The Cleveland Research Co. and Ag Equipment Intelligence released last week the findings of their August survey of North American farm equipment dealers. The survey seeks to provide a snapshot of dealer sentiment and offer insights on trends in the farm machinery industry. The Lessiter Media publication offered these highlights in an executive summary:
- Average dealer sales were reported up 6 percent year-over-year in July, in line with June. A net 23 percent of dealers beat their sales budgets in July vs. the net 13 percent who beat their sales budgets in June.
- The 2021 dealer sales forecast calls for sales to be up 6 percent year-over-year, in line with June. A net 41 percent expect growth.
- New equipment inventory levels remained down in July with a net 80 percent of dealers reporting inventories “too low” vs. a net 72 percent reporting inventories “too low” in June.
- A net 50 percent of dealers reported used equipment inventory was “too low” in July vs. 57 percent in June.
- Used equipment pricing was up 5 percent in July vs. up 4 percent in June, while new equipment pricing was up 2.7 percent year-over-year.
- Sales trends by product category improved in July with 11 of 12 categories showing acceleration vs. nine of 12 showing deceleration in the previous month.
Findings are based on responses of about 100 North American farm equipment dealers who represent about $4 billion in combined yearly revenue.
This survey was conducted during the first two weeks of August.
Source: Ag Equipment Intelligence