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The Ask the Expert: Used Equipment series allows dealers to regularly ask questions and get them answered in real time. It is brought to you courtesy of Iron Solutions.

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At Iron Solutions, we provide used equipment valuations, market intelligence and a suite of integrated, cloud-based business systems custom-tailored for the equipment industry. Our proprietary model is built on actual dealer sales transaction data. Learn more…

Q: Could not get to the conference in Omaha on used equipment remarketing. As you got around with other used equipment managers there, what were the top few takeaways that dealers shared there that offer best prospects to make a difference right now and in the next couple months? Our situation sounds pretty much same as every other farm equipment dealer in Corn Belt.

A: The biggest couple of things I heard were keeping the late model stuff moving and how much new should be sold to support used sales. Most of the customers who can buy late and low are also the same buyers who can by new. So, how do you keep the used buyer buying used and the new buyer buying new? How much cheaper than new does the used machine have to be to keep the used buyer buying used? 

Understanding your washout cycle and knowing what product mix turns the fasted and slowest helps with this. Then you need to understand how and who you are going to prospect for both segments. Most of the conversations I had revolved around this.