Figures released by Manheim, the UK’s leading provider of integrated products and services for the vehicle remarketing sector, have revealed the LCV market sector continues to remain buoyant, despite uncertainties around forthcoming regulations.
The July figures revealed a record average selling price of £6,436 for vehicles coming through the lanes, up 1.8% from £6,319 in June, and a staggering 18% uplift on 2017.
The record selling price was helped in part by a slight 2% month on month decrease in volume, although the market remained healthier than 2017, up 4% year on year.
The age and mileage profile of vehicles passing through the auction lanes held steady at 56.8 months and 71,926 respectively, while vehicles continued to sell quickly (average 17.7 days) with first-time conversion rates of 80.8% (up 6% on 2017).
In line with the holiday season, Manheim reported a fall in physical attendance through its auction centres, however its online auction platform recorded record sales, with 39% of sold vehicles selling to online buyers. The business also reported increases in bids from both private buyers and franchise dealers throughout the month.
Matthew Davock, Head of LCV at Manheim, said: “July’s record-breaking average selling price performance clearly shows the market remains steady and confident as we head toward Q3.”
“Our online auction platform in particular performed outstandingly well over the summer with many buyers participating and bidding while abroad. Our special online-only events have been a real success for our vendors, up 51% year on year in terms of volume.
“Looking ahead, vehicle damage and vehicle specification remain key focus areas for buyers, and vendors will do well to ensure pre-auction checks are performed to offer buyers the best quality possible and secure a sale. The upcoming ULEZ and CAZ restrictions and WLTP and RFL introductions will also begin to impact the market going forward, especially during the September plate change period.”
The record-breaking figures are released as Manheim introduces Surecheck LCV – a new 41-point check with 7-day and 250-mile cover.
Davock continues: “The Surecheck offering and coverage detail is unique to the LCV market. Combined with our current industry leading process and imagery, it once again showcases our position as the UK’s Number 1 CV auction company.”
“We are proud to offer both our buyers and vendors this product. Not only will it give buyers even more confidence from a mechanical point of view, but vendors too can ensure they truly understand the mechanical condition vehicles are being sold with.”
