Used heavy equipment for home construction, logging, excavation services, mining etc. is going for a premium due to a number of reasons. Many dealership lots that were once crowded with inventory are now often sparse. There are many different theories as to why this is but the primary consensus in the industry seems to be that it is due to COVID. The construction of new equipment has waned due to labor and material shortages which has put the used equipment market at a premium. (The same can be said for used cars and trucks as they too are selling at all time highs since they were purchased new)
It is not just COVID that has created the situation, however. With interest rates still hovering at all-time lows the housing industry is still booming and compact equipment such as skid-steers, track loaders and excavators are in high demand and selling at a premium.
Those of you that have been reading my newsletters over the years know how much I talk about the importance that personal credit can mean for your business obtaining the best possible terms for equipment financing.
Identity theft is the worst case scenario in two ways.
- There is an individual that is claiming to be YOU which can have significant ramifications.
- The issues that individual creates can affect your credit greatly and often takes months and in some case years to correct and for it to reflect on the three credit bureaus.
Parts of the below information was obtained from my personal Identity security company, Identity IQ.