Mild business car (LCV) values reached their highest level since July final yr because the sector’s efficiency defied expectations throughout Q1, BCA has mentioned.
LCV values rose £126 month-on-month to achieve a mean of £9,977 throughout March, as bought volumes improved considerably with over 700 LCVs supplied throughout its gross sales channels every day, the remarketing large mentioned in its newest market replace.
Total, efficiency towards value guides averaged 102.6% throughout March.
Stuart Pearson, BCA COO UK mentioned: “Our knowledge reveals bettering common values, wonderful purchaser engagement and rising volumes of LCVs bought throughout the first quarter of 2023, a extra optimistic gross sales efficiency than many might need anticipated given the tough financial situations that proceed to affect the small enterprise sectors.”
“Retail demand stays upbeat in keeping with anecdotal experiences from skilled consumers and that is serving to to help secure values within the wholesale used LCV sector.
However Pearson urged warning, falling wanting suggesting that the pattern of rising demand and costs would proceed. He mentioned: “While the market has been significantly optimistic over the last quarter, there’ll all the time be many transferring components regarding worth, efficiency and desirability.”
Again in February Cox Automotive mentioned that the UK’s used LCV market had obtained off to “a flying begin” in 2023, earlier than reporting a continued pattern of rising volumes a month later.
The information from the used van sector got here simply days after the Society of Motor Producers and Merchants (SMMT) predicted that new registrations would develop 13.9% in 2023.
Among the many manufacturers aiming to make nice strides this yr is business car distributor Harris Maxus, which is concentrating on progress via UK electrical car (EV) gross sales after formally opening its new headquarters in Liverpool.
Owned by China’s MG-owning SAIC Motor Company, the model is at present forecasting progress of over 200% within the UK subsequent yr after ending 2022 with projected gross sales of 6,000 items throughout the UK and Eire and outgrowing its earlier HQ.