New Tractor Sales Are Declining

[ovrszd]

I've been babying mine! Here I was worried about putting more than two buckets of gravel from my B2620 in it.
I better start loading more! LOL

You won't see a Ranger doing that.

 

[Torvy]

...and a lot of people will have them repossessed too. Wait and see. You will be able to buy a repo'd car cheap.

I,ve been wanting to do that for many years now.

Who do you get in contact with to buy a repo,d vehicle ?
If anyone knows a place in Ontario, Canada, I would really like to hear about it. A name and address and phone number would be a great start.

Most banks nowadays sell the vehicles at auction and dealers buy the and resell them. One bank in worked for would sometimes have an auction of repossessed assets for employees only. I still have a pair of skis and boots from one of those.

I'm sure some banks sell them to 'repo' lots, which are basically just dealers who only get their inventory from bank auctions.

Somewhere along the line after 2008, the more effective banks realized that repo cost them too much money. Working with customers to get current and refinancing is much more lucrative. Repo is mostly used by the more fly by night lenders and in extreme circumstances when a customer just doesn't want to keep the car.

 

[cathy liebchen]

...and a lot of people will have them repossessed too. Wait and see. You will be able to buy a repo'd car cheap.

Yet used car prices are rising again

 

[BleedingOrange]

Every time we meet our bank financial adviser, which is at least once a year, I ask him how I can buy a repo,d vehicle, I get the same answer. He says all the vehicles go to Toronto, and are sold off at dealer only auctions.

 

[jyoutz]

Every time we meet our bank financial adviser, which is at least once a year, I ask him how I can buy a repo,d vehicle, I get the same answer. He says all the vehicles go to Toronto, and are sold off at dealer only auctions.

That’s pretty much what happens everywhere.

 

[2manyrocks]

Standard procedure for car repos is to call an independent specialist who will tow the car without starting it to a regional auction house for resale.

The repo procedure for a tractor could be very different. It could be stored in a locked barn. It has to be started and loaded on a trailer or truck. I don't know of any tractor auction where dealers can bid against each other to buy repo tractors for resale.

So....how does Kubota credit repo and sell tractors when the customer doesn't pay them?

 

[jeff9366]

Earnings News:​

Kubota Corporation GAAP EPS of ¥130.82 beats by ¥125.22, revenue of ¥2.68B​

Feb. 16, 2023 6:18 AM ET Kubota Corporation (KUBTY) By: Urvi Shah, SA News Editor


Kubota Corporation press release (OTCPK:KUBTY): FY GAAP EPS of ¥130.82 beats by $125.22.

Revenue of ¥2.68B (+22.4% Y/Y).

Someone is still buying tractors, construction equipment and water treatment plants.​

 

[Paystar]

Isn't it funny how all the manufacturers and the oil and gas companies have all their excuses of how they HAD to raise prices to survive, yet they have all been posting RECORD PROFITS since covid began.

 

[ovrszd]

Isn't it funny how all the manufacturers and the oil and gas companies have all their excuses of how they HAD to raise prices to survive, yet they have all been posting RECORD PROFITS since covid began.

Big money always wins.

 

[jezreel]

Every time we meet our bank financial adviser, which is at least once a year, I ask him how I can buy a repo,d vehicle, I get the same answer. He says all the vehicles go to Toronto, and are sold off at dealer only auctions.

I used to see repo cars on bank lots for sale, but that was 30 years ago. I don’t know where they are now.