Demand for LCVs remains exceptionally strong, with values continuing to average well in excess of guide prices according to BCA.
Average LCV values at BCA rose from £7,698 in July to £7,709 in August, averaging nearly 13% over guide value expectations, with sale conversion averaging over 95% in most sales. Sold volumes continued to rise, increasing by over 7% during the month.
Stuart Pearson, BCA COO UK remarketing, commented: “Professional buyer interest continues to be exceptionally strong for LCVs with a notable uptick in activity from volume buyers and increasing numbers of buyers bidding online across the board.”
BCA also reported significant increases in levels of online engagement in its daily LCV sales programme and last Saturday (19 September) saw it launch a new Saturday online sale, offering a wide choice of LCVs from UKCGR Commercials and BCA Outsourced Solutions.
The data from BCA comes on the back of reports from the National Association of Motor Auctions (NAMA) that demand for used vans continues to exceed supply, with values up on last year and on track to achieve record prices for the rest of 2020 and into 2021, according to the association’s members.
Figures from CAP HPI show that LCV values have increased on average by over 10.5% over the last three months, with no early signs of this performance abating – senior CV editor Steve Botfield said the market was “astounding” and vehicle prices were “exceptional”.