Manheim reported a continuation of 2019’s strong and consistent commercial vehicle market in November.
Following an extremely buoyant October the volume of stock was down MoM, but buyer demand remained strong and 84% of vehicles sold first time at auction.
Data from the UK’s number one CV auction company reveals some interesting changes to stock mix as the proportion of Euro6 vehicles at auction continued its steady growth.
Euro6 represented 22% of Manheim’s wholesale stock in November compared to an average 10% at the beginning of the year.
Matthew Davock, Manheim’s Director of Commercial Vehicles commented: “Market share of Euro6 vehicles has grown consistently during 2019 and continues to attract high levels of buyer interest.”
“As well as being newer, lower mileage stock (average 22 months and 30,000 miles) London’s Ultra-Low Emission Zone has certainly increased demand for Euro6 in the South, and 53% of Euro6 stock was bought online in November.”
Manheim also reported slight increases in average age and mileage in November, and a significant 18% MoM increase in average damage per unit.
Davock continued: “Demand was strong in November but high-damage stock still proved challenging in places. Buyers were increasingly selective with their bids as we came to the end of the month, focussing on better-condition stock, a trend I expect to see continue to the end of the year.”
Looking ahead, Davock predicts that the wholesale market will continue its strong run of form to the end of the year.
“Conversations with our buyers suggest that November started well for LCV retailers but softened towards the end of the month” said Davock.
“This slow-down is not unexpected in the December market, but there are certainly some notes of caution creeping in as CV businesses consider the likely impact of economic uncertainty and 2020 Q1 market volumes.”
“For now though, December wholesale volumes will hold steady until Christmas and demand looks set to remain in line with supply as we come to the end of a very strong year for commercial vehicles.”
*Article Source https://www.manheim.co.uk/