Salvage prices surge in 2020
Salvage values rose by nearly a third last year as a result of parts shortages caused by lockdowns and Brexit.
CD Salvage Auction reports that rising demand pushed average salvage values up by 32% over the last six months of 2020 against the same period in 2019.
The company, part of the CD Auction Group, saw more bids per lot and higher sale values across passenger vehicles and LCVs. Values of both Category B and S vehicles increased by 33%, and Category N rose by 41%.
The sector saw values rise as Covid-19 and multiple lockdowns created shortages of stock due to fewer road traffic accidents and concerns around Brexit saw companies seek to stockpile parts.
Graham Howes, commercial director of CD Auction Group, said: “We saw demand drive higher prices across the board, but the demand in the LCV sector is noteworthy. It’s clear that the growth of online shopping is creating an unprecedented market for all levels of LCV.”
