Cox Automotive reports that activity at Manheim Auction Services during January has set a positive tone for the year ahead.
The volume of stock handled during the month was up 24% year-on-year, and the number of active buyers increased 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 comments: “Manheim’s performance in January defies the overall mood of the used car market currently and sends 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. Feedback from buyers and vendors alike 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%.