The Gavel, Q2 2026: Wholesale used vehicle auction insights
Fresh from the lanes, our auction experts Kevin Blincowe (car) and Stuart Peak (LCV) and Chris Mynott (Truck & Plant) share key trends in the used vehicle auction market throughout Q2 2026.
Kevin Blincowe, Head of Auctioneering
Q2 proved to be another resilient quarter for the used vehicle remarketing sector, despite a number of external influences competing for buyers' attention. Stable retail demand provided a solid backdrop for wholesale activity, although consumers remained value-driven, reinforcing the importance of presenting and pricing stock in line with market expectations.
The exceptionally warm weather, geopolitical tensions in Iran and the resulting volatility in fuel prices, together with the distraction of the FIFA Club World Cup as summer approached, all had some impact on auction attendances and buying patterns. However, rather than dampening demand, these factors simply reinforced the market's growing selectivity.
Fleet and manufacturer stock continued to lead the way throughout the quarter. Consistently well-prepared vehicles with sensible reserves attracted strong bidding and healthy conversion rates, with quality remaining firmly at the forefront of buyer demand. Dealer stock also traded well, but success was far from guaranteed. Vendors who recognised changing market dynamics, priced realistically and reflected vehicle condition in their expectations were rewarded with strong first-time sales. Those chasing yesterday's values often found themselves making repeat appearances in the auction hall.
The message from buyers remained clear throughout Q2. Clean, retail-ready vehicles with good provenance continued to command competitive bidding, while poorer condition or overpriced examples faced increased resistance. The market has shown little appetite for compromise, rewarding vendors who remain disciplined and responsive to prevailing trading conditions.
Battery electric vehicles continued their positive momentum, with buyer confidence strengthening as values stabilised and affordability improved. Fleet and leasing vendors, in particular, benefited from sustained demand for well-presented, competitively priced BEVs, further underlining the sector's growing maturity within the wholesale market.
As we move into the second half of the year, the outlook remains encouraging. Supply levels are healthy, buyer appetite remains robust and competition for quality stock shows little sign of easing. While economic and geopolitical headlines will inevitably continue to influence sentiment, the fundamentals of the wholesale market remain sound. Vendors who continue to adapt to market conditions, present stock to a high standard and maintain realistic pricing should be well placed to capitalise on what promises to be another positive period for the remarketing sector.
Stuart Peak, National LCV Manager
As we close the second quarter of 2026, the UK LCV market continues to demonstrate resilience, albeit with clear signs of softening compared to the strong start we saw in Q1. While demand remains healthy, buyers have become increasingly selective, placing greater emphasis on vehicle quality, age, mileage and value.
Average selling prices fell from £9,505 in Q1 to £8,489 in Q2, representing a decline of almost 11%. Whilst this may seem a considerable drop, average age and mileage did increase across Q2, which we would normally expect to see after the March plate change. Average selling price vs guide value reduced by 2.8% across the quarter, which reflects a market where buyers are increasingly price-sensitive and less willing to stretch beyond guide values. Late plate, low mileage can be sensitive in the used market, particularly when guide values are often close to what a new van can be purchased for. This certainly applies across all sectors and fuel types.
First-time conversion rates also moved lower during the quarter, falling from 82.8% in Q1 to 78.8% in Q2. Interestingly, average days to sell remained virtually unchanged at around 11 days, suggesting that demand is still present for the right stock. The challenge is that buyers have become more selective, particularly around higher-mileage and older vehicles. For vendors, this means a sharper focus on vehicle preparation, pricing strategy and sale channel selection to maximise returns.
The proportion of sales to physical buyers increased from 34.5% in Q1 to 36.5% in Q2. This demonstrates that buyers still value the opportunity to inspect stock in person, particularly as market conditions become more challenging. The auction hall remains a critical part of the remarketing mix and continues to generate strong engagement. The composition of sales channels continues to evolve, with Upstream sales increasing by 54% across the period. This suggests an increasing proportion of stock is finding buyers before reaching the main auction arena, reflecting buyers looking to secure vehicles ahead of competitive auction bidding if it fits the right profile.
One of the most encouraging developments in the market continues to be the performance of electric vans. While the broader LCV market saw total sales decline by 6.5% between Q1 and Q2, BEV van volumes increased by 6%. This growth came despite a softer overall trading environment and demonstrates that demand for used electric vans continues to mature. The quality of demand is also improving. First-time conversion rates for BEVs averaged 69.6% during Q1 and increased to 82.2% across Q2, indicating that buyers are becoming more confident purchasing electric stock. Average days to sell also improved significantly, reducing from 19.8 days in Q1 to 14.8 days in Q2.
Buyer engagement continues to strengthen as well and it is clear to see that more buyers are willing to have a go at buying an EV van. Importantly, values remain robust. Average BEV selling prices held above £9,500 throughout the first half of the year, peaking at over £10,100 in May. The profile of stock entering the market is also attractive. Average vehicle age remained around three years old, with mileages typically between 19,000 and 23,000 miles, substantially younger and lower mileage than the wider diesel van parc. The main pressure point in the used EV van market is with late plate, low mileage examples of which there continues to be a steady enough supply.
