The Moving Iron Summit 2023: Tractor Zoom Summary and Key Takeaways

The Moving Iron Summit was a comprehensive industry event held during September in Nashville, Tenn., that covered a range of key topics related to the used farm equipment sector. One of the biggest highlights each year at the Summit is the networking and this year was no different.

“I came [to Moving Iron Summit] for the first time three years ago,” stated Kevin Vandervort, Used Equipment Manager from Hoober Inc. “It's a great opportunity to be able to network, to be able to get with dealers from other colors, build that knowledge base, build the camaraderie so that I can pick up the phone and talk to Ben from Ziegler. When I’m looking at a piece of equipment that he represents, he knows where I'm coming from and I know where he's coming from. He's going to give me good advice on that piece of equipment.”

In addition to connections and camaraderie, this year’s summit included hosting the America on Agriculture radio show, and adjusting the format to include focused breakout sessions covering a range of topics pertinent to used equipment managers.

Here is a summary of those breakout sessions:

Understanding whether the return is worth the investment in machine reconditioning is a daily decision made by used equipment managers. This session highlighted the importance of using data and past experiences to decide whether or not to refurbish and maintain heavy equipment to optimize its resale value, lifespan, and performance.

Attendees discussed the critical steps involved in assessing equipment before trading or selling and collecting the right data the first time, emphasizing the significance of thorough inspections to improve transactions and turnaround time of trades.

This segment focused on the utilization of market data to inform decision-making in the farm machinery industry, helping participants understand market trends, and pricing dynamics.

The summit explored data mining techniques to better understand customer preferences and behaviors, the potential of predictive analytics and AI, and current best practices for aiding businesses in tailoring their offerings to meet specific customer needs.

Attendees gained insights into categorizing customers based on their trade cycles, allowing businesses to strategize and tailor their approaches accordingly.

The event delved into opportunities and challenges in international markets, highlighting the importance of developing a few trusted contacts and freight forwarding companies for expanding opportunities for targeted equipment exports. 

The summit addressed the critical decision between refurbishing existing equipment or investing in new machinery, helping dealerships and farmers make informed, data-driven choices based on their specific needs, access to technicians, shop time, and other budget constraints.

Participants explored financial strategies and options for acquiring heavy machinery borrowing capital in a high-interest rate environment, aiming to optimize financial efficiency and profitability in a new, more challenging lending environment.

One of the biggest takeaways from the conference is “the amount of people [that] are talking about data,” declared Casey Seymour with Moving Iron Summitt LLC. “And I think as these years progress and we've seen more of stuff happen and more technology comes to the farm, the amount of data that we're going to be faced with is just going to be that much more than what we've seen in the past, and it's just going to continue to grow. And you're going to have to understand what that data means to make those decisions.”

Overall, the Moving Iron Summit provided a comprehensive overview of key processes and considerations within the used farm equipment industry. It equipped dealers with valuable knowledge and understanding of data insights to enhance their business operations and decision-making processes in this sector.