Commercial vehicle conversions and prices remain robust at Manheim
Commercial vehicle volumes seen at Manheim’s auctions in November were a staggering 19.7% up year-on-year, with conversion rates 12% higher and average selling prices 8.3% (£396) above those in the same month of 2015.
While average selling prices softened slightly compared to October, decreasing by £241, they were still significantly above those seen in the first half of the year, with conversion rates being recorded at their third highest level of 2016 so far. Manheim’s average selling price was in line with guides in November, showing a high level of consistency and performance for its vendors.
The average age of vans sold by the UK’s number one commercial vehicle auction company in November was 65 months, an increase of two months compared to October, while average mileage was 75,926, a drop of 3,000 miles. Year-on-year, vans sold were two months younger, with 2,000 fewer miles on the odometer.
Matthew Davock, head of LCV at Manheim, said: “The van marketplace was incredibly healthy in November. Our online performance continues to go from strength to strength, with 32% of all vans selling to online bidders, up 6% from the same month in 2015, with 71% receiving at least one online bid. Overall attendance online is up by 29% year-on-year, with our investment in vehicle inspections and condition reports giving buyers the confidence to bid and buy online.
Looking at 2016 so far as a whole, despite age and mileage being relatively static year-on-year, the average selling price has increased by £218, with a high level of consistency in our performance and conversion rates.
“Our buyer base remains one of our key strengths, and we saw incredible activity in October, with many buyers reporting that they are carrying up to 20% more volume compared to 2015. Towards the end of the year, we have seen particularly high attendance from franchise dealers seeking out younger used van stock and Euro 6 models from some manufacturers.
“We are expecting December to be another month of growth from a volume perspective, with many vendors confirming that they will be selling up to the last week of the year – completely different to this time last year, when vendors were holding onto stock for January.”