Demand for used vans remained strong in February, with conversion rates up while the average selling price held steady.
Latest figures from Manheim show that 82% of used vans sold first time, up 1% on January 2019. There was a slight fall in volume – down 1.5% year-on-year – while the average selling price held steady at £6,009.
Matthew Davock, director of commercial vehicles at Manheim, said: “We saw a change in the mix of stock coming through our auction lanes in February. The majority of vehicles came from our fleet and leasing partners, while the number of daily rental units reduced significantly following a strong performance in January.”
“This change meant that average age and mileage increased across the month. However, strong buyer demand kept the average selling price steady.”
“Demand for Euro 6 van stock remained high, and clean stock achieved 107% of guide values on average, but these vehicles represented just 8% of our overall volume in February.”
Online CV sales continued to grow, with 48% of vehicles sold in February won by an online buyer – up 11% year-on-year. The business also recorded strong results across its online-only channels, with a year-on-year volume increase of 18%.
Davock continued: “At the beginning of the year, I predicted that up to 50% of LCVs could sell online in 2019. It certainly seems we’re heading in that direction.”
Looking ahead to March and April, Davock commented: “Retailer sentiment suggests that new van sales are broadly positive. I’m encouraged by the appetite from manufacturers to offer deals and discounts on new that will encourage the replacement of pre-extended used stock.”
“There is some uncertainty creeping into the market, but overall I believe that the results speak for themselves, with good levels of demand across the board.”
“The focus on clean air zones, and the newly-announced TfL scrappage scheme will certainly generate high levels of interest in Euro 6 vehicles, and I expect demand to significantly outweigh supply in the coming months, especially in the London area.”
“Outside this area, Euro 5 product is still in demand, and overall condition and specification remains key in the buyers’ eyes.”