New financed equipment sales up 16 percent in October

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Cat 938K wheel loader

The number of financed new units of construction sold or leased in October increased by 16 percent compared with September, according to Equipment Data Associates, which tracks financed construction equipment activity. In October, 8,503 new machines were sold, compared to 7,094 in September.  New financed sales rose 13 percent compared with October, 2013.

Used financed sales for October rose 5 percent for a total of 7,854 units compared with September, when 7,455 machines were sold.  Used sales increased 4 percent during the month compared with October last year.

The top new models in terms of financed units sold in October were:

1.     Cat 938K small wheel loader, 123 units
2.     Cat 259D compact track loader, 89 units
3.     Deere 310SK backhoe, 78 units
4.     Kubota SVL902 compact track loader, 74 units
5.     Cat 236D compact track loader, 71 units
6.     Bobcat S650 skid steer, 69 units
7.     Bobcat T590 compact track loader, 69 units
8.     Cat 289D compact track loader, 56 units
9.     Cat 305E CR compact excavator, 56 units
10. Deere 323E compact track loader, 49 units

As they have all year, compact track loaders in October dominated the types of machines financed, with almost 20 percent of the market in terms of number of units sold. Other top machine types were skid steers (16 percent), compact excavators (14 percent), excavators (12 percent) and wheel loaders (11 percent).

Top construction company buyers of new equipment for the month include a Louisiana highway, street and bridge contractor (63 units); two water and sewer companies, one in Texas and one in Minnesota (62 units); and a Texas oil and pipeline services contractor (25 units).

The top lenders for October were Cat Financial Services (1,000 transactions), John Deere Industrial Credit (643), GE Capital Commercial (448) and Kubota Credit (333).

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Editor’s Note: Equipment Data Associates is a division of Randall-Reilly and tracks public Uniform Commercial Code-1 filings submitted by lenders in financed equipment transactions.