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Nearly 30% of Ag Dealership Locations Owned by 'Big Dealers'

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Nearly 30% of Ag Dealership Locations Owned by 'Big Dealers' April 15, 2016 Vol. 22, Issue 4 • Branson Up for Sale • Mahindra & Combines • New Player in Ag Tires Nearly 30% of Ag Dealership Locations Owned by ‘Big Dealers’ During the 8 years that Ag dealers and those carrying tractors own 5 or more ag retail locations. Equipment Intelligence has formally not manufactured by one of the 5 The steady pace of dealer consoli- tracked farm equipment dealer con- major brands), 28% of all dealers now dation is expected to continue well solidations in the U.S. and Canada, Continued on page 2 the number of big dealers — those operating 5 or more retail locations Dealers with 5 or More Ag Store Locations in U.S. & Canada concentrating on the sales of farm 200 machinery — have increased by 188 191 187 184 181 26.5%. By our count, at the start of 171 150 162 2016, 191 dealership groups had at 151 least 5 stores focused on selling ag equipment. This compares with 151 100 in 2009. At the same time, the number of ag store locations operated by Big 50 Dealers has grown by 30%, from near- ly 1,500 to almost 2,000 individual 0 store locations. With an estimated 2009 2010 2011 2012 2013 2014 2015 2016 6,800 total farm equipment dealers Since 2009, the number of farm equipment dealership groups that operate 5 or more retail currently operating in the two coun- locations has increased by 27%. Today, nearly 200 dealers are in the big dealer category. Source: Ag Equipment Intelligence tries (which includes shortline-only Ag Manufacturer Shakeout Mirrors Dealer Consolidation Consolidation in the ag equipment capabilities, product lines and expand- ers get larger and require better ser- industry isn’t limited to dealers. Over ing their dealer and market access. vice,” he says. the last year or so there’s been a flur- We expect this trend to continue and A change in distribution model is ry of merger and acquisition activity perhaps even accelerate over the near a significant part of the Hagie deal. among equipment manufacturers, par- term,” says Eric Bosveld of Bosveld and For most of its 70 years, the sprayer ticularly when it comes to shortline or Associates in a recent report. manufacturer has sold its equipment specialty equipment. The U.S. agricultur- Sprayer Market. With the recently through a factory-direct model that al machinery manufacturing industry announced joint venture between included in-field service technicians includes about 1,100 companies, with John Deere and Hagie Mfg., “a signifi- and salespeople. In a video released combined annual revenue of about cant portion of the ‘independent’ self- by Hagie on April 5, Newt Lingenfelter, $24 billion, according to the VDMA propelled sprayer market has now business and product development Agricultural Machinery Assn. It is likely disappeared,” says Bosveld. Recent manager, expressed some of his frus- more acquisitions and mergers will activity in this segment includes the trations of the factory-direct distri- emerge as the ag market continues to Deere-Hagie deal, Exel’s acquisition bution model with Hagie CEO Alan struggle in the current economy. of Equipment Technologies (Apache) Hagie. In the video, “Hagie Unfiltered,” “Well capitalized industry players and, back in 2014, New Holland’s Lingenfelter says that while factory- have used the current market con- acquisition of Miller St. Nazianz. direct has worked for the company’s ditions to strengthen their strategic “Access to distribution is one of the current product lineup, the product position, by adding technology and main motivators for the sells as grow- portfolio Hagie will be introducing Continued on page 4 The contents of this report represent our interpretation and analysis of information generally available to the public or released by responsible individuals in the subject companies, but is not guaranteed as to accuracy or completeness. It does not contain material provided to us in confidence by our clients. Individual companies reported on and analyzed by Lessiter Media, may be clients of this and other Lessiter Media services. This information is not furnished in connection with a sale or offer to sell securities or in connection with the solicitation of an offer to buy securities. Nearly 30% of Ag Dealership Locations Owned by ‘Big Dealers’...Continued from page 1 into the foreseeable future and, con- Big Dealership Breakdown by Brand — 2016 sidering the current economic condi- # Ag Stores in Owner John AGCO New tion of agriculture and dramatic slow- Case IH Kubota down in equipment sales, perhaps Ownership Group Groups Deere Corp. Holland accelerate in the year ahead. >15 26 19 2 4 1 – “We saw a drop in the number of 10-15 41 25 10 5 2 – big dealers in 2013 and 2014 because 5-9 124 62 35 12 13 18 big dealers were buying or merg- ing with other big dealers,” says TOTAL 191 106 47 21 16 18 George Russell of the Machinery Est. Ag Stores* 1,925 1,132 434 209 176 139 Advisors Consortium. Russell and Ag Est. Stores - Industry 6,800** Equipment Intelligence editors have Est. Branded Stores 1,539 900 975 996 1,100 collaborated on the Big Dealer report % All Stores in since 2009. 