Since 1989, Greg Peterson, known to the industry as Machinery Pete, has compiled more than 500,000 auction prices on used farm and construction equipment sold throughout North America. Peterson has built a network of 1,000 regional auctioneers, 600 ag lenders, 2,000 implement dealers and thousands of farmers throughout the U.S. and Canada. Peterson contributes to Farm-Equipment.com regularly in a column titled "Used Equipment: Market Value & Trends."
There was a large absolute dealer auction held on Aug. 8, 2017, in north central Illinois. It’s always fascinating to compare wholesale auction sale prices from dealer/consignment/online auctions vs. traditional farm auctions.
June 1, 2017, was the day John Deere unveiled its new S700 Series combines. I posted a video from the event at lunch time that day. I suspected there would be a lot of interest out there in farm country. By the next morning the video had 7,385 views.
Trends with used farm equipment values are always top of mind with me as I pour through the different types of data (auction price data, dealer listing price data, search traffic data) our Machinery Pete business churns out daily. There are two trends I want to pull forward and touch on here with you as the calendar flips to March 2017.
A sale to set the market is how the Nov. 29, 2016, absolute dealer auction for SEMA Equipment in Rochester, Minn., was being viewed by all in the farm equipment space — dealers, ag lenders, famers, auction firms. It’s easy for me to be on hand for this big sale as it was right where I lived for the past 27 years, in Rochester, Minn.
November is off to quite an interesting start. I saw some very strong auction prices during the first 10 days of the month. These strong auction sale prices don’t surprise me — even in this stubborn down ag economic cycle we’re stuck in. Why am I not surprised? Because it’s the same thing I’ve been seeing now for 6 years in a row now going back to 2010.
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