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Fe JulyAugust Cover 2015

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July/August 2015

Volume: 53
Edition: 6

Dealership of the Year 2015: Ritchie Implement Inc., and Salem Farm Supply

  • Table of Contents

    Table of Contents

    Kanicki

    To The Point: No Backseat for Ag Dealers

    By Dave Kanicki posted on July 16, 2015 | Posted in Operations & Finance

    In the last issue of Farm Equipment, we featured an in-depth special report on “Cost of Doing Business” (CODB). Based on the data compiled over the years by various dealer associations, our coverage addressed how to use the industry benchmarks established by the annual dealer survey as well as the progress, or lack thereof, the industry has seen in the past 4 decades.


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    New Equipment Inventories Showing Improvement

    July 16, 2015 | Posted in Data & Forecasts

    The most recent figures released by the Assn. of Equipment Manufacturers indicates that North American inventories of new tractors and combines are improving vs. a year earlier. This may come as little comfort to 40% of dealers who say they still have “too much” new equipment on their lots.


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    Dealership of the Year 2015: Industry’s Best Dealerships Honored in 11th Annual Awards Program

    Ritchie Implement and Salem Farm Supply earned the industry’s top honors as Farm Equipment’s 2015 Dealership of the Year.
    July 16, 2015 | Posted in Best Practices, Dealer News
    The independent judging panel once again had an impressive pool of candidates to choose from for this year’s Dealership of the Year honorees. But, they made their choices and Farm Equipment’s 2015 Dealerships of the Year are: Ritchie Implement, a 3-store group based in Cobb, Wis., in the over $75 million in revenues category; and Salem Farm Supply, a single-store dealer located in Salem, N.Y., in the under $75 million in revenues category.
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    435_DOY_Ritchie_JL_0615.jpg

    Dealership of the Year 2015: Ritchie Implement Inc. Cobb, Wis.

    Category: Over $75 Million in Revenues
    By Jaime Elftman posted on July 16, 2015 | Posted in Best Practices, Operations & Finance

    Diversity is key for Ritchie Implement, the 2015 recipient of the over $75 million in revenues category of the Dealership of the Year program. Ritchie Implement’s commitment to a variety of product lines, a broad customer base and the addition of third generation management have made the dealer a success. “We don’t keep all our eggs in one basket,” says CEO and Co-owner Ron Ritchie.


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    021_DOY_Salem_KS_0615.jpg

    Dealership of the Year 2015: Salem Farm Supply Inc. Salem, N.Y.

    Category: Under $75 Million in Revenues
    By Kim Schmidt posted on July 16, 2015 | Posted in Best Practices, Operations & Finance, Dealer Succession
    Carole Lewis, president of Salem Farm Supply, didn’t plan on making her living as a farm equipment dealer, but life had different plans for her. Her father, Philip Lewis, purchased Salem Farm Supply in 1988 from the original owner. Philip was an investment banker from New York City who had moved to the area intending to buy a business. One day, he came in to Salem Farm Supply looking to buy a tractor, and he ended up buying the dealership, Lewis says.
    Read More
    Mow

    Swath Width vs. Mower Type

    For top quality hay, which offers the biggest benefits for producers?
    By Dan Crummett posted on July 16, 2015 | Posted in Niche Equipment Markets
    There may not be a consensus when it comes to the best type of mower to use in harvesting hay. But increasingly the one practice researchers agree on is wide swathing as the best way for producers to ensure the high nutritive value of their hay.
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    Farm Equipment Dealers Land on Capitol Hill

    During the NAEDA Legislative Fly-In, dealers met with Congressional representatives to stress the importance of how policy impacts their businesses.
    By Kim Schmidt posted on July 16, 2015 | Posted in Manufacturer & Dealer Issues

    Farm Equipment dealers from across the U.S. and from all colors, converged in Washington, D.C., May 20-21 for the 12th Annual North American Equipment Dealers Assn. Legislative Fly-In.


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    JCB Farm Material Handling

    Farm Material Handling Equipment Provides Farmers Flexibility

    A wide variety of attachments give skid loaders and telehandlers the versatility farmers are looking for.
    By Jen Bradley posted on July 16, 2015 | Posted in Niche Equipment Markets
    From skid loaders to telescopic handlers, farm material handling equipment has become a common sight on many farms today. The main selling point, dealers say, is this equipment’s flexibility and ability to multi-task. With a skid loader, for example, a simple change of attachment and a sweeper becomes a snowplow or wood splitter.
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    COFS--Farm_show_horizontal.jpg

    Canada’s Farm Progress Show Highlights Product Innovations

    By Alan Stenum posted on July 16, 2015 | Posted in Product Innovations & Introductions

    Once again, farmers, farm equipment dealers and agribusiness professionals gathered in Regina, Sask., for Canada’s Farm Progress Show, June 17-19. This year marked the 38th year for the farm exposition. With nearly 2 million square feet of exhibit space, the show featured 720 exhibitors and attracted 41,897 attendees from around the world.


