Five ways LCV condition grading benefits buyers and sellers

Matthew Davock, Director of Commercial Vehicles at Cox Automotive, explains how the new NAMA grading for LCVs benefits sellers and buyers.

Manheim Auction Services is the first auction business in the UK to roll out NAMA’s new LCV grading scheme across all the commercial vehicles it sells.

I believe the wholesale market performs best when both buyers and sellers get what they want from a transaction and the new NAMA grading scheme for LCVs creates that environment.

Here’s five reasons why we think this statement holds true:

1. Better understanding of condition: The NAMA LCV grading system offers a detailed and transparent assessment of the vehicle’s body, load area and interior condition. This helps buyers and sellers accurately understand the state of the LCV and helps them make informed decisions.
2. Realistic pricing increases conversion: The grading system helps sellers set realistic prices for their stock by providing an objective evaluation. Accurate pricing attracts more potential buyers and increases the likelihood of successful transactions, leading to higher conversion rates.
3. Builds buyer trust: A standardised grading system builds confidence and trust. Buyers can trust that descriptions are based on a reliable and consistent system, aiding their ability to bid confidently.
4. Invaluable data: Grading LCVs systematically and consistently will generate a wealth of data that can be used to better understand buyer preferences, identify trends and make informed decisions.
5. Guide reconditioning decisions: Understanding the true influence of grading on price will help sellers make effective decisions on reconditioning, and help buyers assess what a vehicle will likely need to fit their purposes.

In short, the new NAMA LCV grading standard is a beneficial and encouraging development for the used LCV sector. It ensures consistency, brings about trust, and improves outcomes for both sides of the transaction.

If you’d like to understand more or have any questions, visit our LCV grading webpage, talk to any of our LCV team or email me at matthew.davock@coxautoinc.com.