Manheim reports May average van sale increase
According to Manheim there was a steady appreciation of van sale prices across all segments in May.
The latest report from the auction business revealed that the average selling price of vans from its events in May was £19 higher than April at £4,109 and with an average of 2,670 fewer miles on the clock.
May’s report also highlighted that April’s record upward swing in month-on-month average age was a blip, seeing it fall back seven months to 66 months.
Manheim said this return to form for average age reflected the wash-through of high volumes of older, duplicate stock from large utility and distribution fleet sources.
The company also noted the increased contribution of ex-daily rental, flexi-rent and contract hire/lease vans in May.
In terms of model mix, 68% were either car derived vans or small panel vans.
The car derived van segment set a new record in May, accounting for 43% of all vans sold by Manheim in the month.
This is the highest percentage since Manheim began reporting in 2006.
Also, more than 40% of all vans sold by Manheim in May were over 60 months in age.
Manheim said vans offered for sale with little or no MoT were fetching up to £400 less than their freshly-tested counterparts.
Matthew Davock, head of LCVs at Manheim said: “Buyers are back out in force, in lane and online, competing strongly for retail stock.
“From my view on the rostrum, the length of unexpired MoT is now playing a significant role in driving buyer decisions.
“This is especially true of duplicate and pre-2008 stock.”
Hauliers mis-sold financial products in line for more compensation
Hauliers that were mis-sold financial products by their banks could receive more compensation after a judge granted a Judicial Review into the redress scheme.
Thousands of interest rate hedging products were unfairly sold to businesses by their banks up until around 2008.
A number of haulage and transport companies were affected, including The Delivery Specialists, Halls Group and the Orwell Crossing Lorry Park.
A date for a full hearing has yet to be set, but according to Paul Fitton, a solicitor at law firm McHale & Co, the proceedings should reveal how the banks, independent reviewers and the Financial Conduct Authority (FCA) decided how to compensate firms.
“The banks, and in fact the FCA, always cite the existence of the ‘independent reviewer’ , whose job it is to ensure that the bank has assessed the mis-sale and redress amount in line with FCA guidance,” explained Fitton.
“However, as the independent reviewer is paid by the banks and is often one of the banks’ biggest business partners, KPMG, it is difficult to trust the decision-making process.”
Fitton said the Judicial Review could ultimately “lead to businesses successfully challenging decisions and receiving some or more redress.”
Paul Clark, ex-boss of The Delivery Specialists, told commercialmotor.com his life was “still in limbo” and that his bank had still not paid him the full amount he believes he is owed.
Both KPMG and the FCA said they were unable to comment.
- This story originally appeared in the 18 June issue. To keep up with the latest news, why not subscribe and get 12 issues for £12?