Solectrac Continues Growth with Two New Dealer Retail Partnerships Added to Its Nationwide Electric Tractor Sales Network

Rhea-AI Summary

Solectrac, an electric tractor manufacturer and a part of Ideanomics (NASDAQ: IDEX), announces the addition of two new dealers, Love Power Equipment in Florida and Specialty Tractors in Ohio, expanding its dealer network to seven nationwide. This growth strengthens Solectrac's presence in the electric tractor market, catering to hobby farms and municipalities seeking clean energy solutions. The company aims to provide sustainable farming alternatives to diesel tractors, enhancing its reputation in the agricultural sector.

Positive

• Expanded dealer network to seven across the U.S.
• New dealers enhance reach in Florida and Ohio.
• Strengthening presence in the Midwest, a key agricultural region.
• Orders for electric tractors can be delivered in 30 days or less.

Negative

• None.

Dealers in Florida and Ohio have become part of Solectrac's dealer network totaling seven dealers across the nation

WINDSOR, Calif., Aug. 2, 2022 /PRNewswire/ -- Solectrac, makers of electric tractors and an operating company of Ideanomics (NASDAQ: IDEX), today announced two new dealer partners in the continued expansion of its certified sales and dealer network. The addition of Love Power Equipment (FL) and Specialty Tractors (OH) further expands Solectrac's reach across the country with additional dealers anticipated in the coming months.

"As more dealers continue to join our network and even more coming on board in the next couple of months, this heightens Solectrac's reputation as a leader in providing alternatives to diesel engines for sustainable farming," states Solectrac CEO, Mani Iyer. "One of our greatest recognitions is getting these award-winning tractors to dealers across the United States who sell to the hobby farms and municipalities looking to power their tractors with the same productivity and performance as diesel-powered options but using clean renewable energy sources."

Solectrac debuted its dealer network in March in the Pacific Northwest with Brim Tractor being the first dealer. Shortly after, Columbiana Tractor, LLC came on board followed by three new dealers last month – Ocala Tractor, LLC, Schow's Inc. and Georgia Land Equipment, LLC in Florida, Idaho and Georgia, respectively. To date, Solectrac has secured seven dealer partners across the U.S. These recent partnerships expand Solectrac's dealer network reach in Ohio and further advance current electric tractor sales in Florida.

Love Power Equipment
Love Power Equipment dealership in Florida serves the Homosassa area in Brevard, Citrus, Dixie, Gilchrist, Hernando, Hillsborough, Levy, Pasco, Pinellas, Polk, Orange Osceola, and Seminole counties. They carry a large selection of construction equipment, farming implements, mowers, new and pre-owned tractors, trailers and UTVs. Love joins Ocala Tractor Supply as the second Solectrac dealer in Florida.

Specialty Tractors
Specialty Tractors, part of the Specialty Family of Dealerships, has been serving customers since 2000 with RVs, outdoor, marine, and landscaping equipment, and parts and rental services. Serving across four locations in Ohio, they offer Mahindra, Gravely, Exmark, Simplicity, Snapper mowers, Roxor UTVs, and parts/service for tractors and other equipment. Along with the other dealerships, onboarding Specialty Tractor cements Solectrac's presence in the Midwest, a critical region in agriculture.

Solectrac, a B Corp Certified company, assembles its electric tractors in Windsor, Calif., and recently established a partnership with Nolan Manufacturing to support its growing demand along the east coast. Solectrac is taking orders for the e25, a versatile, four-wheel drive tractor great for hobby farms, golf courses, sports fields, equestrian centers and municipalities. Tractors are being delivered in 30 days or less from these local dealers.

To learn more or to place an order, visit www.solectrac.com or find a certified dealer near you. If you are interested in carrying Solectrac electric tractors in your dealership, contact 866-219-6750. For more information and news on Solectrac, please visit www.solectrac.com.

About Solectrac
Solectrac, Inc., located in Northern California, has developed 100% battery-powered, all-electric tractors for agriculture and utility operations. Solectrac tractors provide an opportunity for farmers around the world to power their tractors by using the sun, wind, and other clean, renewable sources of energy. The company's mission is to offer farmers independence from the pollution, infrastructure, and price volatility associated with fossil fuels.

About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles and charging technology with design, implementation, and financial services, we provide solutions for the commercial world to commit to an EV future. To keep up with Ideanomics, please follow the company on social media @ideanomicshq or visit https://ideanomics.com.

Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Contacts:

Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018  
ir@ideanomics.com 

Malory Van Guilder, Skyya PR for Ideanomics
malory@skyya.com 

 

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SOURCE Solectrac

FAQ

What recent developments has Ideanomics (IDEX) announced regarding Solectrac?

Ideanomics announced the addition of two new dealers to Solectrac's network, expanding its reach to seven dealers across the U.S.

How many dealers does Solectrac have now?

Solectrac now has a total of seven dealers in its network.

What states are the new Solectrac dealers located in?

The new Solectrac dealers are located in Florida and Ohio.

What does Solectrac offer to its customers?

Solectrac offers 100% battery-powered electric tractors aimed at sustainable farming.

How quickly can customers receive Solectrac tractors?

Solectrac tractors can be delivered within 30 days or less from local dealers.