The National Association of Motor Auctions’ (NAMA) new LCV grading standard will be officially launched by Manheim Auction Services across its auction locations from 1 July.
This initiative builds on the success of the NAMA car grading standard, which has been in place since 2013. Over 90% of the sector’s vehicles are now sold using the scheme, equating to over 10 million used cars sold.
Paul Hill, NAMA spokesperson said: “The used car grading scheme is now widely accepted by the industry as the definitive standard to describe the relative condition of cars for buyers and sellers. We are incredibly proud of the positive impact it has had over the years. By providing a consistent and transparent method of evaluating vehicle condition, we have helped to foster trust and confidence throughout the car buying and selling process.
“With the proven success of the car grading scheme, it is now time to extend these benefits to the light commercial vehicle sector. The new LCV grading standard is tailored to address these vehicles’ unique usage and wear characteristics, ensuring that buyers and sellers can accurately assess condition and value. This will ultimately lead to more informed decision-making and a smoother transaction process in the LCV market.”
The new grading standard will follow similar principles to the NAMA car standard, with LCV units being graded against six ratings: 1-5 and U (‘ungraded’). Given the typical usage of LCVs, the NAMA grading levels for these vehicles are more tolerant compared to car gradings and will also take load areas into account.
Matthew Davock, director of commercial vehicles at Cox Automotive said the grading standard articulates will provide a new level of confidence among LCV buyers and sellers.
“Overall, the grading adds an extra layer of value. Vendors will have better visibility of return conditions and access to improved data, supporting more accurate reserve setting, improved reconditioning insight, and stronger first-time conversion rates. For our buyers, it will mean finding the vans that best match their stock profile with greater ease.
Manheim has been working side-by-side with NAMA ahead of the launch of NAMA LCV grading, acting as one of the project’s supporting sponsors. Other auction businesses are expected to follow suit in due course.
Starting 1 July, this new grading standard will be applied to more than 2,500 LCV units for sale at Manheim’s daily LCV in-lane sale locations at Shepshed, Bristol, Haydock, Washington, and Colchester that week. Additionally, a special offsite sale event is planned at Novuna Vehicle Solutions in Trowbridge, showcasing the new grading standard on all vehicles.
Currently, Quegan serves as the managing director of Cox Automotive UK’s Wholesale Group.
Paul Hill, NAMA spokesperson, said: “Liam brings a wealth of experience in the automotive and financial services industries to his new role. His extensive experience and leadership skills will undoubtedly be invaluable as we continue to support and advance the motor auction industry. Our industry has much to be optimistic about as we navigate the ever-changing world of automotive, and NAMA is a key part of the future.”
Quegan said: “This industry is dynamic and ever evolving, and NAMA seeks to represent motor auction companies, of all sizes. That’s why, as an organisation, we never sit still – wanting to continuously improve, proactively engaging in key issues, and setting clear best practice standards. I look forward to pushing the organisation forward and working closely with my peers to set the standards of motor auctions across the UK.”