The Gavel, May 2025: Wholesale used vehicle auction insights
Fresh from the lanes, our auction experts Kevin Blincowe (car) and Stuart Peak (LCV) share key trends in the used vehicle auction market throughout May 2025.
May’s car auction market showed stability and momentum
Kevin Blincowe, Head of Auctioneering, Manheim Auction Services
May was a bit of a slow burner, but momentum picked up in the auction lanes as the month progressed. With the bank holidays now behind us (thankfully!), we saw a clear lift in buyer engagement, particularly in the latter half of the month. While caution is still in the air, the car auction market continues to show encouraging signs of resilience.
Buyers remain selective, and rightly so. Demand for clean, retail-ready stock with the right credentials (tidy, good provenance, and strong spec) remains strong, and this kind of vehicle is moving quickly, often selling first time. On the flip side, poorly prepared stock, cars with unresolved issues or missing key documentation are finding life in the auction lanes much tougher.
Used EV market: Auction volumes grew, but challenges remain
Of course, one of the biggest talking points right now is the used EV market. According to the Cap hpi, wholesale BEV volumes have risen sharply reaching 60% of last year’s total volume, at just five months in.
Despite this uptick in volumes however, used EV sales performance is still mixed with many BEVs selling below Cap Clean. There’s growing concern that unless carefully managed, this could spiral into a self-perpetuating cycle of supressed values.
Building consumer confidence is essential for preventing this and driving the used EV market forward. While confidence is certainly growing, it’s slow and the market is evolving significantly faster. That said, there’s increasing recognition of the value EVs can offer, particularly when you factor in their total cost of ownership and running costs. But a key challenge is that not all EVs are created equal. Newer models with better range, updated tech, and improved reliability are proving far more desirable than early-gen stock. The tech is moving quickly, and consumers are noticing the difference.
There’s also a clear disparity in how EVs are being handled across the retail network. Cap hpi data shows that 80% of franchised retailers have advertised at least one EV in the past six months, compared to 72% of car supermarkets and just 20% of independents. This gap highlights the need for continued education and support – particularly for smaller operators who may lack the technical expertise or workshop capability to retail EVs confidently.
From our side of the rostrum, we’re seeing this play out in the auction lanes – BEVs and PHEVs are averaging around 1.7 sale attempts, compared to 1.5 for ICE vehicles and 1.3 for HEVs, so they’re taking a bit more effort. But when the spec is right, the pricing sensible, and the prep is done properly, they’re selling – and selling well.
Car auction market showed stable performance this month, with further relief expected to come
Overall, May’s car auction market was stable. Not spectacular, but steady - and in the current climate, that’s a win. As we head into summer, there’s a quiet sense of optimism. The market is selective, yes, but active. Vendors who stay focused on quality, presentation, and realistic pricing will continue to see the strongest returns. Our most successful sellers have adapted quickly to changing conditions – and when more follow suit, there’s real potential to ease the blockages in certain segments across the auction lanes in the second half of the year.
The LCV market was consistent, balanced and encouraging throughout May
Stuart Peak, National LCV Manager, Manheim Auction Services
May was a steady and consistent month for the LCV market. Despite the bank holidays at either end of the month (which often causes disruption), LCV auction performance held firm throughout. In fact, May bucked the usual bank holiday trend, with results proving both stable and encouraging. Right now, the LCV market feels well balanced. Stock levels are lower than we saw in Q1, guide pricing is generally well aligned to market expectations, and buyer demand remains steady. It’s common for the market to lean one way or another, either being in favour of buyers or vendors, but at the moment it feels neutral.
First-time conversion rates remained strong with around 80% of vans selling first time, consistent with what we’ve seen so far in 2025. The average selling price dipped by just £40 compared to April, which aligns perfectly with the marginal increase in average age and mileage we’ve seen.
EV LCV market showed notable realignment
When talking about the used EV market and LCVs, we’ve seen some important re-alignment in guide prices in the auction lanes. While first-time conversions for EV LCVs are still around 20% behind their ICE counterparts, market-corrected pricing is starting to make many models look like a more attractive stock proposition.
We understand electrification is a critical topic across the industry, and it’s a key area we’re watching closely and applying to our offering to help dealers adapt. For example, vans sold with our SureCheck product are covered by a 48-point inspection, giving buyers added peace of mind when investing in electric stock.
Looking ahead: Two exciting LCV auction events marked in the calendar
Tuesday 24th June, 10:30am – Hawaiian-themed Enterprise sale at Gloucester
Featuring 150 high-quality vans from Enterprise’s daily rental and Flex-E-Rent fleets, this physical sale promises serious variety – and a bit of fun too! Keep an eye on our social channels next week for previews and updates.
Friday 4th July – Novuna Premium offsite sale, Trowbridge
Now in its 10th year, this flagship event is one of the highlights of our calendar. We’ll have 150 top-quality LCVs on offer from Novuna, and we’re pulling out all the stops to celebrate the anniversary. Expect exclusive video content in the coming weeks – and don’t miss this standout sale. See all upcoming events in the auction lanes here.
So, two key dates for the diary, and two unmissable opportunities for buyers. The LCV market continues to show resilience, and with pricing, prep, and presentation in sync, there’s plenty to be positive about as we move into summer.
Looking for an industrial used vehicle market update?
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