And that's the shocking thing to them. And then they were thinking like, I'm going to get a $200 machine and I'm going to be able to trade for this. And then you get that and it's like, holy crap, no, I got... So now you're looking at going from a $300 machine or whatever, it's to maybe a $700 machine to fit your budget. And I think that is where some of this washout cycle stuff, in my opinion, is where the issue is. Because if you look at how these things flow out and how this thing comes together, the front end of the washout cycle is clear full. The end of the washout cycle is clear full because we've still got all those 12s, and 13s, and 14s. And those 75 to $40,000 machines, there's just as many of those machines at the end of that as there is at the beginning of it.Jon Wommack:
Than there is at the front. That's exactly right.Casey Seymour:
There's not a lot in the middle, and I think that's a problem that we see. But if you look at the entire row crop tractors, four wheel drives, combines-Jon Wommack:
It's the same with all of them.Casey Seymour:
The same. It's always the same.Jon Wommack:
It's the same with all of them. But those tractors are reacting a little bit differently than combines are, just because... It's like the old saying is it's a heck of a lot easier to get out of a tractor than it is a combine. Every guy needs a tractor. Not every guy needs a combine.Casey Seymour:
Right. And I think-Jon Wommack:
Or another combine or whatever.Casey Seymour:
Well, yeah, there is the side of that. On the combine side, if you really wanted to look at it, you can hire that done. You can get custom that come in and combine your wheat, or corn, or whatever it is you're doing. Yeah.Jon Wommack:
That's exactly right. I mean, custom harvesting is always going to be here. And that's always going to happen. There's custom harvesting no matter what crop you have, there's custom picking for cotton. It's always going to be a thing. So you talked about one of the farming scenarios or the farmer's scenario, I guess you could say. In my opinion, there's two different farm scenarios. You talked about one of them. I think the other one is that you'll have a farmer that says, "Hey, I've got some equipment that is... I could probably keep it for another year, maybe two, and not have to put a whole lot of dollars into it." I keep on talking about operating loan, operating loans at an all time high as far as interest rates are concerned. Equipment loans are up there as well. So we have all of this happen.
Amy says, prices are inflated. You talked about the trade differences and everything else. The trade difference shocked him at the dealership and he just can't quite get over it. So what's that guy going to do? He's going to sit on his hands. That's exactly what he's going to do. So will you have more of that? Or will you have more guys that are shocked by it but then they just kind of decide to get over it because they've got to turn their equipment? I think you're going to have both. The question is that I don't know the answer to, is what more are you going to have? Because if you have quite a few people that are just going to sit around and see what happens, equipment can stack up a little bit. But I don't know if that is going to happen full force across the US.Kim Schmidt:
We'll get back to the discussion in a moment. But first I wanted to thank our sponsor, the Dealership Mine Summit. The dealership mine Summit returns August 1st and 2nd in Bloomington, Illinois with a focus on sales management to download the program and register, visit dealershipmindsummit.com. Now back to Casey.Casey Seymour:
So I think in my opinion, I don't know that we have the... Well, I mean, if you got one machine that nobody wants to buy, you have a problem. So however you scope that. I think as I look at it, I don't necessarily see that there's going to be a huge issue with inventory. You might have to be more creative on how you get it financed, and how you play the game, and all that. But I don't necessarily ever see a win row of combines on someone's lot anymore. I don't see that. I that in the future just because of the sheer fact of the number of... There's just not that many machines.Jon Wommack:
There's just not that many machines. That's right.Casey Seymour:
You break that down by the number of dealers and everything, it's really not that many machines. So I think the saving grace and all this, in my opinion, this is something I love to have your opinion on because it's going to directly affect the way you do business, is as these machines start to age out and we start looking at some of this stuff, more and more of these retro kits, or upgrade kits, or whatever it is you want to call them, we see... Right now, I mean I think the number of planters on the marketplace is only like 1,500 planter or something like that. I got to go back and look at what it is, but it's not very many. There's hardly any planters out there. And the same as sprayers. There's hardly any sprayers out there.
