SESS
Gold Member
To all dealers: Please give me a couple days to get the minutes from the meeting in Tarboro typed up and we will get those out to you ASAP so that you know what we found out. Thanks!
FarmTrac Troubles
- Thread starter gamble77
- Start date
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I have been asked to remind everyone that this is a public board. Please do not discuss anything that is not in the public arena. If you don't know it is public, error on the side of private information.
One of the hardest things to do is to not reply to information you know is incorrect. We have moved past the point of openly talking about things here.
Tim
One of the hardest things to do is to not reply to information you know is incorrect. We have moved past the point of openly talking about things here.
Tim
Slacker
Gold Member
If an update or decison on warranty coverage or rebate status was made in the Tarboro meeting would someone IM me the info please? Thanks.
SESS
Gold Member
Here is an article published today from the Daily Southerner out of Tarboro, NC.....
Farmtrac auction draws opinionated crowd
T. J. ROYAL
Staff Writer
More than 300 dealers and individuals from all over the state, the Southeast and outside the United States descended on Tarboro Friday for the Farmtrac salvage auction. It was held on Hope Lodge Street across from Stocks Elementary School.
Country Boys Auction & Realty, based in Washington, N.C., handled the auction, with Mike Gurkins serving as auctioneer for part of the morning sale.
Doug Gurkins, who runs Country Boys Auction & Realty with Mike, his son, was appointed by attorney Jim Marrow, Farmtrac's receiver, to sort through the beleaguered company's finance and accounting backlog.
Before Friday's auction, Farmtrac retailers from across the U.S. met Thursday with Marrow and Doug Gurkins to discuss the state of the financially crippled company.
Before Thursday's meeting, Marrow said the sale was part of a cleanup project slated to generate revenue for the troubled tractor company.
Doug Gurkins was present at the auction. Marrow was not present because of personal business.
Some of the people who came were curious to see what equipment was for sale. Others came to take advantage of discounted prices on used, discontinued Farmtrac parts, operable tractors and scrap metal that were put on the auction block.
Most of the attendees came to connect with fellow individuals and dealers, to try to address their dire financial situation and understand what the auction meant for their livelihoods and their futures in the tractor industry.
Kevin Taylor, a Farmtrac dealer from Corydon, Ind., arrived in Tarboro Thursday afternoon for Friday's auction. Taylor said he signed on with Farmtrac in the tractor industry because he was confident their brand could help "save" his company, Kevin Taylor Farm & Construction Repair.
Now, Taylor feels signing on with Farmtrac "looks like it's going to take us under."
After he saw a lot of four-wheel drive tractor axles go for $5,900, Taylor said the dealers will "never see a penny" of the money from Friday's auction. "You can bet on that," Taylor added.
That's because the money gathered from the auction is certain to go largely to Atlanta company Textron Financial, Farmtrac's largest secured creditor that is owed more than $12 million by the Tarboro company.
Tony Pearce, 59, is one of 12 current Farmtrac employees put in place by Jim Marrow to work with Doug Gurkins as a "skeleton" operation: to operate the company at minimal cost.
Pearce said he thought having Gurkins' help operating Farmtrac was a "big plus." He said he did not know what to expect the auction could do to help the company.
Albert Lester, 65, a Farmtrac dealer from Shreveport, La. was frank with his feelings about the auction.
"This is sad," Lester said.
One reason he felt that way, Lester said, was because the financial situation of the dealers did not allow them to take advantage of the discount prices.
"It's not feasible for us to buy anything and ship it back" to their business, Lester said.
He also said Farmtrac could have offered the parts to the dealers first. "In my opinion, they should have offered the dealers first shot" at the salvage items, Lester said, instead of putting them on the auction block to pay on their loans.
Lester said the $5,900 lot of axles had value if the purchaser could resell the items on the internet. "That would help the dealers" a little, he said.
