April 2022 Edition

Customers Value Their Time

“No one will buy a $250,000 machine online”! “But this is a relationship business!” I’ve heard those 2 comments repeatedly. First, Ritchie Brothers and Bidadoo have sold Billions (with a ‘B’) of equipment online, as-is where is. The crowd that clings to those two statements are missing the greater point: the shift towards online transactions is due to customers placing more value on their time than ever before. Why fly to an auction site when I can bid or buy the machine online without any interruption on my daily routine? I was reminded of this the other day when I was speaking with a construction contractor who owns his company. His insight is incredibly relevant since he started his career as an equipment salesperson and therefore knows both sides of the supplier/consumer dynamic personally. When we were discussing the growing influence of technology in the equipment industry, he mentioned to me: “As a salesperson I was trained to call on customers in person every day. Now that I’m on the other side, I’m always squeezed for time. We’re trying to grow our business. I’m out trying to land jobs for our people. I don’t have time to meet sales reps for a beer or go to dinner. It’s nothing personal… If I’m not in the office or on one of our jobsites, I want to be with my family.” READ FULL ARTICLE>>

Why Diversity & Inclusion Matter to Your Dealership

Part 1 of this 3-part series, dispels 5 common myths surrounding diversity and inclusion.

More and more companies have become hyper aware that being diverse and inclusive isn’t just a fleeting trend or an initiative to aspire to someday. It is a core competency that demands real attention. I’m sure many dealers are asking themselves or businesses, “Why should my company care about diversity and conclusion?” It’s because diversity and inclusion are good for business. In fact, there’s a report from McKinsey & Co. and it showcases how diverse businesses are strongly correlated with profitability and value creation. Even more so, diverse businesses are 33% more likely to outperform their peers on profitability. In this 3-part series, we’re going to dive into the business case around diversity and inclusion. We’ll also discuss the measurable and tangible results. To start, we’ll focus on defining and understanding and integrating diversity and inclusion within your dealership. But we’ll also show how it’s going to help dealers improve their business performance and allow you to capture new markets and customers. READ FULL ARTICLE>>

Equipment Manager Confidence Stumbles

Confidence among equipment managers fell in the first quarter, according to the Equipment Manager Confidence Index, published by Construction Equipment. The Q1 2022 Index is 99, down significantly from the 114 reported in the fourth quarter of 2021. The Index returned to its lowest point, recorded in June 2020 at the height of the pandemic. The Index recorded its highest level last quarter, which exacerbates the turnaround. The Index measures equipment manager confidence on a scale of  0 to 200, with 200 indicating full confidence that the next month will be “better.” “The optimism of the infrastructure bill has been hampered by ongoing supply chain restrictions and the highest inflation in 40 years,” says Rod Sutton, editorial director of Construction Equipment. “Manufacturers’ backlogs are growing, and diesel prices are spiking. Confidence is being tested as the expectation that projects are in the offing bumps up against uncertainty about whether current economic realities will be short- or long-term conditions. READ FULL ARTICLE>>