Entries will continue to be short and prices will continue to be strong
There is a feeling that maybe, just maybe the job is starting to turn. Dealers need to be wary of sub £500 product and they need to be as close to £0 as possible. Scrap prices have fallen and consequently so have their bids and buyers don’t want to buy work, they want to Buy it, Clean it and Sell it, turn the product into cash and go again.
Vehicles with excessive miles and requiring work are still making good money but need to be priced accordingly and vendors need to remember that not every vehicle will make 100% cap clean.
A few weeks ago, many of our auctions were bursting at the seams but many are now short of units as the demand has swallowed up the stock and we have seen little sign of replenishment.
The doomsters in the industry are predicting that things will continue on the downward spiral but in my view, I cannot see a massive influx of stock and the signs from the rostrum are that entries will continue to be short and prices will continue to be strong.
The caveat to that would be Manheim Bristol who really are having a great time with sale conversions and prices achieved and their big entries are attracting the country’s biggest buyers who are all keen to buy the same product and send the prices soaring.
Elsewhere, sales are still buoyant and we are seeing an increase in Simulcast as confidence grows in buying online.
Confidence really is the name of the game, whether it is selling vehicles remotely or from the auction hall floor, we all ensure that when buying a vehicle from Manheim, we maintain high standards of customer service levels and fairness to both parties.