NAMA Commercial Vehicle report – January 2014

Published 14/02/2014 00:00:00 in Press Releases

The National Association of Motor Auctions (NAMA) published its Light Commercial Vehicle (LCV) market report for January today.

The report shows that during January the average values of used LCV’s at auction across the board increased by 1.1% from £4.757 to £4,807 between December and January. Total sales volumes saw a great increase of 9,185 units – a 10% rise over January 2013 and 136.4% increase over last month.

It was positive to see that 77% of LCVs sold at the first time of being offered. The large increase in volume was accompanied by reductions in both age and mileage which resulted in a small rise in average price.

The only negatives came in the form of increases in the time each lot spent on site and the average number of entries it took to achieve a sale. The number of days that LCVs remained on site rose to 15.6 and average mileage fell modestly to 83,788 miles. 

Similar to the effect that January’s uplift in volume had upon average mileage, despite each age band reporting falls, overall, the average price paid for an LCV rose by 1.1%. Much of this is explained by a 14% increase in the numbers of late year models coming under the hammer which helped lift the average to £4,807.

In January, if demand for used LCVs had not remained strong, this surge in volume across all the age bands would have caused problems. Thankfully, with the marketplace getting off to a fast start in 2014, these higher numbers were readily absorbed due to trade and retail buyer demand for all stock.

Alex Wright, Chairman of NAMA Commercial Vehicle Group commented, “The significant increase in volume witnessed in January undoubtedly resulted from those part-exchanges generated by December’s massive spike in LCV registrations. The good news this month however is the 10% rise in volumes over January 2013, and a greater volume than any other month last year.  

“This number of vans and pick-ups passing through the auction halls in January provided both vendors and auction centres with a stiff challenge that had to be met head-on.

“Encouragingly, with the expectation of continued growth across nearly all parts of the UK’s economy, it becomes difficult to remember a better time to be wholesaling used LCVs.

“With the likelihood of an extended run of good fortune in prospect over the months of spring, it seems that providing the laws of supply and demand are adhered to, 2014 is set to deliver another successful trading period to our industry”.

 

ENDS

Notes for editors: NAMA is the auction division of the RMI.  NAMA market information is based on data supplied by its National members operating in the remarketing sector. The monthly sample size is up to 90,000 vehicles. The full report is available on request.

Rupal Rawal, Communications Assistant
Tel: 020 7307 3412
Mob: 07528 977 157
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406

Web:
www.rmif.co.uk Email: rupal.rawal@rmif.co.uk

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland Trade Association which represents the retail motor industry in Scotland.

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