With farmers feeling the squeeze from low commodity prices and inflation, and now there’s a trade war that is looking like it is going to drive new equipment prices up even higher for the foreseeable future, many farmers are turning to the used equipment auction world this year instead of financing a brand new machine off the dealer lot when they need a tractor, combine, or sprayer.
Hastings, Nebraska, sixth generation farmer Zach Bosle saw those shifting market dynamics coming into play and decided he wanted to do something about it. So this fall he hit the launch button on his latest venture, the online auction marketplace TractorTuesday.com.
Bosle says so far the platform has held two virtual auctions and signed up over 8,000 registered users in just under six months.
Now might be a good time to check out the new site and get registered, because TractorTuesday.com has another sale coming up on March 18. We met up with Bosle at Commodity Classic in Denver this week to learn more about this “Machinery Pete Approved” new entrant to the used equipment auction space.
Farm Journal (FJ): Tell us about the upcoming sale on March 18, Zach.
Zach Bosle (ZB): Sure. It will be a strictly online auction, and we’ll be featuring equipment in seven different states across the Corn Belt and into the Plains States.
FJ: I understand there is a pretty special machine that you’re planning to auction off in that sale?
ZB: Yes, and we recently had Machinery Pete with us on site as well (video below) to look at this unit. It’s a 1995 Case IH 7240 Magnum Mark 50 Edition tractor with only 3,412 operating hours on it. What makes this tractor so special, besides the very low hours, is they only made 100 of these. We’re hoping to see it set the all-time record for that model.
FJ: You just launched the website back in October, and you are already doing some interesting marketing campaigns to get your name out into the world. Tell us about the Name Image Likeness (NIL) program you’ve put in place.
ZB: We have signed 20 college student athletes this year, and I believe 18 of them are Division 1 athletes. We’ve got some phenomenal farm kids that are playing ball, including Bailey Maupin out of Texas Tech, who is currently one of the best women’s basketball players in the country. We also have a great pitcher at the University of Nebraska by the name of Ty Horn, and we’ve got Caden Matson at Iowa State from the Cyclone football program. We’ve got kids from Long Beach State all the way out to the University of Virginia and everywhere in between. So, we have a widespread NIL program in place and it’s just amazing to me where some of these farm kids come from and where they end up athletically.
FJ: A lot of farmers right now are kind of struggling with the economics of this new and used equipment marketplace right now. What would you say to those farmers if they asked for your advice?
ZB: I would just say to hang in there. And if you do have to sell, you know, really that $80,000 to $140,000 price range is holding quite strong right now. Now, if it’s a machine that is nearly new or just off lease, I’d be a little hesitant and I probably wouldn’t sell it just yet unless I really had to or if the banker told me I had to. But, you know, either way we think the best option for any farmer is going to be with TractorTuesday.com, because we’re offering zero commission on sales and there’s only a 2% buyer’s premium. When some of these auction sites are charging anywhere from 5% to 10% on commissions and buyer’s fees, listing with us can put more dollars back in those farmers pockets.
Check out TractorTuesday.com if you’re interested.