As we move into the second half of 2026, the market remains fundamentally healthy, but the conditions that drove exceptionally strong used LCV values in recent years are continuing to normalise.
Demand remains solid, vehicles are still selling quickly, and buyer engagement remains strong. However, success will increasingly depend on realistic expectations, accurate pricing and ensuring stock is presented in the best possible condition. The headline message from Q2 is clear: the market hasn't weakened dramatically, but it became a touch more selective. Vendors who adapt to these changing dynamics will continue to achieve strong outcomes, while buyers are finding greater opportunities as supply and pricing begin to rebalance.
On a final note, we have just held our annual offsite sales event for Novuna Vehicles Solutions at Trowbridge, our largest event in 11 years. The sale was incredible, selling all vehicle entered and generating a total sales value of £2.1 million on the day. A big thank you to our Friends at Novuna for hosting and also to all buyers who got involved in some highly competitive bidding on the day. On top of this, Over £8500 was raised for a Daisy’s Dream, a very worthy charity that supports Children through bereavement, bravo!!
"What we've seen throughout Q2 isn't a weakening market, but a more selective one. Buyers are still active and demand remains strong, however they're taking more time to evaluate stock and are increasingly focused on value. The standout story continues to be used EV vans, where buyer confidence and conversion rates have improved significantly. The market is evolving, and those vendors who adapt to changing buyer behaviour will continue to see excellent results."
Chris Mynott, National HGV & Plant Manager
Busy, Busy, Busy,- that pretty much sums up Q2 for Team Industrial, it’s been non stop! It’s been a quarter full of big auction volumes, big results and big events too! The market has remained in a good place, plenty of kit about and buyers hungry for stock, we’ve seen some really lively bidding activity, both in lane and online and some huge battles for some specialist trucks and machinery when it has appeared.
The range of trucks and equipment we’ve seen has been superb, every make, model and body type you can imagine and a huge age range to boot, from a classic 80’s fire service vehicle to an almost new tractor unit courtesy of a finance company, two that immediately spring to mind, and it’s this broad range of entries that really make our auctions so successful, something for everybody, literally!
Our national and dedicated truck & plant sales team, headed by James Ward, continues to bring in new consigners week on week and the kit that roils through the gates as a result helps to keep the auction fresh which is just what our buyers want. We’ve seen over 25 new vendors sign up with us since April which is just superb. Many of these are SME companies who tend to be selling price range stock that’s been well cared for, which always goes down well with bidders. And there’s a HUGE business win, a highly respected national fleet company about to be announced shortly, watch this space!
Working alongside James is Russ Collins, our dedicated Truck and Plant Buyer Services Manager, and he’s been flat-out too registering new buyers and hitting the roads, knocking on doors and engaging dealers and end users with our auctions, the latter continuing to be a real success, We continue to see more and more small businesses buying from us, our complete transparency with condition reports, imagery and detail really giving them confidence that auction is very much the place to buy. Another 35 buyers registered this quarter of which 14 have made purchases which is great to see.
Auction volumes through the lanes have averaged just over the 200 mark per auction and when it’s a plant sale too, this number climbs to over 300 with ease. That said, as I write this today, our inbound volumes have dropped a little in the past week or two and as seasonality comes into play we expect to see numbers drop off as they often do as we head into the summer time.
As the temperature heats up, we’ve seen performances of fridges and tippers really take off, the former doing particularly well of late, considering the volumes of them currently available, it’s great to see them back on the shopping lists of many a buyer and making good money too. Tipper Season is upon us too and I expect to see these continue to do well as demand increases.
I mentioned in my last write up that the export job was showing signs of slowing, and this is definitely taken effect now, some of our regular export customers are buying very little at all, no matter how cheap, hugely increased transportation costs being the main reason why so we’re told, they’ve yards full of kit just waiting for the prices to drop before they start sending stuff out again. And it’s tractor units which we’ve found to be hardest hit. The market is flooded with them, and its become a buyers market for this kit if ever there has been one . It’s a waiting game really, once they start exporting again, we’ll be ready with plenty of available stock that’s for sure!
We had our largest plant and equipment auction during May, with over 200 lots it was a truly great day! Lot’s of direct entered machines, large and small, from a lawnmower to a 35-ton forklift and everything in between, it was an excellent day for many a vendor with some very strong money being spent. Our plant auctions continue to go from strength to strength, popular as ever and a very important part of our offering down at Gloucester.
Away from the auction, Team Industrial have exhibited at two leading trade shows during the month of June, firstly Hillhead 2026, which is the UK’s largest plant and machinery show, our first time here as an exhibitor and definitely not the last! We met many a customer and interested party, connected with so many industry friends and partners, it was a superb 4-day event in the blistering heat, but we’ll be back next year for sure!
And just the week after, we were back again at RTX Road Transport Expo ’26 at Stoneleigh Park – we’re regulars here now, with a stand once again and it’s always a superb event – the crowds are huge and it’s incredibly well supported by every manufacturer in our sector and so many affiliate companies, it simply can’t be missed! And so a second week of conversations and interactions was had capping a great month once again for Team Industrial!
