Expert Insights: From the Desk of Nate Larson
June 2023
As the old saying goes, 'Times, they are a-changin'!' Before yield monitors, farmers knew where to find each field's best- and worst-yielding areas. After yield monitors came along, farmers knew the yield from pass to pass but didn't have a map of yield variation.
Now, GPS lets us make maps, so we can study layers of data to discover what's happening in every part of the field. The same can be said for many other areas of agriculture, including auctions and the land and equipment marketplace. As the time draws nearer that equipment values could sag, it is becoming increasingly important to truly understand what's available as it pertains to leveraging data and technology to protect your farm's investment in equipment.
Online auctions have been around since the 1990s and only recently have gotten the nod as the best practice as a marketing method. Auction companies believed early on in the power of online auctions and the data that can be further useful in the equipment marketplace. That being said, a few auction firms have collected, stored, analyzed, and layered meaningful data and made it available to you as a buyer or seller. These establishments are who can tell you what and why things will happen before it happens as it pertains to land and equipment markets and values.
As we think back on what we discussed earlier about yield monitors and GPS maps, note that many auction companies have access to data that is available to you as a seller. On its own, data has some value, but when the quality of data is enriched with technology and analysis, you are then in a position to make informed and influential decisions for your farm and family.
No differently than in any other profession or business, in agriculture, you will be presented with big financial decisions as it pertains to marketing and trading land and equipment. It is essential to possess the knowledge of the marketplace that a leading-edge auction company can provide you with.
Nate Larson
Director of Business Development
