Cox Automotive’s Manheim remarketing business, set new records for CV values in August with a 10.5% year-on-year increase. Its average van selling price rose to £5,192. Values were spiked by softening van de-fleet volumes during August, with a 3% reduction compared to prior month and a 4% reduction compared to August 2016.
The auctioneer saw online buyer attendances jump by 19%. This helped achieve average conversion rates of 81%, an 18% increase compared to August 2016. August saw a 24% year-on-year increase in vans sold in online only auction events. Online bidding in physical auction events recorded a mere 5% increase. Overall August saw 76% of all Manheim’s vans attract an online bid with 34% of all vans sold to an online bidder.
The median figure for vans sold by Manheim in August 2017 were 60 months old, four months younger than the same month in 2016 with identical average mileages.
Matthew Davock, head of LCV at Manheim, said: “Summer time 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. I’m entirely confident of the robust nature of the used van market. The outlook remains positive. We have three 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 to suit their varied needs.”
Matt Davock was also positive about the coming months, “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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