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NAMA: motor auctions continue to see record sales and prices in the LCV market

NAMA 21/09/2020

Auction houses experienced robust demand for used vans in September as trades returned to work and online shopping activities remained strong

As the UK eased out of lockdown and most people returned to work, the buoyant market for used vans continued to flourish.

The National Association of Motor Auctions (NAMA) has recently held a member meeting where discussions took place around the current and future market.

With demand continuing to exceed supply, used van values are higher than last year and on track to achieve record prices for the rest of 2020 and into 2021 according to NAMA members.

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 3-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”.

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About the RMI

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.