Bid Boom: Giant Farm Equipment Online Auction Begins

Bid Boom: Giant Farm Equipment Online Auction Begins

Farm machinery opportunity is pounding on the door. Absolute. Unreserved. Nationwide. Adios to buyer’s fees.

When the gavel falls in late December, the highest bid wins in a massive used farm equipment auction steered by Machinery Pete and BigIron. As the last buying window shutters on 2018, the Year-End Unreserved Online Dealer Auction, featuring ag equipment dealers from across the U.S. and a complete range of farm machinery, will kick off opening bids on Dec. 6 and close on Dec. 27. The online auction is expected to spotlight 150-plus pieces of equipment including tractors, combines, planters, mowers and much more.

“This event is really unique. It provides major opportunity for savings and can be advantageous to taxes for 2018,” says Greg Peterson, founder of Machinery Pete: “Farmers should pay attention because the auction is absolute and has no buyer’s fees. There will be so many dealers offering good equipment that could be six months old or 50 years old. Make the high bid and the equipment goes to your home—no monkey business.”

On the flip-side, Peterson says the auction is also highly promising for dealers. “This goes across the country and it’s a great chance for dealers to move used equipment. There’s going to be a wide variety of machinery sold in conjunction with our friends at BigIron. They’ve been the leading online auction company for a decade and folks are familiar and comfortable with BigIron.”

Unexpectedly Strong Pricing

After 29 years of involvement with farm equipment and a stellar reputation in the industry, Peterson cites 2018 as “one of the most interesting years” of his career, due to unexpectedly strong pricing on good-conditioned machinery, despite the difficult ag economy.

He attributes the pricing to pent-up demand. “It’s six years since commodities readjusted and buyers put the brakes on equipment purchases. We’ve reached the point where guys still have to make sure the tractor or combine is not breaking down. Pent-up buyer demand is being released.”

Sales are consistent in two general areas, according to Peterson. First, one- to three-year-old equipment, often still under warranty, is in high demand. “There’s not as much stuck on the dealer lot as there once was, and this creates more buying pressure at auction,” he notes. Second, good-conditioned, but slightly older equipment is also selling well; pre-Tier 4 engines from roughly 2008-2010. “Show me a good-conditioned tractor like that and I’ll show you high price and strong buyer demand,” Peterson adds.

December 6-27

Over the past decade, November and December have become increasingly busy months for used ag equipment sales. “Farmers look hard at the end of the year and it’s historically tax-motivated. If you can be aggressive, it’s a good time to be a buyer,” Peterson describes.

The Year-End Unreserved Online Dealer Auction will be a chance for farmers to take advantage of significant savings, according to Peterson: “Growers will be able to choose between quite a variety of equipment from a trusted platform of Machinery Pete and BigIron. No reserve and no buyer’s fee.”

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Thu, 12/06/2018 – 07:22


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Image Caption
The Year-End Unreserved Online Dealer Auction will kick off opening bids on Dec. 6 and close on Dec. 27.

Image Credit
Machinery Pete
Source: Dairy Herd