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Case Study: Bringing a Dealership Back from the Brink

In the span of 12 months, this dealership gained 22.5 points of market share and inventory turns went up half a point.
By Kim Schmidt posted on December 24, 2016 | Posted in Best Practices, Operations & Finance, Department Management
When Scott Weber, senior consultant and managing director with Spader Business Management, is contacted by a struggling dealership he focuses on properly diagnosing the situation before prescribing a solution. “It’s called our 3-D process and the first step is discovery.”
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My Greatest Mistake: Kent Buchholz

Finance Manager & Sales, Kennedy Implement, Philip, S.D. (2012 Dealership of the Year)
By Mike Lessiter posted on December 24, 2016 | Posted in Best Practices
“Own everything you do or don’t do. Good or bad times don’t matter; every decision made, or not made, must be owned up to. It might be something incorrect that someone else in the dealership said to a customer, or as simple as not calling someone back. Either way, you must be willing to ‘own’ it — because your reputation is at stake.
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My Greatest Mistake: Leo Johnson

President, Johnson Tractor Inc. (2012 Dealership of the Year)
By Mike Lessiter posted on December 24, 2016 | Posted in Best Practices, Manufacturer & Dealer Issues
“The fact that I’ve been in the same farm equipment dealership for 38 years may not equate to success as much as stamina. I’ve certainly had some measurable success over the years as well as some well-intended mistakes. Hindsight is 20/20, so looking back at the mistakes is easy.
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My Greatest Mistake: Keith Kreps

Executive Vice President, RDO Equipment, Fargo, N.D. (2010 Dealership of the Year)
By Mike Lessiter posted on December 24, 2016 | Posted in Best Practices, Operations & Finance
“My biggest failure occurred in the lead-up to the used equipment market crash in November 2013. Our used inventory turns slowed going into the fall of 2012, which raised questions as we forecasted for 2013. Despite what the data showed, I dismissed it as a timing issue; not a big problem.
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My ‘Greatest’ Mistake

8 farm equipment executives share their greatest mistakes and the lessons ‘forged in the fire’ that they carry with them today.
By Mike Lessiter posted on December 24, 2016 | Posted in Best Practices
That was an email I received from Johnson Tractor’s Leo Johnson (see p. 30) as we were preparing for this SHOWCASE special report. Said another way (by 19th century philosopher Arthur Schopenhauer), “Mostly it is loss which teaches us about the worth of things.”
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Special Report

Turning Your Dealership Around

From not managing used equipment inventories to an over extended dealer-principal, industry experts cite areas that can lead to a dealer’s underperformance. Recognize the warning signs, and you can turn things around.
By Kim Schmidt posted on December 24, 2016 | Posted in Best Practices, Operations & Finance, Department Management
The ag economy is cyclical, as everyone knows, and operating a dealership through the trough period of the cycle isn’t a new challenge. But for the younger generation of dealer management, it’s not a challenge they’ve faced until now.
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Wider World of Business

A Consistent Sales Strategy is Essential

December 5, 2016 | Posted in Best Practices
Source: Josh Harcus, Forbes
Every once in a while, I find a consistent problem in businesses that surprises me -- not just because it's unexpected, but because it's widespread. Companies — large, successful, forward-thinking companies — haven't adopted a formal, written sales process. Even companies that have embraced standardization in other departments, and see the benefits of formalized process in the rest of their business, seem unwilling to extend this systematic approach to sales. Why?
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Baltimore Port Closure to Impact High Horsepower Tractor Imports & Exports

Baltimore Port Closure to Impact High Horsepower Tractor Imports & Exports

In this episode of On the Record, brought to you by Weasler Engineering, we look at how the Port of Baltimore's closure will alter the flow of high horsepower tractors in and out of the country. In the Technology Corner, Noah Newman talks about some changes coming to drone operation regulations. Also in this episode, Kazakhstan's potential for the North American ag equipment industry and what 2024 holds for the sprayer market.

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Finance Scope

Finance Scope is able to provide the best financing opportunities for equipment dealers and customers through a diverse mix of lending companies under one single platform. Our large group of lenders, allows for competitive rates regardless of credit scores. Additionally, dealers and customers have access to the industry’s best expertise surrounding finance and lease structures, for all purposes, within the agricultural and construction industries. We provide all of this into one online platform to provide our customers with the best available tailored finance solution for their equipment.
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