Dealer News

• Titan Machinery Inc. recently reported third quarter of fiscal 2015, revenue of $493.1 million, compared to $588.0 million in the third quarter last year. Equipment sales were $343.5 million for the third quarter of fiscal 2015, compared to $441.8 million in the third quarter last year. Parts sales were $80.7 million for the third quarter of fiscal 2015, compared to $80.9 million in the third quarter last year. Revenue generated from service was $42.4 million for the third quarter of fiscal 2015, compared to $40.6 million in the third quarter last year.

The company’s gross profit margin was 17.2% in the third quarter of fiscal 2015, compared to 15.9% in the third quarter last year. In the third quarter of 2015, the company recognized a $0.5 million charge from the balance sheet impact of the Ukrainian hryvnia devaluation.

• Rocky Mountain Dealerships Inc. recently provided an update on its search for a new CEO. Last August it announced that Matt Campbell had declared his intention to retire as CEO of Rocky effective December 31, 2014, and that Derek Stimson wished to retire as President of Rocky as of that date.

Paul Walters, Chair of the Committee and Lead Independent Director, commenting on the ongoing search, stated, “This final selection process will require significant deliberation by Rocky’s entire Board of Directors. As stated earlier, we continue to make good progress in this regard, and we expect that a decision will be made in the first quarter of 2015. In the meantime, both Mr. Campbell and Mr. Stimson have agreed to remain on in their current roles until a new CEO has been named.”

• RDO Equipment cut the ribbon on its new location in Hawley, MN. The dealership has invested heavily in the building, expanding it to twice its former size. The facility now is 45,000 square feet with 32-feet-high vaulted ceilings. RDO has owned the dealership since 2003, when RDO acquired it from Clay-Becker Implement.

• Bane-Welker Equipment, LLC announced its purchase of The Equipment Store, which has two locations in Ohio. The purchase brings the total number of Bane-Welker locations to 12; the company now operates 10 stores in Indiana and two in Ohio. All locations offer parts, sales, service, and precision farming for Case IH products, as well as a variety of other brands and short lines.

• Cervus Equipment Corp. announced it has entered into a definitive agreement to acquire the assets of Deer-Country Equipment Ltd. Deer-Country owns two Deere dealerships located in High River and Vulcan, Alberta.

• Vetter Equipment officials announced the company’s purchase of Madsen International in Shenandoah, IA. Vetter solidified the deal with the official transfer of assets between the two companies. Vetter began pursuing Madsen after purchasing a dealership in Clarinda, IA, in July 2014. With the Shenandoah store’s acquisition, the Denison-based Vetter now has 11 locations in Iowa.

• Johnson Tractor Inc., based in Janesville, WI. announced it has acquired the 75-year-old W.G. Leffelman & Sons, a Case IH dealership in Amboy, IL, that sells and services International Harvester and Case IH equipment.

• Jenner Inc. CEO Steve Jones confirmed that it has completed the purchase of Tri-Co, the Case IH farm equipment store in Taylorville, IL.

• Blueline New Holland’s three Nova Scotia dealerships were recently acquired by Truro businessman Stu Rath and John Lynn of Pictou County.

• Padula Brothers announced plans last month to open a location later this month in the Connecticut River Valley, resurrecting the presence of John Deere that has been missing along the Interstate 91 corridor for roughly two years. Deere terminated its contracts with RN Johnson in Walpole, N.H., and Sirum Equipment Co. in Montague within the past three years and this new store will be the third business under the Padula Brothers name.

• Archbold Equipment Co. named Zach Hetterick CEO of the six-store Case IH dealership complex. Hetterick comes to Archbold from Case IH, where he held various roles, including Parts and Service Manager, Territory Sales Manager, Livestock Marketing Manager for North America and most recently, Marketing Manager for High Horsepower Tractors for North America. S