The vehicle has a "Rebuilt" title. That is, it was totaled and then rebuilt to make it road-able.
Mr Internet suggests that vehicles with Rebuilt titles go for about 50% of the retail for Clean titles. A big reason for that is that dealerships don't want the risk of buying and selling them. That makes them less "liquid". Fewer buyers means lower prices.
The seller was asking $12k and Kubota was proud to have talked him down to $10k. In ordinary times $7k would have been closer to its true, person-to-person value but these are not ordinary times. Used vehicles are 'dear' because the supply of new cars has been choked down.