Manheim reports ‘strong start’ to 2019 for LCV market
- CV volumes up 6% year-on-year at Manheim
- Average selling price reaches record level
- Manheim predicts that half of all LCVs will be sold online in 2019
The used LCV market enjoyed a strong start to the year, according to figures released by Manheim
The UK’s number one Commercials Vehicle auction company reported strong volume growth in January, with arrivals up 6% year-on-year.
Buyer demand also remained high across the month, with 81% of vans sold first time. Competition for vehicles was reflected in the average selling price, which reached a new record level at £6,596, up 17% on January 2018.
Continuing the trend seen in recent months, 45% of the commercial vehicles offered by Manheim in January sold online, a new monthly record and an increase of 8% year-on-year.
Matthew Davock, Director of Commercial Vehicles at Manheim, said: “The LCV market performed exceptionally well in 2018, and this continued into the New Year. While we saw a slow start in the first ten days of January, demand accelerated from that point, demonstrating the consistency and strength in the market.
“We’ve been reporting strong growth in online sales, online bids, and participation for some time now and January stepped-up a gear once again with some vendors seeing 88% of their stock receiving an online bid. This growth has been supported by our SureCheck LCV product, which gives buyers the confidence of a true mechanical understanding of the vehicle at the time of sale.
“I’m predicting that up to 50% of all vans sold at Manheim in 2019 will be purchased by an online buyer. Buyer feedback and the accelerated change to the way customers want to transact, are reflected in our strategy for the year. We’re focussed on developing our existing digital channels, and exploring solutions that give the best results for each asset, and our valued customers.”
In terms of stock mix, more than 30% of the LCVs that went through Manheim’s lanes in January were daily rental units. Average vehicle age (54 months) and mileage (74,663) remained in line with January 2018 figures.
Euro 6 van stock represented 12% of the vehicles sold across the month.
Davock added: “As you might expect, we’ve seen a spike in activity around Euro 6 van stock, and many London-based dealers have been keen to source used stock in preparation for the April ULEZ implementation (definitely one to watch in the coming months).”
“All in all, January was an extremely positive month for the LCV wholesale market. While some retailers reported signs of market uncertainty, I expect to see high levels of buyer demand continue throughout the first quarter.”