UK’s British Car Auctions (BCA) has registered a notable rise in large commercial vehicles (LCVs) sales volume during May 2024, reaching the highest level of the year.
BCA said that this surge aligns with its expanded sales programme, which has provided customers with a broader selection of stock.
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In May, the average LCV value experienced a slight decrease to £8,013 ($10,188) from £8,347 in April.
This reduction is attributed to a change in the product mix, as more vehicles were released from fleet and lease sectors.
The pattern of LCV value changes between April and May mirrors the previous year, suggesting that seasonal market trends are re-emerging post-pandemic.
BCA reported growth in the LCV sector, with a notable double-digit percentage increase in volume from fiscal year 2023 to 2024.
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By GlobalDataBesides, BCA has adapted to the growing market by offering LCV sales seven days a week through BCA Online.
To accommodate the increased volume, a second sale lane was added on Tuesdays, Wednesdays, and Thursdays, enhancing the presentation of the diverse stock range to potential buyers.
Additionally, BCA has updated its Commercial Vehicle Cosmetic Grading system, simplifying the process for buyers to assess and compare the condition of vehicles.
The grading system provides a transparent evaluation of each vehicle, ranging from minor imperfections to severe damage.
The demand for vans that are ready for immediate use remains high among professional buyers, BCA noted.
The emphasis on condition and presentation has intensified across all LCV sectors, with a growing disparity between the best and worst-presented vehicles.
In the new van sector, the LCV market has seen continuous growth for the 17th consecutive month.
New LCV volumes in May increased by 1.9%, resulting in the strongest May performance since 2021.
BCA UK chief operating officer Stuart Pearson said: “Supply and demand was reasonably well balanced in May, with sellers and buyers being generally in tune around price expectations.
“The gap between the best and worst vehicles has certainly widened and, utilising the data from our latest LCV grading release, we’re working very closely with sellers to improve the condition of vehicles to maximise the potential for first-time sales.”
