FarmTrac Troubles

[taxpayer]

I have followed all of this thread from start to present, and I just want all of you Farmtrac dealers to know that I as one of your competition wish you all well, and hope that big business doesn't get out of paying for their share of this mess. Good luck to you all!

Thank you,lawallstractor, for your kind words, at times such as these a word of understanding and symphothy go a long way, especially coming from a competitor.this event will no dought have a negative impact all across the industry,reguardless of what name is on the tractor.it has created a mistrust between the dealers, the tractor companies, the finiancial people and most importantly the customer. a mistrust that will be hard to repair and will take some sacrifice on the part of all, if it is to succeed.what must be remembered, is that neither the dealers, textron nor the customers created this situation. it was brought about by a foreign company, who through mismanagement,greed and possiblely fraudently activitives,brought this company down.that it has been allowed to do is indictivitave of the failure of the united states government to protect the rights of it's own citizens,when foreign companies want to come into this country to do business.it should be alarming to all tractor companies and dealers, reguardles of the brand name. it only points to the reality,taking into account the dire condition of the american economy, that this type event could very well be repeated by other companies.what we need now is good comunication between all parties.the simple truth is,the more you have,the more you stand to lose. be careful what you demand, it could be more expensive than is necessary.

 

[California]

Thank you,lawallstractor, for your kind words, at times such as these a word of understanding and symphothy go a long way, especially coming from a competitor.this event will no dought have a negative impact all across the industry... it was brought about by a foreign company,... indictivitave of the failure of the united states government to protect the rights of it's own citizens,when foreign companies want to come into this country

First, I'll repeat lawallstractor's good wishes for the affected dealers. It is clear after reading this thread that the dealers are victims of surprise same as customers, certainly not a cause of the problem, and are doing what they can to serve customers while trying to save themselves from disaster.

Second, this gutting of a company isn't unusual and really isn't a foreign issue except that's where they took the proceeds this time. Pacific Gas and Electric, California's big utility, got gutted the same way 10-15 years ago. Some Wall Street financiers created a new PGE Corp for themselves and left the old one with all its debts and no assets. Nearly identical to this instance. I've read of many other smaller guttings like this. 'Corporate Raider' used to be a term for it. Buy a company, strip it, sell the empty shell. In many of the cases where pension funds disappeared, this was the reason. Enron was similar, nobody realized it was an empty shell until it collapsed. So I doubt there is an issue here for the Federal government to get involved in, a least as a foreign relations issue.

 

[Slacker]

Local dealer is selling new farmtrac tractors with full warranty. He states:

"Textron has secured a 3 rd party who is handling warranty on only new
tractors. Still do not know about warranty on existing tractors yet."


Is this legit? If so, I may buy a smaller (w/full warranty) machine as a dedicated lawn mower (at a good discount).

 

[hurliman]

After reading the nine page fax from Textron i recieved yesterday, i concluded the following. They expect us to sell distressed merchandise at full price, then expect to charge an extra $400.00 or so for warranty, with NO explanation of where the parts will come from to perform the warranty! Ity ain't gonna wash folks.

 

[redneckford]

What is the difference--- when someone doesn't pay the morgage they sheriff sale their house to the highest bidder at the court house. Why can't the FarmTrac dealers sell their inventory at auction or sheriff sale(the true worth that day in that condition per the letter of the law, not the figure on some paper work or invoice) and pay Textron what they receive less cost of auction and shipping and handling to get it to auction. (They may try to make life heck but you can bet they are the last people that want to go to Federal Court and explain what their knew and when they knew it,oh yea they will be the ones having to pay all the court cost not the in-o-cent dealer)Get some other line like deutz-, Mcormick, Montana etc so that you can service your customers and get on with life. (does GE or Textron floorplan these units) The only person that is going to gain by waiting is the floorplan company and other new tractor dealers that are afraid of the dumping of 3000+ tractors. Some Dealers are already moving in that direction the ones that wait on a knight on a big horse are the ones that will be left holding a empty bag. Tim C I know this is a public forum but the calavary is not on the way; each day that passes is a lost opportunity for the smaller dealers to dig out of this situation. Big dealers have many options small dealers are at the mercy of the MAN. Sell the stuff and let the Big dealers keep saying it is just business when they have to start paying floorplan interest on their other lines because they can't sell them because of all those "cheap" tractors on the market. Bet when the shoe is on the other foot they will not call it "Just Business". That has a nice ring to it when you have nothing to lose.

 

[Tim C.]

The question you ask and ideas you offered are a point of view that can be defended with logic and reason. The point you miss is that after the sale on the courthouse steps someone has to pay or file bankruptcy.

I respect everyone's opinion on this matter. But we have to be careful that things are not said that damage legal standing or crash current lines of communications. Emotions are running high on all sides now.

I don't think everyone has grasp the number of people reading this.................and printing off pages for later.

Tim

 

[redneckford]

Tim C I understand completely I have done been through that meat grinder a few years ago. I have heard that statement "Just Business" until it makes me sick to my stomach. Go ask the Chicken how he feels about a egg and ham breakfast and I bet he says it's "just business". Now go ask the hog how he feels about a egg and ham breakfast. I bet he will not answer "just Business, Heck he had to give his life for "JUST BUSINESS" to take place. I understand that the dealers have to be careful but heck they done took everything i ever had and I just hate to see it happen to other people when their "Friends" standby and watch Business as usual!!!! By the way Bankruptcy is suppose to be a legal defense of unfair practices. It is not intended to be used as the easy way out. Chapter 11 and 13 allows someone to reorganize their business to survive. I am sorry if you feel that it is a dirty word but culture and a mans word (gos-up)has that affect. But how many people's handshake word is being kept in this situation. I can tell you that the biggest loser in this situation will be the working man both the small dealer and the customer. A whole life time of work up in smoke "Just Business" my behind!!!! Hurry up and wait!!! competition doesn't. Sorry for the rant but i know how all the dealers feel but they can't speak out because of consequences and repercussions. Let them print this out and use it ever how they like. Sometimes the truth just plain-o hurts!!! They do not call me a redneck heck raiser for nut-un!!! Remember the saying "I here from the government and I'm here to help. Just remember Bush said that Brownie was doing a heck of a job while people in Louisiana were Drowning!!! Just facts sir? Bitter yes quite NO!!

 

[case1570]

SERPECO...... SERPECO ARE YOU OUT THERE?

 

[Tim D]

I have been with this post since it first started and have read every post. At this time, I am almost scared to post anything for fear of saying something wrong. As stated in my prior posts I am not a dealer, just a satisfied Farmtrac owner. Wanted to point out that after reading that Textron was the banker for Farmtrac it jarred my memory as to the Homelite chainsaws and generator that I own. The labels on these items state " HOMELITE TEXTRON" which leads me to believe that Textron was the banker for Homelite and if memory serves me correctly, Homelite got into financial trouble hence "HOMELITE TEXTRON." I always had good service from Homelite equipment and I think that John Deere saws and weedeaters are Homelite. If Textron liked a good brand such as Homelite, maybe they should read all the posts about satisfied Farmtrac owners and do the right thing. I will apologize now if this is wrong or offends anyone.

 

[dgl24087]

Textron sold Homelite to Deere & Company in 1994. Homelite was acquired in 2001 by a company named TTI (Techtronic Industries, Tsuen Wan, Hong Kong), which also owns Milwaukee, Ryobi, Hoover, and Dirt Devil as the major brands in it's portfolio. Textron currently owns Jacobson.