February

Farm Retirement Auctions Off to a Positive Start

When a farmer retires after years of growing and marketing crops, it can be an enormous challenge to liquidate the many pieces of equipment used in the farm’s operations.

Fortunately, a Steffes Group auction can streamline the process dramatically by selling tractors, harvest equipment, trucks, shop tools, and other assets in retirement auctions. Steffes retirement auctions are popular with farmers and their estates because of our consistent success.

Back-to-back retirements, February 7 and 8, attracted big fields of bidders – a combined 216 live bidders and 881 online. That matters, because when you have more bidders, you have more competition for the assets, resulting in higher prices.

In Campbell, MN, a retiring farmer had more than 50 lots to sell -- including a 2012 John Deere 7215R, which brought $105,000; a 2003 Caterpillar MT855, which sold for $95,000; and scores of smaller items. Solid marketing drew a crowd of 131 live bidders and 464 online bidders, resulting in vigorous competition.

“Whether it’s a big late-model tractor or a couple of extra tires, our staff works hard to photograph the inventory, describe it accurately and get the best market price available,” said representative Tadd Skaurud.

The very next day, a retirement in Sabin, MN, attracted 85 live registered bidders and another 417 online bidders for 47 lots, such as John Deere tractors, GPS equipment, harvest and tillage equipment, semi tractors, trailers, skid loaders, and other items. A 2013 John Deere 8360RT brought $229,500, and a 1997 John Deere 8100 MFWD sold for $52,000.

“Because we know the industry inside out, we know what bidders will be looking for and what information they’ll need to make buying decisions. Over time, they have learned that equipment sold in a Steffes auction will be represented accurately. That benefits our sellers, because people who trust our auctions are more likely to turn out and bid,” said representative Dave Benedict.

View Auction Results for the Dale & Kari Steenblock Farm Retirement (Feb. 7) and the Schroeder Farms Inc. Farm Retirement Auction (Feb. 8)