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Greg Peterson

Greg Peterson, known as Machinery Pete, has built a network of 950 regional auctioneers, 600 ag lenders, 2,000 implement dealers and thousands of farmers throughout the U.S. and Canada. Since 1989, Machinery Pete has compiled more than 500,000 auction prices on used farm and construction equipment sold throughout North America. A widely sought-out speaker, Peterson regularly presents to farmer and investor audiences. He has more than 44,000 Facebook fans. In 2014, his YouTube videos tallied 6 million minutes. In 2015, Machinery Pete launched a dealer listings site with analytics and marketing services for equipment dealers. Peterson is the multimedia expert on used equipment values for Farm Journal Media, including print and broadcast. Going into its third season, Machinery Pete TV, a weekly 30-minute show, launched on RFD-TV in November 2013.

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Semi demand continues to hold strong, particularly for low-mileage, earlier emission-tier models. For example, at a retirement auction in Missouri a year ago, a 2017 Peterbilt 389 Glider day cab semi with 34,493 miles sold for $350,000.
Timing is everything, according to the equipment pricing trends Machinery Pete is watching.
Digging into his data, the average auction prices for Case IH Magnum 290 and John Deere 8285R tractors are both down 34% this year versus last year.
Despite concerns over rising costs and current economic challenges in agriculture, the market for used equipment remains strong, particularly for older, simpler models.
Machinery Pete says going the online auction route has tangible implications if you’re looking to sell a piece of equipment (or five) to manage cash flow.
From Jan. 1 to Aug. 4, Machinery Pete has seen 66 new to 3-year-old planters sell at auction. Twenty sold during that same time frame a year ago, 10 in 2022, 14 in 2021 and a mere six in 2019.
Nine months ago, high-horsepower tractors were selling for record-high auction prices. Those same models are now bringing more than $100,000 less. As prices trend down, the opposite is happening with inventory on lots.
An International Harvester 856 diesel tractor, a Peterbilt 389 Glider kit day cab semi and a collection of John Deere 55 series tractors are just a few pieces of equipment that have caught Machinery Pete’s eye lately.
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Machinery Pete predicts descriptions of used equipment won’t be enough to create buyer trust in the near future.