Cox Automotive’s remarketing business, Manheim, has achieved records values for light commercial vehicles in October, with an 18% year-on-year increase in average van sale values.
On average, vans sold by Manheim in October were 59 months of age, four months younger than the same period in 2016 and recording 3,000 fewer miles. The average van selling price rose to £5,749, in October even as average damage increasing over the same period by 26% to £870; £172 higher than the same month in 2016.
Matthew Davock, Head of LCV at Manheim, said: “October sale performances have been staggering and is further proof of a super-heated marketplace at Manheim. Buyer demand for our vendors’ prime stock has outstripped supply, especially in the £4,500-£6,500 bracket and we have seen increased appetite from dealers to own stock in this range.”
Attendances were up, with the number of buyers attending physical auction events rising by 16% while online buyer attendance jumped by 19%. Online bidding saw growth in October, with 86% of LCV sales during the month attracting an online bid, and 38% of all vans sold to an online bidder.
Davock continues, “During October we launched additional two new vendors, both of which achieved 100% conversions and both benefitting from our industry leading results matched to the highest levels of customer service.”
“As we enter November, the question is when the historic annual spike in supply will hit. Vendor feedback indicates de-fleet volumes are expected to rise, but whether this will roll over into Q1 2018 is still a consideration.”
Manheim has increased its overall sold volume by 8% in 2017. Davock concluded, “I’m entirely confident of the robust nature of the used van market and the outlook remains positive.”