Manheim saw the overall volume sold at its van auctions rise 18.1% year-on-year in February, while average selling prices also remained positive, increasing 12.6% over the same period to £5,443.

The average age of vans was just over 60 months, six months younger compared to February 2016, while the average mileage was 73,195, a reduction of 10.5% year-on-year.

Conversion rates were down slightly, by 3%, compared to the same month last year, but this was in the context of Manheim offering 22% more vans in its auctions year-on-year.

Buyer attendance, both footfall and clickfall, remained strong, with a record-breaking 36% of vans selling to online buyers in February – a 4% increase from February 2016.

Matthew Davock, head of LCV at Manheim, said: “The increase in volumes and stock levels we are seeing should not be viewed as ‘doom and gloom’, but ‘boom and boom’.

"We have more buyers operating in the LCV market than ever before, with an increase of 14% in our buyer accounts since the start of 2017.

“Besides volume, duplication and vehicle return condition are the two issues dominating the used LCV market at the moment.

"There are three tiers emerging in the market now, divided between two-year-old vans, 3-6 year-old vans and vans over seven years old."

The volume of younger vans has been at a record high, with a 14% year-on-year increase driven by PCP and daily rental returns.

Due to the discounts available on new vans, this segment continues to present some challenges, said Davock.

There is particular demand in the three to six year-old segment for clean stock with less than 60,000 miles on the clock. Mileage and condition also dominates the market for older vans, with buyers seeing increasing costs for body shop and repair work.

He added: “As we enter March and the plate change period, I believe we will see arrivals reduce during the first three weeks, with additional time required for equipment changes and key-for-key handovers to take place.

"Van vendors should continue to focus on duplicate, late-plate and damaged stock pricing to ensure it is in line with buyer expectations.”

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