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NAMA Commercial Vehicle Report – October 2014Back

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

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.

Price Changes by age

Jul-14

Aug-14

Sep-14

Oct-14

<2 Years

£10,985

£10,420

£11,050

£12,610

Previous month Diff

-6.0%

-5.1%

6.0%

14.1%

2 – 4 Years

£6,550

£6,330

£6,620

£7,000

Previous month Diff

-2.8%

-3.4%

4.6%

5.7%

4.1 – 6 Years

£4,585

£4,740

£4,640

£4,930

Previous month Diff

-2.8%

3.4%

-2.1%

6.3%

Over 6 Years

£2,485

£2,415

£2,440

£2,585

Previous month

Diff

0.6%

-2.8%

1.0%

5.9%

 

 

 

 

 

 

 

 

 

 

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.

Volume Changes by Age

Jul-14

Aug-14

Sep-14

Oct-14

<2 Years

614

504

431

531

Previous month Diff

44.8%

-17.9%

-14.5%

23.2%

2 – 4 Years

2,921

3,017

2,927

2,483

Previous month Diff

8.8%

3.3%

-3.0%

-15.2%

4.1 – 6 Years

2,459

2,105

1,933

2,187

Previous month Diff

4.5%

-14.4%

-8.2%

13.1%

Over 6 Years

3,051

2,630

2,700

3,064

Previous month Diff

-6.3%

-13.8%

2.7%

13.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

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.”

Posted by Sue Robinson on 14/11/2014