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Bidding boom raises prices
Page 68
Page 69
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Light CV sales are revving up at British Car Auctions as its UK business development manager Duncan Ward reports a strong first quarter.
Light CV sales hit the ground running in January and have gone from strength to strength throughout the first quarter. It is difficult to recall a more bullish period than the one we experienced in the first three weeks of March. Across the board, everything seems to have stepped up a gear — from late-plate vans to older, high-mileage examples.
Conversion rates and prices achieved both continue to improve and we are regularly seeing 80%-plus conversions across all stock. with many branded corporate sections recording 100% conversions.
As an indicator of demand, the car-sized van sector has plenty of supply, yet prices continue to firm. BCA is handling more Berlingos, Combos, Partners and Connects than we have seen in previous years, yet price performance is often exceptional. Demand is leading the market and vendors are seeing the returns.
However, specification and condition remain important —a side-loading door is vital— and colour can have a significant effect. BCA has been conducting some price comparisons on Berlingo models: fewer than 5% at BCA are finished in silver and these vans can attract a premium of up to 15%.
Some commentators predicted that prices would fall in the 4x4 double-cab sector but prices have been booming at BCA, even with new models from the manufacturers just around the corner.
While talk in the new market has been about the 'benefit in kind' —a loophole closing cheaper tax classification for new double cabs— the fact is that used buyers rarely see that benefit anyway as they just want the best specced double cab they can get.
With this in mind the basic models with steel wheels,manual windows, no air-con and in a solid colour need to he valued a little more keenly to attract the buyers.
While activity in the auction halls has been uniformly good all year, there are some models that are guaranteed to pack the halls when they are offered.The Mercedes-Benz Vito, VW Tkansporter and Caddy models are very much the flavours of the moment and price performance can be exceptional.
Hatchbacks in demand
Throughout 2006 we have seen huge interest in small hatchback vans and one particular vehicle sold at Blackbushe in late February showed just how strong the demand had become.An 0454 Ford Fiesta 14Tdci van at 4,000 miles. unlettered in white and with air-con sold for £5,700— that's 115% of CAP Clean and comparable to what a similarly spemed car would make.
Back in January we reported that the year was off to a flying start with a resurgence of interest in higher-priced light CVs and the late year market notably strong. We asked if this was a long-term trend and are happy to report that to date demand has held up well.
In February, we saw demand holding prices firm with both trade and end-users attending in large numbers and bidding strongly. Consequently prices moved up between 5% and 10% for well-presented stock against the turn of the year. with the cleanest lower mileage examples seeing rises in excess of that range.
We suggested vendors should be pouring stock into this highly receptive marketplace, which in an ideal world would require the typical three-year fleet or lease vehicle coming into service in January or February.
So is there any bad news at all? Buyers do remain reluctant if vans are tatty or poorly presented,but help is at hand.
BCA Smart Prepared offers a range of services to get CVs into the best possible condition, including trade name deletion, machine-applied polishes and 'smart repairs' to help vehicles achieve their optimum price.
Very high-mileage also remains a turn-off for buyers, but if the condition is good they will cherry-pick the best examples and pay accordingly.