Agracat rumor : Jinma Farmpro Agracat  -- Chinese Tractors Discussion Forum and Review Agracat rumor : Jinma Farmpro Agracat -- Chinese Tractors Discussion Forum

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Discussion Boards > Active Subjects > Messages as Posted > Jinma Farmpro Agracat Forum

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 03-30-2004, 17:34 Post: 81596
CRTucker



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 Agracat rumor

Has anyone heard the rumor that Agracat has declared bankruptcy? I was very surprized when I heard this and have no idea if its true or not.






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 03-30-2004, 17:51 Post: 81601
dsg

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 Agracat rumor

Not supprising, Looks like china strikes out again.

David






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 04-02-2004, 21:00 Post: 81938
CowlitzTractor



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 Agracat rumor

Laughing out loud,,, probably just changed their name to Lenar...... Sort of like when Rhino became all those other franchise names so they could doop more people into buying their crap after their reputaion got around.


PAULA J






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 04-03-2004, 09:11 Post: 81970
JerryG

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 Agracat rumor

They have not. They just moved to a new location.






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 04-21-2004, 11:13 Post: 83819
Buckshot
2004-04-21 00:00:00
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 Agracat rumor

Believe AgraCat has gone out of business! Called every telephone number that I have discovered that lists their home office in Arkansas and all you get is pre-recorded answer - with no ability to leave messages.






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 04-21-2004, 11:32 Post: 83820
JerryG

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I don't know anything about their phone, but they are still here.






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 04-21-2004, 13:15 Post: 83826
beagle

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 Agracat rumor

I believe Agracat, Farmpro, Jinma, Nortrac, and others are the same tractor with different importer/distributor names on them. If Agracat isn't around, the manufacturer of the tractor is. Agracat is a distrubution name. Norhtern is still selling the Nortrac tractor.






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 04-27-2004, 23:03 Post: 84550
greg_g



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 Agracat rumor

I think this pretty much sums it up:

Agracat Bankruptcy Riles Investment Firm
By Northwest Arkansas Business Journal staff
Northwest Arkansas Business Journal - 4/26/04

A Springdale investment company, AFS-NWA LLC, that’s owned by trucking and development mogul J.B. Hunt is trying to intervene in the Chapter 11 bankruptcy filed by Agracat Inc. on March 15. Agracat is the foreign-made tractor and ATV distributor that from its 2000 inception until December was based in Farmington. According to court records, it moved on Dec. 23 to 2737 N. Thompson Ave. in Springdale — property apparently owned by AFS-NWA.

The move, records say, was the result of a verbal agreement between the firms by which Agracat agreed to pay $5,000 in monthly rent.

AFS-NWA, managed by Charlie Goforth, entered into a “facilitations and sales agreement” with Agracat in November 2003 that, according to court records, was designed to help Agracat “secure credit facilities” up to $3 million. In exchange, it appears, Hunt’s company would get 10 percent of all gross sales for a minimum of three years.

Another provision states that even after the contract was completed Agracat would pay residuals totaling $150 for every tractor and skid loader Agracat sold and $25 per ATV, piece of lawn equipment and other imports.

On March 12, Goforth sent a letter to Agracat that gave the firm 10 days notice that would terminate the “facilitations and sales agreement.” Three days later, the bankruptcy was filed.

//greg//






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 04-27-2004, 23:32 Post: 84551
JerryG

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Time flies. The last time that I had talked to someone was the first of March.






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 04-28-2004, 06:36 Post: 84561
greg_g



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Sure does Jerry. That news article was published April 26th, and here it is - April 28th already. And you'll notice the article mentions the reason they moved.

The only times I've heard of Agracat contacting anybody in their dealer network lately (as recently as Tuesday anyway) is when they want money. My own dealer's parent company has taken the Agracat-sourced Jinmas and ATVs off their website. Prior to that, they reconstructed what was originally AgraCat parts support - and now draw Jinma parts from three different sources. They're selling some Fotons now, while looking around for a long term replacement for the Agracat supplied Jinma line. Other dealers still holding green AgraCat inventory are now having fire sales. Point in case:
http://www.hersinc.net/Agracat%20Tractors.htm

When I contacted AgraCat's ISP last year to find out what happened to the AgraCat website, the tone of the conversation was "they stopped paying us, so we stopped serving them". You've already heard a comment about the phone drop, and I can attest to their lack of response to email as well.

You may be a beliver Jerry, but I'm pretty much convinced never to get involved with them again.

//greg//






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Discussion Boards > Active Subjects > Messages as Posted > Jinma Farmpro Agracat Forum

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