Increase in younger vans at auction boosts market
21 May 2014
An increase in younger LCV vehicles coming to auction has had a positive effect on sales values, according to studies from Manheim.
The company's latest research has revealed that average prices had now recovered to near their pre-recession height, at £4,735.
This was mirrored by a fall in the average age of available vehicles dropping from 65 to 63 months, with a slight decrease in mileage values.
There were also positives within the car derived van sector (CDV), which accounted for 42% of all vans sold during April. Vehicles in this category were on average four months older than previously (at 61 months), which saw a corresponding dip in prices from £3,667 to £3,499.
Manheim's head of LCV vehicles, Matthew Davock, explained that year on year values of vehicles remained strong and there had been a considerable demand for used stock.
He said: "The auction halls up and down the country have remained healthy during April, but the Bank Holidays and Easter weekend did have an impact on the footfall at auction centres during the month.
"However, this was offset by the fact that online performance remained very strong and we have seen some auctions sell up to 30% via online bidding.
"Despite a slight decrease in buyers at auction during April, many of those who I have spoken to are reporting that the first three months of 2014 have been the strongest that they have seen in five years, with many of them keen to up stock and replace sold units."
His colleague, James Davis, concluded that a 'watershed moment' had been reached in the commercial vehicle market. In his opinion, the emergence of higher quality, younger vans being placed for sale heralded a strong overall year's performance for the industry.