Light Commercial Vehicle (LCV) values averaged £9,674 at British Car Auctions (BCA) in October, down just £15 on September’s figure and underlining the good balance between supply and demand. With confident bidding across the range of stock on offer at BCA, LCVs sold volume improved as sale conversions rose during October.
Performance against guide prices continued to improve, rising above 100% for the first time since February of this year. It is the third consecutive month that BCA has recorded an improvement in this figure, suggesting that competition for the stock is increasing. This trend is expected to be maintained with the likelihood of reduced volumes of stock availability in the last few weeks of the year.
BCA also saw increased activity around their specialist 4×4 events as the winter months approached. Notably, buyer interest also increased for poorer grade stock during October, driven by additional sale segmentation making it easier for customers.
Demand for the best presented LCVs remained as strong as it has been all year with overall weekly values being robust, although seasonal issues persist – notably the effect of school half-term holidays.
Source: BCA Valuations
Stuart Pearson, BCA COO UK said: “Despite the worsening economic conditions in recent weeks, demand remains well balanced against supply in the wholesale LCV market and average values reflect this. Much of this demand has been generated by the relative shortage of stock at every price point, most notably of nearly new and retail-ready vehicles which have been in short supply all year. There is also some seasonality at play with anything that can support increased activity in the home delivery being strongly contested, along with an additional interest in any vehicle that becomes more desirable when the weather changes”.
He added “BCA’s ongoing refinement of its online sales program is providing more choice for our customers and making it easier for buyers to access more of the stock that they’re interested in. By selecting and segmenting similar makes, models and values in our daily sale programmes, we can ensure the right stock is presented to the right buyers at the right time.”
Source: BCA Valuations