Van demand exceeding supply
The used van market is continuing to flourish in September, with auction houses reporting ‘robust’ demand exceeding supply.
According to the National Association of Motor Auctions (NAMA), used van values are higher than last year and on track to achieve record prices for the rest of 2020 and into 2021.
Sales of used vans remain particularly strong, fuelled by an increase in trade activities as well as the positive trends facing online shopping, where these vans are often used for deliveries.
Steve Botfield, senior CV editor at cap hpi, said: “The wholesale market for LCVs is astounding and auctions are achieving exceptional prices for vehicles. Over the last three months, values have increased on average by over 10.5%, with no early signs of this performance abating.”
Louise Wallis, head of NAMA, said: “The auction market remains buoyant and continues to grow despite times of economic uncertainty. Demand for LCVs has been extremely strong for the industry as online sales have been established as a crucial component towards the market’s growth.
“The shift in consumer shopping activity from physical to online retail and the subsequent increase in deliveries has been supporting demand for used vans. Going forward, we expect the auction market to remain at high levels especially if online sales continue to perform well.”
