Strong demand for LCV

Manheim reports strong demand for LCV in February

Manheim, the UK's number one commercial vehicle auction company, saw strong demand from buyers in February driving record average vehicle prices.

Manheim strong demand for LCV UK

Average sale prices in February outstripped those in January, as the market responded to the expected seasonal fluctuations in stock, driving the average price up 9% year-on-year to £5,905.

February also saw the quickest days to sell on record at an average of 15 days for all vehicles sold, a year-on-year decrease of seven days (22 days to sell in February 2017) and five days fewer than January 2018 (20 days to sell).

The average age of vehicles passing through the LCV lanes increased to 60 months (a year-on-year increase of one month) and was balanced by a 1.17% year-on-year mileage reduction, an average of 882 miles fewer than in February 2017 (75,329 mileage in 2017 vs 74,447 mileage in 2018).

Matthew Davock, Head of LCV at Manheim, said: "Buyer appetite continued to be very strong in February, when we saw more than 1,500 unique buyers at our van events. Physical and online auctions remain very healthy and we have continued to see intense competition at the rostrum.

"The strongest performance was in the £5,000-£5,999 and the £8,000-£9,999 price bands, which is a continuing trend in the Manheim lanes as buyers look for the highest quality, best priced stock."

Davock added: "Manheim Simulcast transactions continue to show steady growth with 37% of all vans sold in the month selling to online customers, a 2% increase on January.

"With the reported pressures on new van registration targets and sales, we have continued to see a healthy demand from franchise dealer customers, where quality used commercials seemed to be high on their agenda. We have witnessed a strong appetite to participate and purchase in this buyer segment alone with a 10% year-on-year increase in February and 99 individual accounts purchasing one or more vans during the month."

In conclusion, Davock said: "The reduced volume in the van market has fuelled overall demand in a super-heated market place and an appetite to buy at Manheim. We believe volume will remain steady throughout March and we expect to see some volumes increase in April. The level of increase will be determined by the success of new registration sales in March."