Titan Machinery owns and operates a network of full-service agricultural and construction equipment dealerships across the U.S., Europe, and Australia. Titan is the largest retail dealer of Case IH Agriculture equipment in the world and one of the largest dealers of New Holland Agriculture and Case Construction equipment in North America. CNH brands account for roughly 57% to 75% of new equipment sold across Titan's segments. Titan's stores sell, service, and rent equipment to farmers, commercial agricultural operations, contractors, municipalities, and utilities. Revenue splits into four streams: equipment sales (new and used), parts, service, and rental. Equipment sales dominate at roughly 73% of revenue, but parts and service — which are far less cyclical — generate the majority of gross profit during downturns, stabilizing earnings through the cycle. Titan finances its equipment inventory using floorplan credit facilities, primarily from CNH Capital, which offer interest-free periods before variable interest kicks in on unsold stock. Titan operates four segments: U.S. Agriculture (the dominant driver), U.S. Construction, Europe (primarily Romania and Bulgaria), and Australia (15 stores). Titan grows primarily through acquisitions of independent dealerships and a dual-brand strategy of carrying both Case IH and New Holland in the same stores. Titan has completed over 60 acquisitions since 2003. Currently, Titan is navigating a sharp cyclical downturn in large agricultural equipment demand, with management focused on reducing aged inventory and cutting floorplan interest expense ahead of an eventual demand recovery.