New tool lets you predict sale prices of equipment at auction
Tapping into its extensive database of equipment auction data, Tractor Zoom now offers a web feature that predicts sale prices on specific equipment up for sale at a future auction.
That database, which includes equipment hours, condition, age, make, model, and size, the What’s It Worth application predicts the sale price with a high degree of precision.
“It’s our goal at Tractor Zoom to help leaders in agriculture make confident buying decisions about farm equipment,” says Kyle McMahon of Tractor Zoom. “The biggest pain point for farmers when buying equipment, according to our research, is understanding what equipment is worth. This new feature will put them one step closer to answering that question.”
Equipment available for What’s It Worth? will include not only the average low and high price point for the specified piece of equipment, but the predicted price identified by Tractor Zoom.
Visitors can provide their feedback on what tractors or other equipment is worth by voting lower or higher than the featured predicted price.
Additionally, visitors can sign up to be notified after the auction is over to view the final sale price.
“Developing a predictive pricing model has definitely been a challenge given this year’s market volatility,” said T.J. Masker, senior product manager for Tractor Zoom. “However, with over 80% of auction listings available on our site, we have a great data set to work from. When the market stabilizes, our hope is to scale What’s It Worth to a greater number of makes and models, providing more price transparency to farmers.”
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For more information on the What’s It Worth feature, go to tractorzoom.com.