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In January, the wholesale market got off to a slow start which led to LCVs remaining on site for 4 days longer than in December. Average age and mileage both increased modestly while the average price achieved fell sharply. However, volumes bounced back very strongly (+113%) which was an increase of 545 on the tally posted 12 months ago.
On a more positive note, the number of entries required to achieve each LCV sale decreased and the percentage selling at the first time of being offered increased. Overall, it remains true that supply and demand are reasonably well balanced, yet many believe that by mid-year the number of LCVs being de-fleeted will have risen further. Therefore, in this election year, the hope is that the domestic economy continues to grow and can generate sufficient demand to soak up any increased in the volume of used stock entering the market.
Although the data presented within this latest NAMA LCV report is open to a range of interpretations, the clear indication is that market sentiment has changed with the buyer’s mood becoming more cautious. Accordingly, if the wholesale marketplace is to maintain its momentum, vendors must continue to set reserves at a level that delivers high conversion rates and thereby support used LCV prices. Confirmation of this can be found within this report where first time sales are demonstrated to consistently generate higher returns than any subsequent sale. Although challenging, the expectation is that 2015 will prove to be a profitable year for those remarketing LCVs.
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