Strong January sets tone for year ahead at Manheim

Strong January sets tone for year ahead at Manheim

Time Stamp: February 16, 2024 6:53 AM
Source Node: 2483432

The volume of stock handled by Manheim Auction Services during January was up 24% year-on-year, with the number of active buyers increasing by 12%.

The surge in volume meant Manheim held 14 more sales in January than the same period last year.

Liam Quegan, managing director – wholesale, Cox Automotive said Manheim’s performance in January defied the overall mood of the used car market currently and sent a positive message out to the sector.

“Stock volumes are returning in earnest and, despite recent volatility in values and concerns about retail demand, buyer activity remains strong. Our customers are also benefiting from the additional volume won by Manheim over the last twelve months, and that volumes from our car buying business feeds our auction lanes and not any owned retail channels.

“Despite the winter weather, the volume of buyers choosing to physically attend sales during January has remained on track with the pattern established during 2023. Physical is continuing to enjoy a resurgence in popularity and the proportion of sales completed in the hall versus online continues to exceed expectations.”

He said feedback from buyers and vendors is that they enjoy and value the social interaction as much as they do the opportunity to touch the metal, particularly on lower grade and older stock.

“Either way, it’s clear buyers value choice and our decision to launch a hybrid sales programme was the right one.”

Manheim also reports Cap and first-time conversion performance during January was in line with expectations. Cap performance was up 1.8% on December’s performance, while first time conversions rose 5.8%.

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