28% 74% 48% 21% 18% 13% Large Groups “I don’t believe we’ve seen the end *many dealers carry more than one equipment brand;*includes shortline only dealers & of that phenomenon, but I think it has other tractor brands Source: Ag Equipment Intelligence started to slow down because many of the relatively straight-forward M&A from Deere & Co. in the past year and 150 outlets in North America. situations, particularly on the Deere now has 8 ag and 8 CE stores. Russell points out, “JCB is the world’s side, have been captured. These added Flint Equipment Co. based in leading backhoe producer, and they to the rise in dealer groups with 10, 15 Albany, Ga., includes the Ag & Turf made attempts to get into North or more ag equipment store locations Division and Construction & Forestry America several times over the years, in 2013 and 2014, but reduced the Division, each with 8 locations carry- but not with a lot of luck. This time it’s overall number of big dealers.” ing Deere & Co. products. clear they’re making good headway by He adds the trend that has been Pape Machinery, one of Deere’s larg- finding interest among ag dealers.” more prominent in the past couple of est CE dealers, in recent years has Long-time Case IH dealer, Hlavinka years is the increase of dealerships at moved into the ag equipment busi- Equipment, which operates 7 ag deal- the lower end of the list. In the past ness in a big way. Today, the dealership erships in southeastern Texas, last 2 years, 14 dealer groups have been group owns and operates 21 John year opened its eighth dealership, but added to the Big Dealer list, while a Deere ag locations on the West Coast. this one will only carry JCB’s com- few have dropped off. Of the 14 adds, According to Russell, while Deere pact construction and ag equipment. 7 were John Deere dealers as the has traditionally kept its ag and CE While more than 70% of Deere ag company continues its push for fewer dealers separate, it appears to be retailers fall into the category of Big dealer-principals. Three of the new changing its position. “You have both Dealers, the other major brands have dealerships on the list were Case IH Deere and Case IH dealers who want plenty of room to consolidate. Less than retailers, 2 were AGCO, 1 was primar- to expand, but who are constrained half of Case IH dealers operate 5 or more ily New Holland and 1 was a specialty for various reasons, moving into locations, while 21% of AGCO dealers, equipment group focusing on agricul- either ag or CE to diversify their busi- 18% of New Holland and 13% of Kubota tural sprayers. nesses. I think we’ll see more and dealerships are Big Dealers. Trends in CE. Since 2014, four more overlap between the two seg- Caterpillar dealers — Hewitt Cat, ments in the future.” AEI Copyright Notice Kramer Cat, Riggs Cat and Warren JCB Jumps In. Joining the fray in Cat — have sold off or transferred recent years, JCB, the CE manufactur- Ag Equipment Intelligence is a their ag machinery sales and will er based in England, has been aggres- copyrighted publication of Lessiter Media. Copying an entire issue to concentrate on their construction sive in recruiting dealers to handle its share with others, by any means, is equipment business. farm equipment products. According illegal. Duplicating of individual items At the same time, more ag equip- to a company spokesperson, JCB for internal use is permitted only with ment dealers are adding construction has added 44 “ag-focus” dealers with permission of the publisher. Licensing equipment, mostly compact machin- 80 locations in the past 36 months. agreements that allow distribution of Ag Equipment Intelligence to a ery, to their lineups. Meade Tractor, This is in addition to another 35 “JCB specified number of readers are headquartered in Bristol, Tenn., Legacy” ag dealers with 78 locations. available by contacting Lessiter Media acquired 8 Nortrax CE dealerships In total, today JCB has 80 dealers with at 262-777-2408. AG EQUIPMENT INTELLIGENCE is published monthly for the to the address shown above. U.S., Canada and Mexico print farm equipment industry by Lessiter Media, 16655 W. Wisconsin subscriptions are $499 per year. International print subscriptions Ave., Brookfield, WI 53005. © 2016 by Lessiter Media. All rights are $599 per year.
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