Ex-fleet values rise in July, reports Manheim
Average and ex-fleet selling prices rose in July as volumes fell, latest figures from Manheim show.
Fleet vehicles under the hammer saw the average sold price rise 3.4% last month to £10,023 compared to June as volumes fell 7.5% month on month. Ex-fleet values were also 2.1% higher than the same period last year.
The overall average selling price for cars was up 3.4% from the previous month at £6,319 as volumes fell 7.1% in July compared to June, partly due to a 6.9% fall in part-exchange vehicles. Manheim said the rise in values signalled a shift to higher-value cars being sold at auction, also reflected in a 6.4% year-on-year fall in the average mileage of vehicles sold throughout July.
Year-on-year sales were up by 8.3% while values rose 12.6%.
Looking ahead, Daren Wiseman, head of valuations at Manheim parent firm Cox Automotive UK, said: “The September plate change and the inevitable influx of part exchange and fleet returns it will bring, will increase volume into the market but could also once again put some light pressure on values over the next 6-8 weeks. Those who are currently experiencing a strong wholesale market and auction performance should plan for the likely impact of extra volume on sales prices, and recognise the need for realistic reserve setting when it undoubtedly arrives.”
For more of the latest industry news, click here.