Entries continue to roll in for the second FTMTA Farm Machinery un-reserved trade auction, which follows on the back of the successful September auction, where 250 lots sold for a €1.2 million hammer price.
The next Farm Machinery Trade Auction will take place at Punchestown Event Centre near Naas, Co. Kildare on Saturday, February 24th at 11am, with viewing on Friday, February 23rd from 10am to 4pm and on the day of the auction from 9am.
Approximately 200 lots are set to go under the hammer of Wilsons Auctions who will officiate as auctioneers for the event. The FTMTA has stressed that bids will only be accepted from registered bidders, in person, online or through a pre-bid facility for a wide range of machinery including tractors, teleporters, mowers, rakes, balers, sprayers, tillage equipment and other items from FTMTA member firms.
Speaking to That’s Farming, Gary Ryan, the CEO of FTMTA said:
“The purpose is to give our own members an additional outlet for the sale of second-hand stock. The market that was previously there traditionally for the second-hand stock from a retail dealer is not as strong as it used to be; mainly because there is are a lot of finance deals available for new goods.”
“For our members, as an association, we are trying to provide a service where they can dispose of the stock and turn some of that stock to cash, rather than just having stock in the yard,” Gary explained.
A relatively new concept offering finance to potential purchasers has been introduced, following a deal sealed between FTMTA and Finance Ireland Leasing. The company will attend the viewing and auction days to potentially provide pre-approved finance for bidders.
Speaking to That’s Farming, Sean O’Meara of Finance Ireland Leasing said:
“Interested parties can ring us in advance if there is a particular machine that they are interested in. They can obtain a pre-approval before they go to the auction.”
“For example, if a farmer spots a tractor that he/she knows is going in the auction and they would be interested in it up to a certain price, they can contact me and I will get the bones of it and get an approval in principle in relation to that asset,” Sean explained.
Mr. O’Meara explained that deals of this nature are slightly different to what is considered a “normal transaction” as there is no warranty with the machine; it is sold as seen.
“We work generally off the ICB. If they haven’t had finance within the last few years, we will probably look for supporting information such as bank statements and accounts. If they have had an active Bureau and they are willing to put some equity into it and they have a clean Bureau the chances are we will approve." Sean explained.
Finance Ireland Leasing will be present on the day, however; Sean revealed that interested parties will not receive approval on the day, but they will be provided with an indication, following a conversation.
A full list of terms and conditions will be available in the auction catalogue and it is advised to read this document prior to the sale. Catalogues will be available to purchase on the day for €5.