Think Insurance specialises in part time motor trade insurance and it has come to our attention that dealers are sourcing their used car stock online as the big freeze hits the UK. Sources from Manheim, one of the UK’s biggest Vehicle Auctioneers, have been quoted as saying that their Simulcast product ( online bidding ), normally accounting for 25% of their auction sales, has risen dramatically upto 50% at some of their sites.
British Car Auctions were yesterday also predicting similar results on the internet. They also warned of a heavy oversupply of light commercial vehicles in the market place, that the increase was sudden and dramatic coinciding with the traditional year end dip. They felt that most vehicles had come into the market earlier than their planned de-fleet dates because of business and economic pressures on the operators themselves. Manheim also reported a big drop in their sales conversion rates on vans and commented that real interest had fallen in them quite substantially. Price guides for vans or light commercials are likely to be hit heavily if the over supply continues over the festive period and into the new year.
In other Auction news Manheim have announced that a deal has been struck with SAAB GB to manage the re-marketing of their ex-rental, press, demo and management vehicles. Manheim have also just introduced a new vehicle grading system for dealer part exchange vehicles sold on its online side Simulcast. They have responded to feedback from customers where they require more information on vehicles. This new grading system, shows more interior & exterior pictures and also allows the customer online upto 24hrs before the auction begins. Manheim reported that that there was already a greater confidence from buyers and stressed the importance of accurate vehicle descriptions allowing their customer to make considered purchases.
In our last piece of news Manheim have announced the closure of their Rotherham site after 20 years of trading there. Manheim reported that the closure was as a result of restrictions on the lease which meant they were unable to expand the site as they and their customers would have liked. Redundancy letters were issued to thirty of the staff there but Manheim hoped that some would relocate and take positions at other centres.
Think Insurance – your best bet for part time or full time motor trade insurance.