So your option is find that one year old planter someplace and it's parked next to the unicorn, and Bigfoot is riding unicorn around the lot looking at this planter. So if you find that planter, then great. You've got your stuff there. But the easier option is I'll just upgrade it.Jon Wommack:
I'll upgrade it. That's exactly right. And that's been happening with planters for a long time and there wasn't very much of a spotlight shined on it until it started happening with self-propelled equipment. Sprayers is probably going to be the first one. I remember when before Deere came out with exact apply, we were retrofitting our series sprayers with capstan. And it was a retrofit upgrade. And I mean, I remember when guys would come in with match merge XP units and start putting different row units on there so they could run a Promax 40C plate with a knockout wheel. You have all of that, all that plays into it. You can retrofit them with wet kits and precision planning. And it's not that hard to do. Not that hard to do. There's a ton of planters out there that the only thing that's the same when they bought it is the toolbar.Casey Seymour:
And I think this is where the retro kit thing is going to start to really take off and run, is that if you wanted to use a precision set up, you had to buy 2020 down force. You had to buy all the things, all the various components and then go through and piece those components on row, by row, by row. Now you're running into this fact now where you don't just... You get the row. And you put the row on the bar and then you're good to go. And I think that's where... And the same thing on the planter and sprayer side is that you can upgrade booms now to whatever. You can put air purge systems, and reclaim systems, and all these different things on these machines now that instead of it being a piece by piece partnered out type thing, it's all one component and you just bolt on, bolt off, and-Jon Wommack:
Bolt on. Yep.Casey Seymour:
I'm making it way simpler than it is, but it's about that simple.Jon Wommack:
You're not really oversimplifying. There are some companies out there that have figured this out that they saw this coming and we have seen it coming as well. However, when it actually takes off, I think it's going to come pretty quick. I just don't necessarily know if it's here in full force yet. But no, I do see some of this coming because you have equipment that is getting more expensive. And you have farmers that are just pushing away from the table. And that's just the way that it is. And I think that's going to continue to happen until we start talking about autonomy until we start talking about stuff like that.
Because I've never heard a single farmer say... Well, I say a single farmer haven't heard very many farmers say, "I'm going to go smaller this year." And I think that plays into planters. So you talk about high speed planters and everything else. So is the higher speed planter going to make that farmer buy smaller planter? I don't necessarily think that's true. I think that the guy that's always bought a 12 row is going to continue to buy a 12 row and he is just going to get it done faster.Casey Seymour:
So I really thought when the highest speed planter thing came around that we would see... Basically you could cut your planter's size in half and still get the same amount of stuff done.Jon Wommack:
In hindsight, that makes sense. However, you very rarely see a guy downsize on horsepower of a tractor, so why would he downsize on road units?Casey Seymour:
Yeah. And I think now, now you got a guy that's got the 24 an hour planter that's got the high speed, just that and the other thing. He was planting 24 acres an hour, now they're planting 48 acres an hour. I think that stuff there. So what I was getting at too on the upgrade side of it is there's going to come point in time when a piece of equipment's going to be worth what it's upgradable to. So there's going to be different machines that you're going to have a stopping point somewhere because of processor speed or God knows what that's going to eliminate that machine from getting the latest and greatest technology. Now, I might get gen two technology and gen three is available now. And you can't put gen two or gen three on this or whatever.
But looking at that, I mean, I think three years from now conversation I'm going to have a customer might very well be, you have whatever, 36 row units of something and you want to trade in, we're going to trade those row units for these new row units. And then we start going down that path. Or this wet system's now we're going to trade for this wet system now. The machine you've got, you're going to just put the new whatever on it. But you're keeping the same power unit. You're just putting a different system on there. I think there's a day in the not too distant future where a guy trades a sprayer in and there's a stock number on the wet unit and a stock number on the machine. And those are going to be two... Some guy in Minnesota buys a wet unit, some guy in Texas buys the power unit. The wet unit can be upgraded to the latest chassis that's out there or vice versa. And it's just going to be a whole thing that-Jon Wommack:
That's kind of already happening with dry boxes though.Casey Seymour:
Sure. Yeah. Because there's certain dry boxes you can't put on other machines.Jon Wommack:
That's exactly right. I mean, if you want this new later dry box on this sprayer, then you can do it. But you can't do it in a belt over chain, or you can't do it this way, or you can't do it that way. That's the very real thing. And you got guys that are trading wet kits off of this, trading wet kits off of that. Now I remember my times at the dealership when dry boxes were starting getting big and we'd go out and we'd calibrate and everything else. A lot of those guys were not ordering dry box units. They were ordering dry boxes and then we were taking the wet kits off the sprayers, tearing them down a pretty much bare frame, and then putting the dry boxes on them. So I mean, that could very well happen with a whole lot more things other than that. The question is, so when you upgrade this guy to the newest wet kit and you trade him out of the oldest wet kit, where does that oldest wet kit go?Casey Seymour:
Well, I think it's just like any other used equipment thing now. There's going to be guys that can afford the latest and greatest technology and they're going to be able to use that. And then you have your customer B, customer C, so on and so forth. And it's just going to trickle down that way. So I guess the question I have for you is, have you thought about that and how are you going to look at that?Jon Wommack:
Definitely. Definitely thought about it. And we could have to get creative. One of the things that the guide has always been, I don't necessarily know the word known for it, is that if you cannot find it inside of the manufacturer price pages, then we can't put it in there as an option. And the reason why that is is because we trust the manufacturer with the pricing. We don't necessarily want to have to call this company, and this company, and this company, and get the pricing if it has a Case, or a Jon Deere, or a New Holland, or a Caterpillar letterhead on it, we trust that pricing. So I do think as time continues that if we do not have the pricing on that from the OEM, we may have to get creative. I do not necessarily know how we would do that. I don't necessarily want to speculate and have a lot of people saying, well, Jon said this, Jon said that. No, I don't necessarily want to speculate. I don't necessarily want to speculate on that.
