FarmLink this week introduced a new online farm equipment sharing community, called MachineryLink Sharing.
The program connects idle equipment to users, brining economic benefits to users and owners.
According to USDA's 2012 Ag Census, farmers own approximately $244 billion in machinery and farm equipment, but much of it is unused during certain seasons. The program will focus on providing enhanced flexibility, cash flow and revenue, FarmLink said.
Related: Sharing the Farm Equipment Load
"Agriculture is in the midst of its next big transformation, where new thinking and business models that have revolutionized other industries are being embraced within ag," said Jeff Dema, FarmLink's president of grower services. "In this dynamic ag economy, retailers and growers are rethinking one of their biggest capital expenditures: farm equipment."
Initial adoption among co-ops, agriculture retailers and equipment dealers has been strong, due in large part to the financial pressure being felt by much of the agricultural industry, FarmLink says.
The desire for additional sources of revenue is paramount, and the possibility of using an existing asset to generate extra cash is appealing. In addition, the need for flexible application capacity and access to limited-use equipment is driving the adoption of the sharing model.
The MachineryLink Sharing online platform will include farm equipment such as: sprayers, floaters, tender trucks and tractors for both long- and short-term rental periods by users seeking to avoid long-term lease or purchase commitments.
"The average sprayer runs less than 60 days a year, yet represents one of the costliest investments for a retailer or farmer," said Dema. "Through the introduction of an innovative 'sharing economy' model, FarmLink is driving more profitable use of critical equipment assets to improve cash flow and increase other investment opportunities on the farm, at the dealership and in rural communities across the country."
The initial program is available on a limited basis to co-ops, ag retailers and equipment dealers.
"Early adoption in Midwest row crop states has been strong – with more than 16 ag retailers signed up out of the gate, and we expect to expand the program for national availability," Dema said.
Visit machinerylink.com to learn more.