JUNE 2018 INSIGHT. Monthly Employee Newsletter.
As we start the second half of 2018 our plates are full and our outlook is very promising! As you already know, earlier this year Matt and Peter announced that Noteboom Implement will be joining C&B, taking us from 29 stores to 38, and adding several counties in Iowa into our Area Of Responsibility (AOR). This announcement came right on the heels of the closing for Farm Equipment Sales, which also added four locations and several counties in NE Montana. Although these additions will increase our revenues, geography, and long term sustainability, they also are very demanding for our team. In addition, with the significant increase in same-store (those with us prior to 2018) sales activity we’re experiencing growth in several ways! The net result is that our plates are full and our outlook is very promising!
How busy are we? In total our revenues are 128% of the prior year with NEW John Deere Sales leading the way at 148% over YTD 2017! We are also seeing significant increases in USED Equipment, Parts and Service; which are all above 16% growth in revenues! This growth has also driven our Market Share to be 8% points higher than last year at this time. As we are experiencing growth, our competition, in most regions, are experiencing declines in market share and sales. Why the difference? I believe our success is largely due to you and your ability to provide value to our customers greater than the competition! Great job and thank you! Another great point is that much of this growth was planned in the 2018 budget that was largely created by our local store, parts, and service managers! Nice job! While we are growing our current locations, we also have a building project in Luverne, we are trying to integrate our NE Montana stores and we are going through the Due Diligence at Noteboom Implement ahead of the closing. The great news is that Glasgow, Plentywood, Circle, and Culbertson are coming along well--having great success with all the additional whole goods inventory available--and we are well on our way to an awesome new shop, showroom, and parts area at Luverne! In addition, we are very busy working with Noteboom and have already done the majority of the employee interviews, inventoried the used equipment on hand, and set dates for the parts, service tools, and attachment inventories! Thanks to all the people who have helped with these additional projects while also creating excellent results, as noted above! Remember, we will be looking for a lot of help in July when we do the parts and attachment inventories. As we step into the last half of 2018, I am confident we will continue to drive excellent results and look forward to getting all these extra projects done. Our Sold Not Invoiced of new and used whole goods remains significantly higher than last year at this time and, according to our Regional Aftermarket Managers, our parts and service departments will continue to hit the mark! As we get ready to celebrate our Independence Day (4th of July), I want to express my sincere appreciation and wish you a wonderful holiday and summer! Thank you! We appreciate you!
Kent Senf