Manheim experiences record-breaking quarter for LCV arrivals

By automotive-mag.com 3 Min Read

With over 25,000 vans recorded at Cox Automotive’s Manheim Auction Services and Manheim Vehicle Services locations, Q1 of 2024 has been the strongest-ever quarter for LCV arrivals.

Manheim was selected by 422 vendors as their van remarketing and/or de-fleet partner during Q1, a 28% year-on-year increase.

Matthew Davock, director of Manheim Commercial Vehicles, Cox Automotive, said: “It’s been quite the quarter, to say the least. Frenetic buyer activity is positive proof of a market in rude health.

“We saw a 36% increase in defleeted volumes, a 29% year-on-year increase in auction stock arrivals and a 12% increase in buyers.

“The 3,200 buyers attending our auctions meant business, with 79% of stock selling first time. Our daily nationwide hybrid sales programme now averages 500 buyers per day and attendance at our physical sales continues to prove the demand for this format.

“The flood of LCV product into the wholesale market has also seen customers call for additional support, including new vehicle deliveries, customised reconditioning solutions and storage – all things we of course have been willing and able to support.”

LCV average selling prices were stable but there were price re-alignments across Euro 6 LWB product. The average selling price over Q1 was £8,766, a year-on-year decline of £287.

The used LCV marketplace is continuing its realignment from the heights of used LCV prices seen following the pandemic period where van demand was high. Most recently, a 17.4% overall price reduction, £1,848 on average, compared to 2021 used van prices was recorded.

Overall vehicle conditions were a concern as recorded average damage return for Q1 reached its highest point, a 31% increase compared to 2021 figures. A third of vans offered across MAS locations in Q1 highlighted mechanical defects and 46% had missed important service schedules over the past three years.

 

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