NAMA (the National Association of Motor Auctions) is working to introduce a grading scheme specifically for light commercial vehicles from early 2024.
Its used car grading scheme was launched in 2013 and the association says it’s now time to replicate the approach for light commercial vehicles on the back of significant demand from members.
The plans were the main topic of discussion at a recent roadshow and roundtable event held at the Cox Automotive Collaboration Centre at Bruntingthorpe on 17-18 July 2023 and exploring the perspective of both vendors and buyers.
The roadshow was broken down into three key parts, including an overview of the scheme and the identification of damage on LCVs.
It also featured a practical demonstration where five LCVs were on display, each representing the different grading categories. Attendees were shown the recorded damage of each vehicle and were given opportunity to inspect the different commercials and form an opinion as to whether they agreed with its delegated grade within the five-grade framework.
Finally, the roundtable discussion promoted discussion from attendees. This presented the opportunity to receive valuable feedback from those that will be using the grading scheme during the buying and selling process.
Going forward, NAMA will take away the feedback from buyers and vendors to develop the final proposed grading scheme. This will then be trialled by multiple auction groups, for data and functional analysis. A follow-up roundtable event is planned for November where the analysis and final grading scheme for LCV will be shared.
Paul Hill, NAMA advisor commented: “We are extremely pleased with the attendance and feedback we have received over the two days for our LCV Grading Roadshow. This feedback will prove invaluable in the decision-making used to finalise the grading specifications and for us to understand first-hand the viewpoint of those that will be using the scheme each day.
“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. It is now time to implement this method and standards that have worked so effectively for the car sector, for light commercial vehicles.”
NAMA’s used car grading scheme for the UK launched a decade ago, designed to facilitate the buying and selling process of a used car so that the condition of the vehicle is better understood by both parties. A universal understanding of a vehicle’s condition means it’s possible for both parties to anticipate a more accurate market sale price.
More than 90% of the UK auction sector’s cars are sold using the used car grading scheme, equating to over 10 million used cars sold. In April 2023, the scheme received the King’s Award for Enterprise – Innovation, reflecting its status as an invaluable support mechanism to the buying and selling process.
