Vehicle remarketing giant Manheim saw their overall volume of vehicles sold in its van auctions rise by 18.1% year-on-year in February while the average selling prices remained positive as well, increasing by 12.6% over the same period to £5,443.
The stock profile of vans at Manheim’s auctions improved, with an average age of just over 60 months, six months younger from February 2016, and average mileage of 73,195 miles, which was a reduction of 10.5% year-on-year.
Buyer attendance, both footfall and ‘click fall’, remained strong at Manheim, with a record-breaking 36% of vans selling to online buyers in February – a 4% increase from February 2016.
Matthew Davock, head of LCV at Manheim, said: “The increase in volumes and stock levels we are seeing should not be viewed as ‘doom and gloom’, but ‘boom and boom’. We have more buyers operating in the LCV market than ever before, with an increase of 14% in our buyer accounts since the start of 2017. “Besides volume, duplication and vehicle return condition are the two issues dominating the used LCV market at the moment. There are three tiers emerging in the market now, divided between two-year-old vans, three to six-year-old vans and vans over seven-years-old.”
Manheim said there was particular interest in the three to six year old segment for clean stock with less than 60,000 miles on the clock. These two factors also continued to dominate the market for older vans, with buyers seeing increasing costs for body shop and repair work.
Mr Davock added: “As we enter March and the plate change period, I believe we will see arrivals reduce during the first three weeks, with additional time required for equipment changes and key-for-key handovers to take place. Van vendors should continue to focus on duplicate, late-plate and damaged stock pricing to ensure it is in line with buyer expectations.”