However, one of the things that we pride ourselves on is making a tool to allow our customers to have as much insight into their customer base as they possibly can into their market as they possibly can to have the results out of that product from building that insight. And then in turn, you're building the better relationship with your customer or with your business is building a overall better relationship with the marketplace, so on and so forth. So if it does come down to that, we will have no choice but to do something. However, what we will do, I can't tell you that right now.Casey Seymour:
Right. Well, I was hoping you had all the answers, Jon. Because I need a-Jon Wommack:
No, I mean that's the reason why I call you a lot of times, Casey. No, I mean, but it's-Casey Seymour:
[inaudible 00:28:51] fishing In the same home. There's no fishing in there sometimes, Jon.Jon Wommack:
Well, that's true. But I will say this, it has been talked about quite a bit. And another thing that I've said is that if one dealer calls me, I'm reluctant to make a very big change because one dealer calls me. However, if you're talking to 20 different dealers and they're north, south, east, west, and they're all saying the same thing, well it's pretty obvious what needs to happen.Casey Seymour:
Probably need to make a change. Yeah.Jon Wommack:
Probably need to make a change there. And that's one of the things that I have prided myself on is getting in touch with dealers, talking to dealers about how do we do stuff? How do we do things? Ever since I... And Casey, you've been a part of it as well. Ever since I came on as Managing Guide's editor, I have been reaching out to customers more to get their feedback on our product. I've said this plenty of times, which is, I want to know what we're doing good or we're doing well so we continue to do it. But what I'm more interested in is where can we improve? Because if you're not in... In this business, you're either growing or dying, there's no third direction.
And there's no running in place. People say running in place. Well, if you're running in place, then you're losing money, in my opinion. So reaching out to customers, trying to get the heartbeat of the market, trying to figure out what we can do to better serve our customers and telling them our data story. Telling them the Iron Guide story. Why are we different from anyone else that's out there? What makes us more relevant? What makes our data better? And I believe that it's been pretty well received. And I will tell you this, I can't count how many customers that I've reached out to and we've talked about things, whether it be this, that, and the other. I've had plenty of them say, well, "I didn't know that. I've been using Iron Guides for years. And I just never thought to ask that question." Or, "it just never dawned on me that that's how y'all do things."
That's the stuff that I like hearing because that's just educating your customers. And I feel like that we need to do that more now than ever because I do feel like that moving forward, our customer will need us more now than they have in quite some time.Casey Seymour:
Yeah. No, I agree with you and I think it's going to be continued. This is the cool thing about where we're headed right now, Jon, is that no matter how long you've been in the business or I've been in the business, we're the guy that's got 50 years of experience. It's nothing like this has ever been ahead of us before. So this is a totally blank slate. And it's kind of cool to be a part of the groups of people that get to figure this out. And when we're 80 years old, and we can sit down, and tell our predecessors here that... Or our people come back into the business, "I remember back when..." We can have those remember back wind old stories now. So I'm excited.Jon Wommack:
It's like the gentleman that talk about I remember back in the '80s.Casey Seymour:
Yeah, exactly.Jon Wommack:
[inaudible 00:31:56] was 20 plus percent and yeah. The government was playing farmers not to farm, and so on. I wasn't even born then.Casey Seymour:
Yep. I know exactly what you're talking about. All right, Jon, probably a good place to stop right there. Talk a little bit about what you're doing, how to get ahold of you if they want to chime in with some feedback for you. What's the best way to do that?Jon Wommack:
Best way to do that would be to reach out to, you can reach out to support, which would be supported ironsolutions.com. That would probably be the best way to do it. You can contact me. My email address is Jon Wommack, J-O-N-W-O-M-M-A-C-K, @randallreilly.com. Contact me directly. And most of the time that ends up in a phone call. And I love to reach out to customers, love to talk to them. If a customer just wants to reach out to me, just talk about the market. Hey, that is great. I'm an equipment guy. I love talking about the market. I'm not just a data guy, I'm also an equipment guy and I do love the ag industry. It's been a part of my life ever since I was five years old. So this is something that I very, very much love and very much love to talk to people about it.
That's the reason why we all do these podcasts and stuff like that. So that's a way to do that. Other than that, you can catch me out at Moving Iron. We'll definitely be at Moving Iron this year. Very much looking forward to that. And that being in our backyard again this year, that'll be great. Don't be shy. Come up and talk. Come up and talk to us. And ask us as many questions as you want to. There's no big, there's no small, it's just a question. And all feedback is good feedback. And I'm not going to think that someone's calling my baby ugly or anything like that. We want to know how we can improve. We want to know how we can be more relevant. And the only way that we can do that is getting feedback from our customers.Casey Seymour:
Right on, Jon. Well, Jon, I appreciate you and our folks over there at Iron Solution, Randall Reilly for being a part of this podcast.Kim Schmidt:
Thanks to Casey and Jon for sharing their conversation with us. You can keep up on the latest industry news by registering online To receive our free newsletters. Visit www.farm-equipment.com. For Casey as well as our entire staff here at Farm Equipment, I'm Kim Schmidt. Thanks for listening.
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