Attendances at auction – both physically and online – were steady over November, with buyers looking for ‘retail’-quality stock or anything rare or unusual.
Average LCV auction sale prices increased for the seventh consecutive month, this time by a further 0.1%, and stand nearly £300 higher than at the end of November 2016. Of those sold, 80.2% did so at the first time of asking (versus 84.1% in October 2017). Nearly 100 more LCVs were sold in November last year than October, which represents a 7.9% increase on 12 months ago.
Although the new market is now starting to show considerable signs of weakness, the used market continues to return strong values for the best stock serving SME, construction or the home-shopping sectors. Used stock levels are on the increase and with that has come a reduction in variety and, to a lesser extent, quality, which has led to some vendors reporting a decline in conversion rates.
There is still plenty of ex-utility stock available in the small, medium and large panel sectors, with the nicest examples continuing to find new homes.
Medium panel vans remain the most sought-after with over 36% of all sales at auction coming from this sector, with two- to four-year-old stock totalling a third of all sales here. The Ford Custom, VW Transporter, Renault Trafic and Vauxhall Vivaro remain the most popular models, with crew van and Kombi variants selling for huge premiums.
The large panel van sector reflects a mixed bag of available stock as would be expected, with the nicest examples with sensible miles selling quickly and for strong money. Panel vans, dropsides, tippers and Luton vans in particular have enjoyed plenty of success with average values now £204 higher than a year previously.
Sales of 4x4s during November remained relatively static with first-time conversions down 1.4% on October and 3.0% down for the year. The previous-generation Nissan Navara, Ford Ranger, Mitsubishi L200 and even the Toyota Hilux are available readily, which is placing all but the very best examples under ever greater downward pressure.
Andy Picton is chief commercial vehicle editor of Glass’s, the used vehicle valuation experts.