But if the buyer was to sell that lot for just scrap metal, Lester said he "didn't want to see 'em load it.
"That'd be heart-breaking," Lester said.
Jae-Yong Sim, a marketing manager with LS Cable Company Ltd. of Seoul, South Korea, said he arrived in Tarboro last week to check on Farmtrac's legal situation.
"Through this auction, if they can get us the money" Sim said they are owed by Farmtrac, "that'd help.
"(I am) not so sure that'll happen," Sim said.
Tim Cooke, 42, who owns the Two Rivers Inc. tractor company in Drakesboro, Ky., said he felt "nothing" about the auction Friday. He did say that he felt the items "on the palettes should have been sold seven, eight years ago," instead of having to deal with them now.
Rob Meranda, 42, is a Farmtrac dealer from Clayton, Ind. who came for Friday's auction. If he lived closer, Meranda said he might be interested in buying some equipment. But since he lives in Indiana, and had a flight to catch at 4:30 p.m., he said it was "just a sale." to him.
"What happens here today ain't going to affect me tomorrow," Meranda said.
Danny Pait, 57, owner of Pait's Tractor, LLC in Evergreen, N.C., said he came to Friday's auction simply to be with friends and other dealers. "What they sold today was junk" Pait said, holding no interest for him.
Gurkins said sales figures from the auction would not be released to the public until the "proper procedure" has been followed. That includes notifying Farmtrac's creditors, including Textron Financial, about the auction's proceeds first, Gurkins said.
Farmtrac auction draws opinionated crowd
T. J. ROYAL
Staff Writer
More than 300 dealers and individuals from all over the state, the Southeast and outside the United States descended on Tarboro Friday for the Farmtrac salvage auction. It was held on Hope Lodge Street across from Stocks Elementary School.
Country Boys Auction & Realty, based in Washington, N.C., handled the auction, with Mike Gurkins serving as auctioneer for part of the morning sale.
Doug Gurkins, who runs Country Boys Auction & Realty with Mike, his son, was appointed by attorney Jim Marrow, Farmtrac's receiver, to sort through the beleaguered company's finance and accounting backlog.
Before Friday's auction, Farmtrac retailers from across the U.S. met Thursday with Marrow and Doug Gurkins to discuss the state of the financially crippled company.
Before Thursday's meeting, Marrow said the sale was part of a cleanup project slated to generate revenue for the troubled tractor company.
Doug Gurkins was present at the auction. Marrow was not present because of personal business.
Some of the people who came were curious to see what equipment was for sale. Others came to take advantage of discounted prices on used, discontinued Farmtrac parts, operable tractors and scrap metal that were put on the auction block.
Most of the attendees came to connect with fellow individuals and dealers, to try to address their dire financial situation and understand what the auction meant for their livelihoods and their futures in the tractor industry.
Kevin Taylor, a Farmtrac dealer from Corydon, Ind., arrived in Tarboro Thursday afternoon for Friday's auction. Taylor said he signed on with Farmtrac in the tractor industry because he was confident their brand could help "save" his company, Kevin Taylor Farm & Construction Repair.
Now, Taylor feels signing on with Farmtrac "looks like it's going to take us under."
After he saw a lot of four-wheel drive tractor axles go for $5,900, Taylor said the dealers will "never see a penny" of the money from Friday's auction. "You can bet on that," Taylor added.
That's because the money gathered from the auction is certain to go largely to Atlanta company Textron Financial, Farmtrac's largest secured creditor that is owed more than $12 million by the Tarboro company.
Tony Pearce, 59, is one of 12 current Farmtrac employees put in place by Jim Marrow to work with Doug Gurkins as a "skeleton" operation: to operate the company at minimal cost.
Pearce said he thought having Gurkins' help operating Farmtrac was a "big plus." He said he did not know what to expect the auction could do to help the company.
Albert Lester, 65, a Farmtrac dealer from Shreveport, La. was frank with his feelings about the auction.
