Dealer News

Titan Machinery reported a 10.1 percent increase in revenue for its quarter ending Oct. 31.

In its agriculture segment, revenue for the third quarter was $210.7 million, compared to $186.5 million in the same quarter last year. The increase was primarily the result of increased replacement demand.

“The increase in our agriculture segment revenue is encouraging given the continued industry challenges,” said Chairman and CEO David Meyer.

Part sales increased from $64.7 million in the third quarter last year to $70.1 million this year.

Gross profit increased from $61.5 million last year to $69.5 million this year.

And, operating expenses for the quarter increased by $2.9 million to $53.3 million, or 14.7 percent of revenue. For the same quarter last year, operating expenses were $50.4 million, or 15.2 percent of revenue.

Deere dealer JD Equipment announced it will sell its assets to Ag-Pro Ohio LLC, a subsidiary of Ag-Pro Companies. Ag-Pro Companies has 61 Deere stores throughout the country. JD Equipment has 10 stores in Ohio and Kentucky.

“The choice to sell JD Equipment was not an easy decision. The Mitchell family has more than 36 years of history as a John Deere dealer and has strong ties to all of the communities we operate in,” said Jeffrey Mitchell, CEO, and Don Mitchell, president, in a letter to customers. The transfer is expected this week.  Source: Farm Equipment

A Deere dealership in the Canadian province of Alberta recently joined Cervus Equipment. Calgary-based Cervus bought Red Deer-based Deermart Equipment Sales for an undisclosed sum.

The Red Deer company joins 14 other Deere farm equipment dealerships in central and southern Alberta.

Cervus has stakes in 62 dealerships in Canada, New Zealand, and Australia, including five Deere dealerships in Saskatchewan and one in Creston, B.C.  Source: Glacier FarmMedia Network

New Holland dealership Rueter’s Equipment in Albert Lea, Minn., closed in November.

“Titan Machinery intended to close this location in 2016,” Rueter’s said in a statement. “We purchased the location with the hopes of continuing. While significant improvements were made, it was not enough to turn it into a sustainable business. We wish the best to the Albert Lea community.”  Source: Albert Lea Tribune

H&R Agri-Power has acquired 4R Equipment in McLeansboro, Ill. This is H&R Agri-Power’s 18th location and second location in Illinois. The dealership will continue to operate as 4R Equipment.  Source: Farm Equipment

Rocky Mountain Dealerships today announced the resignation of CFO David Ascott. He will leave RME Jan. 11 to pursue an opportunity in another industry. Ascott has been RME’s CFO since August 2011.