Manheim set new records in August with a 10.5% year-on-year increase in average van sale values.
The remarketing giant’s average van selling price rose to £5,192. This was despite average damage increasing over the same period by 40% to £965; £278 higher than the same month in 2016.
August also saw Manheim post record year-on-year growth in buyer audiences. The number of buyers attending physical auction events rose by 10% whilst online buyer attendances jumped by 19%. This translated into more sales, with average conversion rates of 81%, an 18% increase compared to August 2016.
On average, vans sold by Manheim in August 2017 were 60 months of age, four months younger than the same month in 2016 with identical average mileages. As predicted in Manheim’s July market commentary, van de-fleet volumes continued to soften during August, with a 3% reduction compared to prior month and a 4% reduction compared to August 2016.
Matthew Davock, head of LCV at Manheim, said: “Summer time van sale performances have been staggering and are proof of a super-heated marketplace at Manheim. Buyer demand for our vendors’ prime quality stock has outstripped supply.”
Manheim reports the shift to online buying is continuing apace with significant growth recorded in online only virtual van auction events.
While both physical and online only auctions are underpinned by the same Simulcast technology, August saw a 24% year-on-year increase in vans sold in online only auction events. Online bidding in physical auction events recorded a 5% increase.
Overall August saw 76% of all Manheim’s vans attract an online bid with 34% of all vans sold to an online bidder.
James Davis, director of CV at Manheim said: “The first eight months of 2017 have been incredible. Against all measures we continue to set new records and extend our industry leading position.
“Year to date we have grown our overall sold volume by 12% against a 2017 new van market predicted to finish 2% behind 2016’s record registration volumes.
“I’m entirely confident of the robust nature of the used van market. The outlook remains positive. We have three new vendor launches in the pipeline for Q4 so we will continue to provide our valued buyers with even more high quality stock, available to bid and buy in the largest number of sale channels to suit their varied needs.”
Davock added: “In August we undertook the most comprehensive buyer survey in our history with a phenomenal 100% response rate.
“We have gained a uniquely valuable insight into the changing world of the van buyer. Whilst only 20% of those surveyed searched out stock by vendor brand, the remaining 80% searched specification as their number one priority.
“Just 2% of the UK’s biggest van buyers said vendor sale time was important to them. Seven out of 10 said vendor sale section size made no impact on their purchasing activity and 65% said vendor rostrum representation influenced their purchasing activity.
“Unprompted, 78% of buyers told us our imagery and inspections are industry leading. We’re acting on this feedback and it will serve to underpin and guide our market leading strategy.
“Buyer feedback on August’s retail demand was largely positive. Many were reporting strong interest and activity.
“As we enter September and the 67 plate change, vendor feedback indicates de-fleet volume will be very similar to August. With retail activity likely to rally post-holiday season I expect this to further fuel what could be another record breaking month leading into a storming final quarter.”