A decline in average used light commercial vehicle (LCV) wholesale values of just £15 in October suggests that “demand remains well balanced against supply”, according to BCA.
Echoing a trend that continues to maintain retailers’ used car values, the Constellation Automotive-owned remarketing giant said that limited supplies of nearly-new stock, in particular, was maintaining buoyant sale prices.
BCA UK chief operating officer Stuart Pearson said: “Despite the worsening economic conditions in recent weeks, demand remains well balanced against supply in the wholesale LCV market and average values reflect this.
“Much of this demand has been generated by the relative shortage of stock at every price point, most notably of nearly-new and retail ready vehicles which have been in short supply all year.”
On average, an LCV sold at BCA’s auctions last month commanded a price of £9,674.
Coming on the back of a 1.8% (£177) decline in average wholesale values during September, this remains the second lowest average monthly value of the year, however, in a period expected to deliver high demand from the home delivery sector.
BCA asserted that it had experienced confident bidding across the range of LCV stock on offer as sold volumes improved and sale conversions rose during October.
Performance against guide prices rose above 100% for the first time since February of this year, making it the third consecutive month that BCA has recorded an improvement.
BCA also reported increased activity around their specialist 4x4 events.
Pearson said: “There is also some seasonality at play with anything that can support increased activity in the home delivery being strongly contested, along with additional interest in any vehicle that becomes more desirable when the weather changes.”