Average LCV values at BCA reached their highest point in six months during March due to steady demand and an improving stock mix.
Values rose by 1.3% (£115) to reach £8,855 last month, the highest value recorded since September of last year.
Sold volumes rose for the third consecutive month as buyers competed strongly across BCA’s daily LCV sales programme.
The new van sector also continued to grow, rising 11.1% last month to 52,916 units and recording the best March performance for three years. Demand was particularly positive for small vans, which shot up nearly 45%, while larger vans were up 16.1%.
The strong performance in the new and used van sectors echoed the improving economic landscape, which saw the UK avoid the potential Q1 mini-recession that commentators had been warning of since the end of 2023. Further good news arrived for the small business sector as inflation fell to 3.2% in March, with encouraging noises from the Bank of England that interest rates may drop later this year.
Stuart Pearson, BCA chief operating officer UK, commented: “With good levels of interest from buyers and confident bidding across the range of product on offer, BCA can report on a strong start to LCV sales in 2024. Momentum has grown throughout the first quarter and thanks to BCA winning and retaining significant levels of vendor business, we can offer our buyer customers an even wider choice of LCV stock in our daily sales programme.”
He added: “March trading continued the pattern established in the first two months of the year, with steady demand for vans in good condition and even stronger interest for any commercial vehicle with a retail-style specification. Vehicles carrying damage need to be sensibly valued if they are to sell first time and the daily-updated BCA Valuations data helps vendors set realistic reserves that reflect real market conditions.”
