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NAMA Commercial Vehicle report – February 2014Back

NamaThe National Association of Motor Auctions (NAMA) published its Light Commercial Vehicle (LCV) market report for February this week.

The report shows that during February the average values of used LCV’s at auction across the board increased by 0.8% from £4,807 to £4,844 between January and February. Despite the slight rise in value, total sales volumes saw a significant -6.6% fall to 8,583 units, however volumes still remain 20% ahead on February 2013 suggesting there is still a healthy demand for LCVs.

It was positive to see that 77% of LCVs sold at the first time of being offered. The average number of days that LCVs remained on site fell to 12.7 and the average mileage was 84,079 miles

Price Changes by age

Nov-13

Dec-13

Jan-14

Feb-14

<2 Years

£11,175

£11,270

£11,145

£10,975

Previous month Diff

-5.5%

0.9%

-1.1%

-1.5%

2 – 4 Years

£6,830

£6,590

£6,440

£6,580

Previous month Diff

1.9%

-3.5%

-2.3%

2.2%

4.1 – 6 Years

£4,250

£4,425

£4,320

£4,405

Previous month Diff

-0.4%

4.1%

-2.4%

2.0%

Over 6 Years

£2,370

£2,520

£2,510

£2,555

Previous month Diff

-2.1%

6.3%

-0.4%

1.8%

 

 

 

 

 

 

 

 

 

 

 

 

With February delivering positive news on LCV prices, albeit with an overall increase of just 0.8%, it is perhaps more relevant to reflect that over the past 12 months the average price paid for an LCV lot has risen by £586 (+13.7%).

Volume Changes by Age

Nov-13

Dec-13

Jan-14

Feb-14

<2 Years

367

200

488

557

Previous month Diff

-27.8%

-45.5%

144.0%

14.1%

2 – 4 Years

2,003

1,136

3,082

2,668

Previous month Diff

-18.3%

-43.3%

171.3%

-13.4%

4.1 – 6 Years

2,609

1,215

2,638

2,280

Previous month Diff

-9.5%

-53.4%

117.1%

-13.6%

Over 6 Years

2,984

1,334

2,977

3,078

Previous month Diff

-8.6%

-55.3%

123.2%

3.4%

 

 

 

 

 

 

 

 

 

 

 

In February, volumes rose for the oldest and youngest LCV age bands whilst numbers for stock between 2-6 years old fell back to give an overall reduction of 6.6%. At 8,583 units, the current volume of LCVs appearing at auction is being readily absorbed. However, whilst demand for vans has remained solid, the growing number of 4×4 double cab pick-ups and larger minibuses on offer, at a time when the sentiment being directed towards them has faltered, are struggling.

Alex Wright, Chairman of NAMA Commercial Vehicle Group commented, “February delivered robust results and was better indicating as to where the remainder of this year is heading. It would appear that monthly volumes will remain well above 8,000 units and destined to settle above 9,000 before too long.

“Over the medium term, should the average number of LCVs being offered at auction each month top the 10,000 mark, then nothing short of boom conditions across the wider UK economy would prevent price slippage.

“With the dominant factor across each LCV sector over the past 18-months having been the shortage of quality used stock, the sizeable increase in retail and trade demand has driven prices ever higher.

“Looking at the overall market this month it is difficult to predict what 2014 holds for the industry. Taking on board sales volumes of 4×4 double cab pick-ups and above 4.0 tonne minibuses, we have prime examples here of just how quickly the market can change and can only hope for a significant turnaround over the coming months”.

 

 

Posted by Sue Robinson on 14/03/2014