The UK's number 1 commercial vehicle auction company at the CV Show 2015

Weekly vans update with Matthew Davock - 5th June 2015


< next story    |    back to news    |    previous story >

Thank you all from your valued feedback last week, after popular demand I have included how May performed and going forward I will include a monthly update at this stage each month.

Firstly onto this week’s news, sales have performed as I hoped following on from what was a typical bank holiday week last week. Sales all this week have been very positive both in conversion results and buyer footfall/clickfall at our 7 selling commercial sites.

The auction halls this week have been back to the good levels we have seen over the last 8 weeks. Most buyers reporting the bank holiday was a success from a retail aspect, hence they have been keen to replace and source stock this week. Online performance has been very strong this week with some sales seeing 40+% selling to online buyers. Many buyers are reporting good retail activity but some are reporting it has been a painful May compared to the same point in 2014.

There is still a great deal of empathy around engaging the buyers and for our industry leading auctioneers to use their tools, expertise and experience to get bids, and work hard around the heavily damaged stock currently in the market place, this week we have seen an increase in damage and higher mileage stock enter our auction halls and all the above has been needed to sell this stock.

40-60,000 miles and clean stock have still been performing very well this week. But when I have reviewed catalogues this week and during May, the amounts of vehicles that falls into these bands are getting less and less of which everything we sold during May had an average mileage of 79,000 miles.
During the week we have continued to see 2 tier de-fleet of stock enter our auction halls. Catalogues have been heavily mixed with 2005-2007 year vans mixed with large volumes of ex daily rental stock 2011-2013 plated.

Top 3 Car Derived By Sold Volume
2010-2013 SWB Ford Connect vans – these have performed behind book value due to duplication and high mileage examples we have seen. On the other hand this week LWB connects have sold very well this week.
2011-2013 Volkswagen Caddy vans – 102PS examples remain to be key in the buyer eyes smaller PS and basic models have been slightly behind book value.
2011-2013 Citroen Berlingo’s and Peugeot Partner – basic models with single passenger seat have been performing below book, 3 seat and high specification seem to be key in the buyers eyes and retail activing seems to be very active on these examples.

Top 3 Small Panel By Sold Volume
2011-13 Ford Transit SWB Panel. Prices have rallied based on the difference between late examples of old shape Transit to Custom – 4k gap in selling price and buyers have shown positive buying patterns on these old shape transits as they look great value now against the Custom.
LWB Renault Traffics and Vauxhall Vivaro’s have performed well this week, Wheel base being key in the buyer’s eyes and has seen them paying a premium for LWB models, this is a knock on effect of seeing very small volume levels of these LWB examples.
Nissan NV 200 has also seen a dip this week, but this is mainly due to increase volumes again of which have carried high levels of body damage, clean examples is key and metallic colour ones have been very well received.

Large Panel >3T

This sector remains positive but very much damage remains key, low mileage examples in clean condition are still making top money in our auction halls.
Jumbo and XLWB examples remain very rare…and we have seen some new shape Ford Transit examples this week make strong money to the guide price.

4X4
This week high specification 4x4 models have remained relatively strong for this time of the year, old shape Ford Ranger examples even high spec examples of this have struggled against the book price; buyers seem to be swaying to the New Ford Rangers that have been very well received.
Condition and high specification remains key in this sector and single cab examples are very rare with premium money paid for these.
3.0 litre Toyota and Nissan product have sold very well this week and many of these examples have been sold to overseas buyers through simulcast showing us there may be an export market demand for these examples.

To conclude I would just like to share with you all how May performed...
The average selling price of vans in May was £19 higher than April at £4,109 with an average of 2,670 fewer miles on the clock. May’s Manheim market report also highlighted that April’s record upward swing in month on month average age was indeed a blip, seeing it fall back 7 months to 66 months.
This return to form for average age reflects the wash through of high volumes of older, duplicate stock from large utility and distribution fleet sources. Taking a closer look at vendor segment source, the increased contribution of ex daily rental, flexi-rent and contract hire/lease vans in May has also been seen.

These vendor source observations mask the fact that age and model mix are also still key underlying factors. In terms of model mix, 68% were either car derived vans or small panel vans. The car derived van segment set a new record in May, accounting for 43% of all vans sold by Manheim in the month. This is the highest percentage since Manheim began reporting in 2006. Looking deeper, over 40% of all vans sold by Manheim in May were over 60 months of age.

I predicted last month that de-fleet volumes would fall in the summer months and that appears to have been the case in May. We’ve bounced through the bank holiday and half term season with a slight slowing of retail demand and thus auction conversion rates. Now buyers are back out in force, in lane and on line, competing strongly for retail stock. It’s clear to see that car derived vans are commanding our auction sites.

Have a great weekend all, and thank you again for your much valued business and continued support. Next week, with a full week of sales, is gearing up to be yet another record breaker. Tune in every Friday to see how we’ve performed. Until then, keep ‘Sharing the CV Love’.

Thanks Matthew


< next story    |    back to news    |    previous story >


< next story    |    back to news    |    previous story >
Y Close
Login to your account
extranet\Anonymous
Your password is incorrect.