Internet auctions save used market
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The internet helps the used van market deal with its growing stock levels as CV buyers migrate online during the adverse wintery weather
Words: Kevin Swallow ONLINE CV buyers at auction helped stave off over-supply into the used van market, says industry used vehicle evaluator CAP.
Ken Brown, light CV editor of CAP’s Red Book, says internet auction bidding prevented a slowdown in a market under pressure from oversupply.
“Supply increased during December, with most models available in large volumes. In this situation, quality is a real problem, with large numbers of poorly prepared and damaged vehicles failing to excite buyers,” he says.
However, the growth in online auction activity has helped the market at times, especially when a deluge of snow hit the country.
Online purchasing has led to a twotier market. “The more cautious buyers are buying to order and are prepared to place strong bids to secure ready to retail vehicles. The other tier is made up of entrepreneurial types, taking advantage of seasonal drops in wholesale prices to stock-up,” adds Brown. ■