The Gavel - June 2025
Hot from the lanes, our auction experts Kevin Blincowe (car), Stuart Peak (LCV) and Chris Mynott (HGV) share key trends they saw in the used vehicle auction market during June 2025.
The Gavel, June 2025: Wholesale and industrial used vehicle auction insights
As we reach the midpoint of the year, the used vehicle auction market is showing strength, resilience, and adaptability across every stock type. Hear from our experts Kevin Blincowe (cars), Stuart Peak (LCVs), and Chris Mynott (HGV & plant) as they share their insights from the auction lanes and reflect on a strong first half of 2025.
H1 showed stability in car values and solid demand for used EVs
Kevin Blincowe - Car auction market
Despite wider economic headwinds, the UK’s wholesale car market has proven once again its ability to hold firm and, in many areas, outperform expectations.
Wholesale used car values held firm amid economic pressure
Core market indicators have remained impressively steady. Cap HPI data showed used car values in January and February held firm with virtually no depreciation (-0.1%), and February followed with a +0.4% uplift. Particularly at the key 3-year/60k-mile mark, proving remarkable consistency in market conditions – the joint fourth-strongest January result in over a decade.
Performance has been even stronger in the older age brackets, with 5-year-old and 10-year-old stock recording consistent gains as affordability continues to shape consumer behaviour. Demand for vehicles under £10,000 remains robust with sub-£5k and £5k–10k stock seeing notable uplifts in value, fuelled by constrained supply and growing demand at the budget end of the market.
Seasonal trends in used vehicle auctions boost stock but increase buyer selectivity
The remarketing sector has performed well across the first half of the year, with conversion rates consistently in the 70–80% range and even higher in key fleet, finance, and manufacturer channels. Demand has remained high, but activity through the auction lanes has followed familiar seasonal patterns.
As expected, Q2 saw a lift in volumes from end-of-quarter de-fleets and part-ex returns. This influx gave trade buyers greater choice, prompting more selective bidding.
Vehicles with strong specifications, clean prep, and good provenance commanded top prices, especially in Grades 1 and 2. By contrast, vehicles requiring prep or carrying fewer desirable options needed sharper pricing to shift.
Retailers and traders sought out the cleanest, best-presented vehicles with strong spec and colour combinations, often ignoring anything requiring heavy preparation. In a more plentiful market, presentation and provenance became key differentiators, with Grade 1 and 2 vehicles attracting strong competition and premium pricing.
This period reinforced a familiar truth in remarketing: quality sells, and timing matters. Vendors who prepared early and priced in line with live market conditions saw stronger results, while those slower to react to volume shifts or buyer sentiment risked seeing vehicles cycle back through the auction lanes.
Used EVs: Increasing retail appeal but mixed wholesale performance
Retail interest in 3–5-year-old used EVs (BEVs) is rising faster than petrol and diesel equivalents, but increased auction supply is putting pressure on wholesale BEV values. Cap HPI recorded BEV value drops in key age bands during February, even as conversion rates stayed in line with ICE stock.
Digging deeper into the wholesale picture, auction data shows a different dynamic at play. February 2025 saw BEV volumes in the auction lanes surge by 20%, creating a temporary oversupply and placing downward pressure on values. Cap HPI recorded -1.6% value drops at both the 1-year and 3-year age benchmarks and -2.2% drop at the 5-year benchmark.
Despite these reductions, BEV days in stock and conversion rates remained broadly aligned with ICE vehicles, indicating that the trade is becoming increasingly comfortable handling EVs, albeit more selectively than in the past.
It’s notable that 60% of BEV models saw value declines during H1, but there were also clear standouts. The Nissan Ariya, Hyundai Ioniq Electric, and Mercedes EQB all posted value gains underscoring that model, specification, and brand reputation remain key in determining performance.
Outlook for used cars in H2: Buyer confidence and selectivity to shape results in the auction lanes
Looking ahead, supply in the 3–5-year bracket will be key to shaping market performance. Hybrids are gaining popularity among retail buyers, while BEVs will remain in sharp focus. Vendors who understand the evolving market and prepare stock accordingly will continue to outperform.
Strong volumes, steady pricing and resilient demand at LCV auction
Stuart Peak - LCV auctions
The used LCV market has enjoyed a standout first half of 2025, with consistency, volume growth, and strong conversion rates driving results across Manheim’s auction network.
