Record month for Manheim as van values rise in July
Manheim, the UK’s number one commercial vehicle auction company, saw record CV volumes in July, with a 45% increase in volume year-on-year, and average selling prices up 1.6% (£75) from June.
Matthew Davock, Head of LCV at Manheim, said: “July was a great month for Manheim CV vendors and buyers alike, with great stock both in-lane and online, with an increase in conversion rates and days in stock down by 10% from the previous month.”
The average age of vans sold remained at 65 months, while average mileage was down 2.2% from June to 78,328 miles. Average mileage for vans sold to online buyers was even lower at 73,721, and the vans purchased were also younger, averaging 62 months in age.
Buyer confidence was underlined by a record 28% of all commercial vehicle volume being sold through Simulcast, our award-winning online bidding platform.
“Many buyers were on holiday, but were still able to purchase stock through our platform, in which there is clearly a lot of faith from Manheim CV customers.”
The car-derived van and small panel van sectors dictated auction hall performance once again in July, with as much interest in older, higher mileage vans as younger ex-rental stock. Of all CDVs sold, 42% had an average age of 93 months, achieving an 18% increase in average selling price compared to June. In the small panel van segment, 36 to 48-month old stock, which made up 20% of overall SPV volume, achieved a 3% increase in average selling price.
There was a reduction in older stock aged 60 months or more in the large panel van sectors, with 7% less sub-three tonne volume and 9% less 3+ tonne volume in this age bracket.
James Davis, Director of Commercial Vehicles at Manheim, commented: “Auction representation to our buyers was incredibly important in July, and many of our vendors witnessed stronger results through increasing their level of engagement around talking to buyers and understanding the wider scale of the CV business.”
“High standards of auctioneering also played an important role during July, with the best auctioneers in the country using all their skills and experience to produce record results during a usually hard selling month.”