Light commercial vehicle (LCV) values reached their highest point since July last year as the sector’s performance defied expectations during Q1, BCA has said.

LCV values rose £126 month-on-month to reach an average of £9,977 during March, as sold volumes improved significantly with over 700 LCVs offered across its sales channels each day, the remarketing giant said in its latest market update.

Overall, performance against price guides averaged 102.6% during March.

Stuart Pearson, BCA COO UK said: “Our data shows improving average values, excellent buyer engagement and rising volumes of LCVs sold during the first quarter of 2023, a more positive sales performance than many might have expected given the difficult economic conditions that continue to impact the small business sectors.”

“Retail demand remains upbeat according to anecdotal reports from professional buyers and this is helping to support stable values in the wholesale used LCV sector. 

But Pearson urged caution, falling short of suggesting that the trend of rising demand and prices would continue. He said: “Whilst the market has been particularly positive during the last quarter, there will always be many moving parts relating to value, performance and desirability.”

Back in February Cox Automotive said that the UK's used LCV market had got off to “a flying start” in 2023, before reporting a continued trend of rising volumes a month later.

The news from the used van sector came just days after the Society of Motor Manufacturers and Traders (SMMT) predicted that new registrations would grow 13.9% in 2023.

Among the brands aiming to make great strides this year is commercial vehicle distributor Harris Maxus, which is targeting growth through UK electric vehicle (EV) sales after officially opening its new headquarters in Liverpool.

Owned by China’s MG-owning SAIC Motor Corporation, the brand is currently forecasting growth of over 200% in the UK next year after ending 2022 with projected sales of 6,000 units across the UK and Ireland and outgrowing its previous HQ.