In our most recent webinar, recorded on March 20, 2024, Director of Insights Andy Campbell and Lead Data Scientist Hank Mandsager shared the results of recent farmer intentions research, an analysis of farm equipment values, and how Tractor Zoom is implementing artificial intelligence across our solutions.
Check out some of the key takeaways below and
watch the full webinar for more insights.
Equipment Supply and Value Trends
Two major equipment categories to watch in the market right now are row crop tractors and combines.
According to Tractor Zoom data, row crop tractors between 300-425 HP have increased in price at dealership by about 9%. "Supply has been a bear at about 40%, and we know the margins are getting tighter on the dealership side across the board for equipment, but we're still seeing a strong price increase and even despite the higher supply, pretty strong resilience in the large row crop tractors," says Andy Campbell.
For combines, we see Class 7 supply is down about 55% year over year, which correlates to overall price, which is showing about 5% higher year over year. Class 8 combines, however, were a big focus throughout 2023 to reduce the supply in the market. According to our data, the supply is only down about 29% and that affect on price is significant as the average 750-1500 machine hours on a dealer lot is down about 25%.
Click into the
webinar to learn more about supply and values of specific Makes and Models of row crop tractors and combines, plus more about round balers and self-propelled sprayers.
Ag Industry Insights and the Future of AI at Equipment Dealerships
In our recent survey of farmers, we asked what the most important factor is when purchasing equipment. Out of over 100 responses, the results show that price is first, followed by a relationship with the dealer, which is tied as the second-most important factor with the condition, quality, and history of the machine.
As high input costs remain one of the biggest concerns for farmers, and that includes cost of equipment, it's important to consider these farmer sentiments about buying, plus awareness of the projected lower net farm income, in order to position yourself well over the next several years of a shifting marketplace.
In addition, Tractor Zoom is poised to support your success and growth with technology and data. One way we're doing this is by implementing Tractor Zoom AI, which consolidates our AI, machine learning, and data science work for you to leverage within our solutions.
In the webinar, Hank Mandsager presents the new
Tractor Zoom AI feature, Smart Descriptions, and cases for dealerships to easily leverage this within the Equipment Search. Smart Descriptions uses Generative AI to process and analyze often complex and incomplete equipment descriptions into a structured, filtered format that enables you to identify the unique attributes that influence machine values across categories, manufacturers, and more. To see it in action, watch the brief walkthrough for Sprayer equipment in the webinar recording below.