Used LCV buyers are increasingly turning to online sales in a competitive LCV market.
Manheim data for October shows 47% of commercial vehicles were sold online, up 11% year-on-year. And 13% of the LCVs sold last month were bought online before they reached any physical auction, taking an average of just five days to sell. As a result, Manheim saw average days-to-sell fall to just 9.7 days, down a full six days on October 2018.
As a result of strong demand in both online and physical sales, Manheim saw 84% of vehicles sold first time in October – up 4% on the September figure – while there was a 13% month on month increase in volume sold.
Matthew Davock, Manheim’s director of commercial vehicles, said: “In this buoyant wholesale market our online sales channels are increasingly important for buyers looking for stock, and more vendors are keen to remarket stock 24/7 and reap the rewards of reducing their days to sell.”
Looking ahead, Davock expects to see the market remain healthy in November, with consistent wholesale volume and buyer interest.
“Our buyers reported positive retail activity and good signs of stability in October, and with a strong stock pipeline at Manheim, November is looking good,” he continued.
“Towards the end of the month, stock with excess damage will start to be more challenging as buyers weigh up preparation time against potential time-to-sell. Vendors would be well-advised to take this into account when setting a reserve for poorer stock profile vehicles as we move into December.”