Used van market remains robust in November with 4x4 prices rising again
Manheim saw the used van market show strength in November, with average selling prices remaining virtually identical (£4,553) to the same month in 2014 (£4,552), despite an 11% increase in volume. It was the eighth consecutive month in which Manheim saw year-on-year auction volumes above their previous levels.
The UK’s number one commercial vehicle auction company saw conversion rates reach the highest levels for the year once again, with vans staying in Manheim’s auction network for an average of just 15 days. Selling prices softened slightly compared to October, down by 4.1% (£197), correlating to an increase in volume of lower price product in terms of car derived vans and small panel vans.
Significant demand was seen in the car derived van segment, with days in stock going from an average of 22 days in October to just 18 days in November, despite volume rising to 40%. The seasonal trend of rising 4x4 van values was also seen again, with average selling prices rising 10% both year-on-year and month-on-month.
Compared to 2014, large panel van volume was younger and attracted higher selling prices – up 2.4% for units under 3-tonnes, which were five months younger; and up 2.5% for units above 3-tonnes, which were two months younger. In Manheim’s auction centres in November, 30% of large panel vans under 3-tonnes were up to three years old and 41% of units above three 3-tonnes were up to four years old.
Smaller product showed the opposite trend, with 42% of car derived vans being an average of 90 months old, with 86,394 miles on the clock; and 50% of small panel vans being an average of 103 months old, having covered 104,227 miles.
Matthew Davock, Head of LCV at Manheim, said:
From the rostrum, November felt like a very strong month in our auctions, and the figures support that feeling.
“Our vendors saw fantastic conversion rates and there was plenty of activity both in-lane and online.
“We continue to see an increase in volume from the daily rental market, with November volumes of small panel vans, large panel vans under 3-tonnes and tippers all up compared to the previous year. As vendors prepare for Q1 2016, Manheim expects the market to remain stable during December, before a more significant increase in buying activity in Q1 as SMEs and sole traders in particular seek to invest profits before the end of the financial year.”