Networking is a big part of IEDA’s annual events. As one member put it, “If I don’t have a piece of equipment, someone else in this room does.” The opening night dinner provided an opportunity for members to share ideas and “talk shop.”
(CEG photo)
The Independent Equipment Dealers Association (IEDA) cares passionately for the used equipment industry.
The national association stringently vets its members, offers guidance for best business practices, provides scholarships to aspiring diesel technicians, espouses ethical business practices and much more as it works to promote the business of buying, renting and selling heavy equipment.
All of this was on display as the organization held its annual mid-year event at the Omni Interlocken Hotel in Broomfield, Colo., on Sept. 5-7.
Member dealers were engaged by presentations on sales, legal issues and asset protection strategies from leading industry professionals. Each presentation was designed to strengthen the dealer while protecting the buyer, according to Dave Gordon, IEDA executive director.
Sales Trainer Elliot Vigil shared his insights on setting goals and increasing sales that were developed over a 20-year career at Ahern Rentals, where he averaged more than $1 million in monthly rental revenue and 120 units sold yearly over a five-year period. Vigil encouraged members to focus on what was right for their customer who "were often making one of the most significant investments of his life."
Jayme Bates of the J.T. Bates Insurance Group spoke at length about protecting the dealer's assets, both in the yard and on the job site. Bates said proper coverage benefited the renter as much as the dealer, relaying a story about a small startup company needing to pay for more than $50,000 in damages to a machine because they did not understand the coverage the dealer maintained. Bates explained that while it may have been devasting to the customer, it was not good for the renting dealer, either.
James Waite, a well known corporate and transactional attorney with more than 25 years of experience in the construction industry, offered guidance on rental and lease contracts while encouraging dealers to "accumulate cash and use debt sparingly" as a hedge against the ebbs and flows to which the industry is often subject.
High Standards
The presenters' focus on taking care of the customer were echoed by IEDA Board Member Jeff Miller, president of Trophy Tractor in Fort Worth.
"Each and every member of the IEDA is vetted by the board," he said. "Many companies apply, but are refused for any number of reasons. When dealing with an IEDA member, you are assured that you are dealing with a reputable company and your money will not disappear. You are assured that the machine was described accurately and in the event there is a problem that the dealer doesn't simply walk away."
Miller said the group self-regulates its members.
"If the dealer doesn't offer what you believe to be a reasonable cure or if you feel the machine was intentionally misrepresented, you have the option to file a formal complaint to the IEDA board," he added. "The board will review the complaint and, after discussions with both parties, will recommend what they feel is a reasonable cure. In the event the dealer member does not comply with the board recommendation, then that dealer is removed from membership."
Giving Back
When the idea of a membership funded scholarship program was floated, the group responded generously, according to Gordon.
"Rick Newman [president of Newman Tractor] was a major force," Gordon said. "The first year [2021] we were going to give two $5,000 scholarships to young people wanting to pursue diesel mechanics as a trade. We selected the two recipients, and then Rick felt so strongly about a third person that he gave the full $5,000 for a third scholarship. At the time we were not even a 501C3, so there was no tax benefit. Rick told us if we wanted to become a 501C3, he'd fund that as well. In total, he gave more than $30,000 that year alone.
"It would not have happened without Rick Newman," Gordon concluded.
"At this point, we have given a total of seven $5,000 scholarships to future mechanics," he went on. "And that's not the end of it. We stay in touch with them and if they need tools when they start their new position, we will try to help them with that."
When James Rinehart of Performance Equipment served as president of IEDA, Gordon remembers, "he had a vision to give back. He would take equipment to Haiti, Honduras as well as Uganda to help build roads while on vacation. He remains a very active and generous member of the group.
"Also, Al Niece has contributed strongly to our foundation, both financially and with his time," he added. "He's the first one at a board meeting, just like he's the first one up in the morning. He has amazing energy and uses it to the benefit of the organization.
Gordon said membership of the organization stands at 220 members — 21 of which are new in 2023.
"These are great human beings (salt of the earth type of people) that have worked hard for everything they have," he said. "They love the equipment industry, helping each other, and helping their customers."
About IEDA
The Independent Equipment Dealers Association is a non-profit trade association promoting participation, professionalism and advancement in the independent distribution of heavy equipment. The IEDA focuses its efforts on providing discounts, marketing, advertising, education and networking opportunities to members that will result in increased sales for member companies. Members of the IEDA are committed to displaying leadership in the industry by making ethical decisions and sound judgement, by making accurate claims to customers and by utilizing the products and services offered to them by Associate Members.
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