Used LCV market review: Consistent prices and increased sales volumes
Q2 defied traditional seasonal softening. Unlike last year’s challenging market, used van values in 2025 have remained remarkably stable month-on-month. First-time conversion rates continue to impress at 80%, and overall sold volumes are up 8.5% year-on-year; a clear indicator of a healthy and efficient marketplace absorbing higher levels of stock.
New van discounting exerts pressure on late plate used van prices
OEM discounting on new vans is having a visible effect on late, low-mileage used van prices. The 6–12-month age bracket is under pressure as retail buyers compare against heavily incentivised new alternatives. However, this segment remains relatively small and subject to change depending on manufacturer activity and incentives.
Summer slowdown expected, but long-term trends remain positive
De-fleet activity is expected to ease slightly in Q3 due to summer holidays and delayed plate-change registrations. Arrival volumes have softened modestly in the past six weeks which is a typical seasonal pattern.
Interestingly, new van registrations were down 12.1% in H1 compared to the same period in 2024. This decline supports the long-term strength of the used LCV market, with reduced new supply likely to underpin demand for used stock in the months ahead.
A strong first half and a positive outlook for H2
H1 2025 has been exceptionally positive for used vans. With consistent pricing, healthy buyer demand, and active auctions across all Manheim LCV sites, the market is well positioned for continued strength, even with a slightly softer Q3 expected ahead.
HGV & Plant auctions in H1 have seen strong volumes and high demand for specialist vehicles
Chris Mynott, National HGV Manager, Manheim Auction Services
HGV and plant auctions have been in high gear across the first half of 2025, with booming volumes, growing buyer attendance, and strong pricing across a wide range of assets.
HGV auction activity surges with record volumes at Gloucester centre
It’s been standing room only at many of our sales, especially at Gloucester where 200+ HGV units go through the auction lanes each week. The addition of a plant drive-thru has added further energy to our auction events with everything from trucks to heavy machinery rolling past the rostrum.
While some rental fleets have extended contracts and held back volume, smaller de-fleets and local vendors have more than filled the gap creating exciting sales with excellent kit variety.
Vendor growth and buyer numbers hit record highs in truck and plant auctions
Over 20 new vendors have joined our truck and plant auctions in the past two months, including major industry names like Hargreaves PLC, Flannery Plant and Hitachi Construction. Buyer interest is also at an all-time high, with 200+ attendees per sale and increasing numbers of both end users and physical buyers.
Our Buyer Services team continues to deliver site viewings and virtual inspections, driving transparency - key to buyer confidence and conversion.
Specialist trucks, low KM units and export stock lead the way
Market sentiment has been positive, especially for low-kilometre late-year vehicles, which are seeing particularly high returns. Specialist trucks such as beavertails, cranes, and big-power tractors remain in high demand.
On the plant side, quality large equipment is performing well, especially excavators and loading shovels. Export demand continues to fuel strong prices for Euro 4 and Euro 5 trucks, particularly from brands like Mercedes-Benz.
At HGV auctions June saw the average selling price rise by £472 year-on-year, first-time conversion rates rise by 15%, and average days to sell improve by two, confirming the sector’s strong momentum.
H1 2025 was a milestone period for plant and HGV auctions
With conversions up, buyer numbers surging, and pricing stronger than expected, the first half of 2025 has been one to remember in the truck and plant auction lanes. While Q3 may bring lighter de-fleet volumes, the long-term trajectory remains extremely positive.
Our next dedicated plant auction takes place on Thursday 28th August at Gloucester. We’re expecting a strong line-up of stock, with early entries already generating interest. Keep an eye out for catalogue updates via our website and social media channels.
A strong H1 across all sectors, and a confident start to H2 2025
Across cars, vans, trucks and plant, the first half of 2025 has shown that the UK’s used vehicle auction sector is firing on all cylinders. Strong buyer appetite, consistent values, and proactive vendor strategies have underpinned a remarkable six months.
At Manheim, we’re proud to be at the heart of this progress and as we look to the second half of the year, we remain committed to delivering high-impact, high-value results for our customers.
The Gavel shares insights into the auction lanes, the used vehicle market and our vendors. Make sure you’re signed up to this newsletter to have it drop in your inbox as soon as it’s live! For more updates, follow us on Facebook and YouTube.
