Heat Rises and Records Tumble at Hitachi Premium Auction Event
An entry of 100 premium Hitachi Capital Vehicle Solutions commercial vehicles went under the hammer in an offsite auction held at their Trowbridge headquarters in early July.
The entry of prime stock was selected for its rarity and included many specialist vehicles such as access platforms, jetter units and even a tractor. By the time the sun set on the day, Manheim had smashed all previous offsite CV auction event records. The sale attracted the largest ever buyer audience, 260, the highest percentage of online bids received, 80%, the highest percentage sold online, 57% and a record total hammer value, £1.02m.
14% of buyers chose to join the auction action in person with the remaining 226 logging in remotely online via Manheim’s multi award winning Simulcast bidding platform. All vans had been imaged and inspected electronically for the benefit of online buyers. Featuring live video and audio streaming of the drive through event, a staggering 8 out of 10 vans received an online bid. After fierce competition with the physical buyers in the ‘pop-up’ auction lane, 58% of all lots were secured by online buyers. In total 96% of the lots founds new homes at a market leading 112% of CAP.
Matthew Davock, head of LCV at Manheim, said “It was amazing to witness and be part of this record breaking event. This variety of stock is rarely seen in the wholesale marketplace in the course of one year, let alone in one place on one day. A massive thanks to Hitachi Capital Vehicle Solutions, as well as our valued buyers. Over many years our businesses have grown together and, as the UK’s number one CV auction company, it is great to be developing our client proposition and smashing records.”
Roger Holder, Strategic Remarketing Manager at Hitachi Capital Vehicle solutions “This is the third successful offsite sale we have held and it is now one of my favourite events of the calendar. It’s a clear demonstration of the partnership we enjoy with Manheim; combining their market making skills with our brand and another batch of premium commercial vehicles. It’s a powerful combination that together delivers against our strategic objectives.”