LCV market continues to break records as Q1 ends on a high
Average sale prices in March remained very healthy with the average selling price holding firm at £5,643 - just a 4% decrease on February, attributed to higher average mileage and age across vehicles.
Speed of sale was the quickest on record in March, at 14 days (average) for all vehicles sold, a decrease of seven days, compared to March 2017. This resulted in the strongest conversion rate of the year as 82% of all vans that were offered sold first time.
The average age of vehicles passing through the LCV lanes increased to 64.6 months (a year-on-year increase of one month), matched with a rise in average mileage (80,825 miles - an 8% increase from February).
Matthew Davock, Head of LCV at Manheim, said: "The reduction of overall volume in the van market arena has once again fuelled the appetite to buy, proved by the data showing 82% of vans passing through Manheim's lanes are selling first time."
"We saw more than 1,600 unique LCV buyers purchase at our van events during March, and the footfall passing through our auction halls remains very healthy.
The data also revealed online auction transactions continue to show growth. 36% of all vans sold during March were to online customers via Manheim Simulcast; representing a 3% increase year-on-year.
Davock added: "The strongest performance yet again was in the £5,000-£5,999 and £8,000-£9,999 price bands, which is a continuing trend in the Manheim CV lanes. We have seen a 3-5% premium, on top of current market guide measures, as buyers look for the highest quality retail mileage stock.
"Looking back at the market this time last year, vans were selling for £313 less, and even in March 2016, we were seeing sales prices down £869 compared to today's values (with age and mileage remaining very similar. It's clear the marketplace is super-heated at present and we expect this to continue into the next quarter.
"As we enter April, we predict volume will rise to the highest point seen all year, and the market will continue to show strength and stability. With any predicted increase in market volume, we encourage all vendors to remain extra focused around vehicle return damage and market reserve setting. Vendors that get this combination right will continue to see both record performance and conversion rates."
Matt concluded: "In recognition of the strong performance during the month, Manheim's CV division celebrated eight days of Easter events across the country, by distributing over 50 personalised eggs to customers and raising funds for local charities."
