Speed of sale ramps up for commercial vehicles at Manheim
Conversion rates for van sales at Manheim increased by 3%
in March from February, despite a 6% increase in volume, and were also up
In March 2016, conversion rates were around 60%, but were
recorded in excess of 70% last month, according to the UK’s number one
commercial vehicle auction company.
Matthew Davock, head of LCV at Manheim, said: “In the
first quarter of 2017, we offered a record number of vans at our auctions, with
20% more volume compared to the same period last year. Despite having more vans
to sell, we have seen robust sales performance since the start of the year,
selling 10% more vans in March than we did in February and 21% more than we did
in March 2016, alongside conversion rates hitting record levels last month.”
The average selling price of all vans sold at Manheim in
March was £5,298, which was slightly down from February, but in terms of stock
profile, age and mileage both increased month-on-month by three months and
2,000 miles, respectively.
The average age of vans sold at Manheim’s auctions was 63
months and the average mileage was 75,000. Year-on-year, the average selling
price in March was up by 11%, with age and mileage being recorded four months
and 7,000 miles lower compared to March 2016.
Mr Davock said: “During March, our buyer footfall and
clickfall remained strong, with footfall slightly improving over both January
and February. Online attendee audiences continue to increase and perform ahead
of expectations. In March, we saw 34% of all vans sell to online buyers - a new
record for Manheim and a year-on-year increase of 3%.”
Manheim sold 45% more vans in an online-only environment,
including through a series of special sales featuring pre-selected stock.
Compared to the first quarter of 2016, Manheim’s buyer
base grew by 6%, with a 23% increase in the number of buyers purchasing over 51
units and a 3% increase in franchise dealers buying stock from Manheim.
Mr Davock added: “Volumes decreased in March from
February, and in my opinion this softening - for the first time in five months
- is a good thing for the market. We expect buyer demand to continue to be
positive during April, with conversion rates continuing to increase. In April,
we are encouraging vendors to focus on the same core factors of reserve
pricing, duplication, late plate and heavily-damaged stock. If these are priced
accordingly, high conversion rates will no doubt follow.”