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    George Russell -Eric Thompson.jpg

    People and Profits: Professional Development: How to Be a Better Coach: Part 2 of 2

    Discover how active coaching can be a vehicle that drives performance and accountability in your dealership.
    By George Russell and Erik Thompson posted on July 16, 2015 | Posted in Department Management

    In Part 1 of this two-part article, we discussed the purpose of coaching, how effective coaching strengthens accountability and how asking “coaching questions” challenges people to own and expand their capacity.


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    Dr. Jim Weber

    Business of Selling: Call Reluctance and Slumping Sales

    By Dr. Jim Weber posted on July 16, 2015 | Posted in Best Practices, Department Management

    After a succession of years where equipment sales continued to increase, not because of dealership marketing efforts or sales force contacts, but rather because of increasing commodity prices and end-user ebullience, many dealership sales forces now find themselves in a sales funk. Regular updates by Farm Equipment continue to provide evidence of declining sales — actual and forecasted — as quarterly results are released by leading manufacturers.


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  • Featured Articles

    Featured Articles

    021_DOY_Salem_KS_0615.jpg

    Dealership of the Year 2015: Salem Farm Supply Inc. Salem, N.Y.

    Category: Under $75 Million in Revenues
    By Kim Schmidt posted on July 16, 2015 | Posted in Best Practices, Operations & Finance, Dealer Succession
    Carole Lewis, president of Salem Farm Supply, didn’t plan on making her living as a farm equipment dealer, but life had different plans for her. Her father, Philip Lewis, purchased Salem Farm Supply in 1988 from the original owner. Philip was an investment banker from New York City who had moved to the area intending to buy a business. One day, he came in to Salem Farm Supply looking to buy a tractor, and he ended up buying the dealership, Lewis says.
    Read More

    Dealership of the Year 2015: Industry’s Best Dealerships Honored in 11th Annual Awards Program

    Ritchie Implement and Salem Farm Supply earned the industry’s top honors as Farm Equipment’s 2015 Dealership of the Year.
    July 16, 2015 | Posted in Best Practices, Dealer News
    The independent judging panel once again had an impressive pool of candidates to choose from for this year’s Dealership of the Year honorees. But, they made their choices and Farm Equipment’s 2015 Dealerships of the Year are: Ritchie Implement, a 3-store group based in Cobb, Wis., in the over $75 million in revenues category; and Salem Farm Supply, a single-store dealer located in Salem, N.Y., in the under $75 million in revenues category.
    Read More
    435_DOY_Ritchie_JL_0615.jpg

    Dealership of the Year 2015: Ritchie Implement Inc. Cobb, Wis.

    Category: Over $75 Million in Revenues
    By Jaime Elftman posted on July 16, 2015 | Posted in Best Practices, Operations & Finance

    Diversity is key for Ritchie Implement, the 2015 recipient of the over $75 million in revenues category of the Dealership of the Year program. Ritchie Implement’s commitment to a variety of product lines, a broad customer base and the addition of third generation management have made the dealer a success. “We don’t keep all our eggs in one basket,” says CEO and Co-owner Ron Ritchie.


    Read More
  • Online Extras

    Online Extras

    2015 Dealership of the Year Video Series: Ritchie Implement

    Benefits of Living Close for 24/7 Service

    July 16, 2015 | Posted in Department Management
    Several members of the Ritchie family live in close proximity to the Cobb, Wis., location, of Ritchie Implement. In this video, Tony Ritchie, sales and management with Ritchie Implement (3-store dealer in Wis.), talks about the benefits of living so close and the ability to provide excellent customer service.
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    2015 Dealership of the Year Video Series: Ritchie Implement

    Maintaining a Sense of Urgency Among Employees

    July 16, 2015 | Posted in Best Practices
    Kevin Depies, sales and management with Ritchie Implement (3-store dealer in Wis.), talks about the importance of keeping a sense of urgency up with employees to ensure the highest level of customer service among all of the locations.
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    2015 Dealership of the Year Video Series: Ritchie Implement

    Making Employees Part of the Family

    July 16, 2015 | Posted in Best Practices
    Kevin Depies, sales and management with Ritchie Implement (3-store dealer in Wis.), talks about the Ritchie family's policy of welcoming all employees in like family.
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    2015 Dealership of the Year Video Series: Ritchie Implement

