The average monthly used light commercial vehicle (LCV) value at British Car Auctions (BCA) surpassed £10,000 in July.
Average used LCV values increased by £187 during July to reach £10,120, the highest recorded average monthly value on record at BCA.
BCA said in the past year, values have risen by £2,422, equivalent to a 32% uplift. Over 2,000 individual professional buyers competed for LCV stock at BCA during July.
Stuart Pearson chief operating officer at BCA UK, said: “The used LCV sector is experiencing a perfect storm, with the home delivery, courier, self-employed trades and the leisure vehicle sector experiencing high demand for vehicles.
“The onset of the pandemic stimulated significant growth in online shopping and, as a result, the number of people working as self-employed delivery, courier and final-mile drivers has risen dramatically. Many need their own vehicle, typically an LWB, high-roof large volume van, and we have seen values rise steadily in this sector.
“We have also seen significant demand for LCVs that support many small businesses and tradespeople, resulting in rising values for standard panel vans, tippers and dropsides.”
Delays to new van deliveries are helping drive used values to record-breaking levels as fleets hold on to vehicles longer and demand outstrips supply
Pearson predicts a further spike in demand for LCVs to meet the needs of the Christmas trading period, particularly as the supply challenges around new vehicles continues to have an impact on the wider marketplace.
Pearson said: “Our LCV sales continue to be exclusively online, providing our customers with the most efficient access to the widest choice of stock in the wholesale market daily via the BCA Buyer app and BCA Online.”