Cox Automotive’s Manheim business set new records for commercial vehicles in August with a 10.5% year on year increase in average van sale values. The remarketer achieved an average van selling price of £5,192.
The number of buyers attending physical auction events at Manheim rose by 10%, whilst online buyer attendances jumped by 19% on a year to date basis. Overall August saw 76% of all Manheim’s vans attract an online bid with 34% of all vans sold to an online bidder. Average conversion rates of 81% were recorded – an 18% increase compared to August 2016. The firm reports de-fleet volumes continued to soften during August, with a 3% reduction compared to prior month and a 4% reduction compared to August 2016.
Matthew Davock, head of LCV at Manheim, commented, “Summertime van sale performances have been staggering and are proof of a super-heated marketplace at Manheim. Buyer demand for our vendors’ prime quality stock has outstripped supply.”
James Davis, director of CV at Manheim said “The first eight months of 2017 have been incredible. Against all measures we continue to set new records and extend our industry leading position. Year to date we have grown our overall sold volume by 12% against a 2017 new van market predicted to finish 2% behind 2016’s record registration volumes.”
Davis is positive about the outlook for the remainder of 2017, “I’m entirely confident of the robust nature of the used van market. The outlook remains positive. We’ve 3 new vendor launches in the pipeline for Q4 so we will continue to provide our valued buyers with even more high quality stock, available to bid and buy in the largest number of sale channels that suit their varied needs.”
Matthew Davock predicts more records will be broken in the final quarter of 2017, “Buyer feedback on August’s retail demand was largely positive. Many were reporting strong interest and activity. As we enter September and the 67 plate change, vendor feedback indicates de-fleet volume will be very similar to August. With retail activity likely to rally post-holiday season I expect this to further fuel what could be another record breaking month leading into a storming final quarter.”
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