Manheim has introduced a new hybrid LCV auction in Bristol, enabling customers to participate both digitally and in person.
The event takes place every week, starting at 10am and featuring 200 LCV and 300 car fleet units from over 75 fleet, rental, finance and leasing vendors.
Matthew Davock, director of commercial vehicles at Cox Automotive, commented: “It has been fantastic to launch our new and exciting LCV event. The south west is hugely important to our commercial vehicle growth aspirations and our established site at Bristol gives us a much greater coverage and experience for our growing customer base.”
During the first month of operation, the combined events generated more than £6m in van sales, achieving an average selling price of £10,701.
Davock continued: “We have recorded strong buyer participation numbers with 1,166 different active buyers in just the first four weeks. The south west has been starved of physical stock auctions for the past three years and so it’s great to see so many people return to the in-lane selling concept.”
A total 34% of the sales volume was attributed to hall bidders, with 66% of transactions taking place online through a mixture of sectors including franchise, car supermarket sites, and independent dealers, purchasing both cars and vans.
Vendors witnessed strong first-time conversion rates and performance – 53 different LCV vendors were actively selling in this period, achieving over 100% of guide price and 107% of reserve, with 86.5% of units selling first time.
“This new hybrid model represents a natural progression for auction sales following the limitations imposed by the pandemic, and I’m confident it will continue to drive improved value, stronger performance and better choice for our valued vendors and buyers in the future,” Davock added.
