CV demand continues to surge
Demand for commercial vehicles has soared, with the number of unique users to Auto Trader Vans marketplace rising 40% year-on-year in June, and 79% on pre-Covid-19 levels.
Meanwhile, average prices increased two per cent between the start of the lockdown period to mid-May, but surged in anticipation of showrooms reopening – and have continued to grow.
On 1 June the average sticker price of a used CV was £13,710 while on 6 July it was £14,404, marking a 10% increase since pre-lockdown.
Director of commercial vehicles, Rob Morphet, said: “With over 64 million total visits to Auto Trader last month, we have seen extremely strong consumer demand since retailers have been able to reopen their showrooms. This latest data clearly shows that it hasn’t been limited to cars and there is a huge opportunity in the CV market too.
“It’s reassuring to see retailers haven’t been tempted to drop their prices in order to entice buyers on to their digital and physical forecourts; with demand so high, there is absolutely no reason to do so. And whilst it’s hard to predict how long it will last, retailers should continue to be confident in their pricing and use accurate and up to the minute data, tools and insight to back up their pricing decisions.”
The increased demand has had a significant impact on the speed of sale. As of the last week of June, the average number of days to sell a commercial vehicle has fallen 43% since the beginning of the lockdown period.
