NAMA Commercial Vehicle Report – October 2014

Published 14/11/2014 00:00:00 in Press Releases

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

The report shows that during October the average values of used LCV’s at auction across the board increased by 4.2% from £4,967 to £5177 between September and October. Volumes saw a 3.4% increase, and the average age of LCV’s sold at auction rose to 65.5months.

The average number of days that LCVs remained on site fell to 11.5 days, and the average mileage increased from 82,147 to 83,843 miles.

The average price paid for an LCV in October stood at £5,177 - which represents an uplift of more than 11% over this same month last year.

Despite having increased by 274 units, the total number of LCVs sold at auction in October stood 9% below the comparable figure for this same month in 2013.

Alex Wright, Chairman of NAMA Commercial Vehicle Group commented, “The data delivered in this month’s report highlights the strength to be witnessed in October across the entire marketplace for used light commercial vehicles. Despite increases in volume, age and mileage, the average lot achieved a higher price with the proportion selling at the first time of being offered rising by 3.4%.

“Comparing the year-on-year position across these LCV sectors underscores just how robust demand has been over the last 12-months, with average prices increasing an impressive 11%. In my quarter century of being on the rostrum, the market has reached a 25 year high. In a lot of cases it would make sense for retail buyers to purchase new stock, but it is only the reluctance of SME’s to commit to funding agreements which carries on pushing LCV demand to such high levels.

“How long this market is going to carry on is the big question within the CV industry. At our most recent NAMA committee meeting the guides and the auction houses all raised their own concerns and opinions, but we all agreed that we are on a zenith of a large cycle.  

“October prices have been pushed even higher with the UK entering the retailers golden quarter. This has a big impact on demand for all commercial vehicles, and this traditional cycle has only increased over the years with the effect of internet deliveries. For the short term over Christmas the market will stay strong, but as the report suggests, there are too many European and worldwide events which may happen and could affect our economy and the commercial vehicle market.”

 

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 Officer
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.

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