"This is sad," Lester said.
One reason he felt that way, Lester said, was because the financial situation of the dealers did not allow them to take advantage of the discount prices.
"It's not feasible for us to buy anything and ship it back" to their business, Lester said.
He also said Farmtrac could have offered the parts to the dealers first. "In my opinion, they should have offered the dealers first shot" at the salvage items, Lester said, instead of putting them on the auction block to pay on their loans.
Lester said the $5,900 lot of axles had value if the purchaser could resell the items on the internet. "That would help the dealers" a little, he said.
But if the buyer was to sell that lot for just scrap metal, Lester said he "didn't want to see 'em load it.
"That'd be heart-breaking," Lester said.
Jae-Yong Sim, a marketing manager with LS Cable Company Ltd. of Seoul, South Korea, said he arrived in Tarboro last week to check on Farmtrac's legal situation.
"Through this auction, if they can get us the money" Sim said they are owed by Farmtrac, "that'd help.
"(I am) not so sure that'll happen," Sim said.
Tim Cooke, 42, who owns the Two Rivers Inc. tractor company in Drakesboro, Ky., said he felt "nothing" about the auction Friday. He did say that he felt the items "on the palettes should have been sold seven, eight years ago," instead of having to deal with them now.
Rob Meranda, 42, is a Farmtrac dealer from Clayton, Ind. who came for Friday's auction. If he lived closer, Meranda said he might be interested in buying some equipment. But since he lives in Indiana, and had a flight to catch at 4:30 p.m., he said it was "just a sale." to him.
"What happens here today ain't going to affect me tomorrow," Meranda said.
Danny Pait, 57, owner of Pait's Tractor, LLC in Evergreen, N.C., said he came to Friday's auction simply to be with friends and other dealers. "What they sold today was junk" Pait said, holding no interest for him.
Gurkins said sales figures from the auction would not be released to the public until the "proper procedure" has been followed. That includes notifying Farmtrac's creditors, including Textron Financial, about the auction's proceeds first, Gurkins said.
Brentwood Power Equipment
New member
- Joined
- Mar 7, 2008
- Messages
- 24
So it sounds like we are back at square one, with the exception that Farmtracs' yard is a little cleaner. I'm thinking I may turn my inventory into a rental fleet just to get some money flowing!
chh
Veteran Member
Interesting to see one of the quotes in the article describe the items as junk. I know a Montana dealer that flew down and bought 2 semi loads from the auction and is having them brought to OK to repair and resell. He only bought tractors that were like the Montana's so he could be sure and get parts for them.
I hope the Farmtrac dealers got some things worked and planned at the meeting. Still wishing all you guys the best.
I hope the Farmtrac dealers got some things worked and planned at the meeting. Still wishing all you guys the best.
Hi everyone, just made it back today,long drive and we ran into some real bad weather in Tenn. and Miss. and had to hunker down awhile. met a great group of dealers and had a good (and long) meeting.the support from those unable to attend, much appreciated,thanks------Taxpayer
SESS
Gold Member
Did all the dealers get their minutes sent to them? Send me a PM if you did not.
well,things are sure quite on this thread now.it's as if everyone thinks the problem was solved by one meeting. far from it,rest assured,the big T has not forgoten about the money they contend the dealers owe. another thing that irks me is the fact, mr.marrow has no problem billing me for parts but ,says there is no money to pay the dealers for warranty work,salesman bonuses,etc. it seems to me this could be deducted from the amount owed by dealers. but alas,again everything for the company and nothing for the dealer. guys & gals,so far this forum has been the only voice we have had available to us, and much has been accomplished through it's use. many dealers throughout the country are not aware of this forum and do not know what to do. please make everyone you know affected by farmtrac's closing and textron's hardball tactics aware of this site. we need everyones input.if you are not willing to fight for your rights, someone will always take them away from you.this is how I feel.----Taxpayer