Strongest ever start to year for LCV sales, reports Manheim

Cox Automotive and Manheim UK have reported the strongest ever start to a year with 22,344 vans and trucks being de-fleeted through its auction and de-fleet networks during a very busy quarter one period.

During the month of March, Manheim recorded its highest ever age of vans (81 months old on average). This demonstrated a 24-month increase versus pre pandemic average levels and a further 6 months’ increase on February statistics.

This was matched with mileage increases, with average mileage being recorded at 84,379, an increase on February by 3341 miles.

There were strong first-time conversion rates with 85% selling first time in the month and this was matched with an average days to sell of nine days representing a four-day reduction versus 2022 averages.

In terms of the new light commercial vehicle (LCV) market, it grew for the third consecutive month in March, rising by 17.3% to 47,634 units, according to figures from the Society of Motor Manufacturers and Traders (SMMT). 

Matthew Davock, director of commercial vehicles at Manheim, said: “This increased positivity around vehicle supply is certainly bringing some challenges as stock profile changes are affecting many dynamics, such as buyers needing to change vehicle profile buying habits, stocking much older and higher mileage vans. This is matched with increased time and cost getting these vehicles to retail standard.”

He added: “Even with the vast changes in age and mileage profiles seen today, the average selling prices have remained positive for the quarter at £9,064 on average, still demonstrating a significant increase of 46% versus pre pandemic average selling price statistics.

“As we move into the second quarter of 2023, we do expect some seasonality factors to play much more of a part as retail activity will become more challenged around holidays and bank holiday extended periods.

“However, with the overall wholesale levels still being generally short we still expect the overall average selling price and key indicator performances to have a positive impact.”