    Managing Cashflow

    July 16, 2015 | Posted in Data & Forecasts, Operations & Finance
    Ron Ritchie, CEO and co-owner of Ritchie Implement (3-store dealer in Wis.), explains why managing cash flow is important in a modern-day farm equipment dealership.
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    2015 Dealership of the Year Video Series: Ritchie Implement

    Specializing in Products by Salespeople

    July 16, 2015 | Posted in Department Management
    As equipment continues to get more complex, it's almost impossible for a salesperson at an ag dealership to know everything about every product being sold. Kevin Depies, sales and management with Ritchie Implement (3-store dealer in Wis.), talks about the company's initiative to have specialization divided by product type.
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    2015 Dealership of the Year Video Series: Ritchie Implement

    Using Diverse Products to Bring in Customers

    July 16, 2015 | Posted in Best Practices, Niche Equipment Markets
    Ron Ritchie, CEO and co-owner of Ritchie Implement (3-store dealer in Wis.), talks about the progression the dealership has taken to grow the product lines they offer. Each additional product line has brought in new customers that otherwise wouldn't have visited their dealership.
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    Web Exclusive: Getting Outside Experience: Learning to Lead

    By Jaime Elftman and James DeGraff posted on August 3, 2015 | Posted in Dealer Succession

    Planning and preparing for the next generation of leadership is something many dealerships must consider in order to keep pushing forward into the future of the business. One roadblock many dealers cite is the need for the next generation to gain experience before taking on a management role within the dealership. This is necessary both for the success of the next generation and the dealership, but also to gain the respect of other employees.


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    2015 Dealership of the Year Video Series: Salem Farm Supply

    Benefits of Making Sales a Salaried Position

    July 16, 2015 | Posted in Department Management
    Bill Martel, general manager of Salem Farm Supply (Salem, N.Y), and Carole Lewis, president of Salem Farm Supply, explains the dealership's compensation package for the sales team. The entire team has been salaried for a long time and they've found it encourages the team to work together to get the job done.
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    2015 Dealership of the Year Video Series: Salem Farm Supply

    Dealing with Death at the Ownership Level

    July 16, 2015 | Posted in Best Practices, Operations & Finance
    In 2012, Philip Lewis, the owner of Salem Farm Supply (Salem, N.Y), passed away. His daughter, Carole, had been working full time at the dealership for about a year. At the time of his passing, there wasn't a succession plan in place to dictate the future of the company. In this video, Carole, now president of Salem Farm Supply, shares the challenges they faced as they not only dealt with the loss of a loved one, but also had to work to resign manufacturer agreements with their suppliers.
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    2015 Dealership of the Year Video Series: Salem Farm Supply

    Developing a Manufacturer-Approved Succession Plan

    July 16, 2015 | Posted in Dealer Succession
    Bill Martel, general manager of Salem Farm Supply (Salem, N.Y.), and Carole Lewis, president of Salem Farm Supply, talk about the importance of communicating with your manufacturer and getting approval on your succession plan.
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    2015 Dealership of the Year Video Series: Salem Farm Supply

    Marketing for a Dealership in a Remote Area

    July 16, 2015 | Posted in Best Practices
    Bill Martel, general manager of Salem Farm Supply (Salem, N.Y), and Carole Lewis, president of Salem Farm Supply, explains the challenges they face in getting in front of customers with marketing efforts in a remote geographical location.
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    2015 Dealership of the Year Video Series: Salem Farm Supply

    Motivating Parts & Sales Through an Incentive Program

    July 16, 2015 | Posted in Best Practices
    Bill Martel, general manager of Salem Farm Supply (Salem, N.Y), and Carole Lewis, president of Salem Farm Supply, share ideas they've used as incentive programs for both the sales and parts departments. The incentive programs they've put in place have a variety of structures and timeframes.
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    2015 Dealership of the Year Video Series: Salem Farm Supply

    Taking Advantage of a Strong Market

    July 16, 2015 | Posted in Data & Forecasts
    The market for farm equipment in New York has been relatively strong in recent years. In this video, Carole Lewis, president of Salem Farm Supply (Salem, N.Y), and Bill Martel, general manager of Salem Farm Supply, talk about how they've taken advantage of the strong market.
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    2015 Dealership of the Year Video Series: Salem Farm Supply

    Salem Farm Supply: Company Outlook & Goals

    July 16, 2015 | Posted in Data & Forecasts
    Carole Lewis, president of Salem Farm Supply (Salem, N.Y), and Bill Martel, general manager of Salem Farm Supply, take a look into the future for Salem Farm Supply and where they'd like to see themselves.
    Read More

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