July 2026 Equipment Market Update: Slower Turns & Split Values

The fastest-moving story in the ag equipment world over the past month was around the dealer org chart. Tractor Zoom's Director of Insights, Andy Campbell, tracked three dealer consolidation deals coming together in a single thirty-day stretch, all pointing to the same underlying math: Dealer profitability sitting near a five-year low, new machinery sales still down double digits, and holding costs high enough that waiting for a perfect signal is a more expensive choice than acting on the data in hand.

From this month's Market Insights podcast:

• Dealer consolidation is picking up speed. RDO Equipment Company's acquisition of True North Equipment (an eight-store John Deere ag dealer network across North Dakota and Minnesota), a merger between Canada's Horizon Ag & Turf and Battle River, and a Texas Kubota dealer joining a larger group all closed or were announced in July, and none of the sellers were distressed businesses.
• The tariff cut isn't translating to relief. June's reduction in ag equipment tariffs from 25% to 15% hasn't slowed new equipment price increases, and dealers surveyed across every major brand expect new equipment costs to keep climbing into 2026.
• Dealer concern is shifting toward high-horsepower iron. Combines topped this year's dealer worry list again (as they typically do heading into harvest), but four-wheel-drive, high-horsepower tractors jumped from an afterthought a year ago to nearly tying combines for the top concern this year.
• CNH combined Case IH and New Holland's North American commercial management under one structure, a move dealers largely expected. Though how the brands ultimately divide up product lines is still an open question.

Listen to the full July Market Insights podcast episode for Andy's complete breakdown, including his read on the "K-shaped" split emerging between dealers positioned to come out of this cycle ahead and those just trying to get through it.

A note on this month's numbers

Every core category below now reports five metrics (Inventory Volume, Aged Inventory, 60-Day Sales Velocity, Turn Rate, and Auction Values), each compared both month-over-month and year-over-year. This is the first month Auction Values are available consistently across all categories, a step toward the more standardized, apples-to-apples view we're building toward with Tractor Zoom Pro data.

Utility tractors (100-174 HP)

Utility tractors tightened up more than most categories this month, extending a supply pullback that's been building all year. Turns slowed alongside that shrinking supply, but this remains the one class where dealers are getting paid for patience, as auction values keep climbing.

• Inventory Volume: -9.1% MoM | -32% YoY
• Aged Inventory (360+ Days): -2.1% MoM | 0.0% YoY
• 60-Day Sales Velocity: -47% MoM | -61% YoY
• Turn Rate (3-Month Avg.): -13% MoM | -16% YoY
• Auction Value Avg.: +6.1% YoY

Small row crop tractors (175-299 HP)

This class remains the soft spot among tractors on turnover, with velocity slowing more than other tractor categories this month. 

Slower dealer sales may be driving more buyers to the auction market, sending those auction values above last year.

• Inventory Volume: -2.3% MoM | -26% YoY
• Aged Inventory (360+ Days): +2.4% MoM | -26% YoY
• 60-Day Sales Velocity: -53% MoM | -51% YoY
• Turn Rate (3-Month Avg.): -20% MoM | -17% YoY
• Auction Value Avg.: +16% YoY

Large row crop tractors (300-424 HP)

After building momentum for several months (including early signs of speculative buying returning), this category gave much of that back in July, with turns and auction values both stepping down together. A reminder that no single category has fully cleared the cyclical trough yet.

• Inventory Volume: -0.7% MoM | -15% YoY
• Aged Inventory (360+ Days): 0.0% MoM | -9.5% YoY
• 60-Day Sales Velocity: -71% MoM | -57% YoY
• Turn Rate (3-Month Avg.): -20% MoM | -20% YoY
• Auction Value Avg.: -22% YoY

4WD tractors (425+ HP)

The data here backs up what dealers are telling us: 4WD units are sitting longer even as supply thins, and this month's velocity drop was the steepest of any category. As a big-ticket purchase, 4WD remains one of the most exposed categories if farm budgets keep tightening, which is  exactly why it jumped so far up the dealer concern list this year.

• Inventory Volume: -2.1% MoM | -20% YoY
• Aged Inventory (360+ Days): -2.1% MoM | -2.1% YoY
• 60-Day Sales Velocity: -72% MoM | -55% YoY
• Turn Rate (3-Month Avg.): -23% MoM | -9.1% YoY
• Auction Value Avg.: -3.3% YoY

Combines (Class 7 & 8)

Combines remain one of the top concerns for dealers again this year, as they typically do heading into fall. 

• Inventory Volume: +0.4% MoM | -15% YoY
• Aged Inventory (360+ Days): +1.2% MoM | -29% YoY
• 60-Day Sales Velocity: -43% MoM | -29% YoY
• Turn Rate (3-Month Avg.): +9.1% MoM | -7.7% YoY
• Auction Value Avg.: -38% YoY

Self-propelled sprayers

Sprayers were one of the healthier stories in June's report; July tells a different one. Turns and auction values both stepped back together this month, even with supply still down sharply from a year ago. Worth watching whether this is a one-month pause or a real change in direction.

• Inventory Volume: -2.2% MoM | -26% YoY
• Aged Inventory (360+ Days): +3.1% MoM | -31% YoY
• 60-Day Sales Velocity: -46% MoM | -54% YoY
• Turn Rate (3-Month Avg.): -23% MoM | -11% YoY
• Auction Value Avg.: -25% YoY

Planters (all rows)

Used planters sales slid back in July after a stronger early summer trading period.

• Inventory Volume: +4.7% MoM | -21% YoY
• Aged Inventory (360+ Days): +0.8% MoM | -45% YoY
• 60-Day Sales Velocity: -45% MoM | -18% YoY
• Turn Rate (3-Month Avg.): -32% MoM | -5.0% YoY
• Auction Value Avg.: +27% YoY

Definitions & data sources

All equipment data and market trends presented in this report are sourced from Tractor Zoom Pro's dealer and auction marketplace database, which tracks equipment listings, transactions, and inventory activity across the U.S.

• Inventory Volume: The total number of equipment units actively listed for sale across the tracked dealer network at the time of reporting.
• Aged Inventory %: The percentage of active inventory that has been listed for 360 days or longer, indicating the share of inventory experiencing extended selling timelines.
• Turn Rate: A measure of how quickly inventory is selling, calculated using a three-month rolling average of unit retail sales volume relative to available inventory. Higher turn rates indicate faster inventory movement and stronger market absorption.
• 60-Day Sales Velocity: The number of units in a given category that sold within 60 days or fewer of their initial listing date during the reporting month. Higher numbers indicate stronger early demand and healthier sell-through.
• Auction Value Avg.: The average sale price for a given category, with major outliers excluded (e.g., older and custom equipment that fetched much higher or lower prices).

The bottom line

Every category tracked here slowed down both month-over-month and year-over-year, a sharper and more uniform pullback than we've seen in recent months. Layer that on top of a split picture in pricing (utility tractors, small row crop tractors, planters, and (on a monthly basis) 4WD tractors all firming up, while large row crop tractors, combines, and sprayers all lost ground) and you get a market that looks a lot like the K-shape Andy described in the July Market Insights podcast: Real separation opening up beneath a cycle that, on the surface, still just looks like a slow summer.

Not yet submitting your sold data through Tractor Zoom Pro? It takes minutes to set up and gives you access to the real-time comps driving these decisions. If you're already a Tractor Zoom Pro user, reach out to your Customer Success Manager to make sure you have access to this data source.

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