They're old, but they're still good
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By Kevin Swallow
Used van buyers continue to bid on older vehicles in good condition as the shortage of late-year vans continues.
Duncan Ward, British Car Auction general manager — CVs, predicted at the start of the fourth quarter of 2013 that professional buyers would continue to bid competitively across the range of LCV stock, and prices remain strong.
"With encouraging news about the economy, many LCV dealers are telling us they expect retail activity to hold up well for the rest of this year and into 2014," he said.
Despite the buoyancy in the auction halls, issues concerning supplies of retail quality used vans remain. "Buyers are prepared to bid on older vehicles in good condition and even vans requiring refurbishment to make up the shortfall," he added. The shortage of stock can be traced back to the collapse of the new van market in 2009 to just 186,386 registrations, according to the Society of Motor Manufacturers and Traders' (SMMT) published figures. That was down 55% from the record
high of 337,741 achieved in 2007. "Four years on, the big corporate fleets that provide the bulk of the 'first time to market' used vans simply do not have the same volumes to sell. Professional buyers who typically buy corporate vans at auction
are finding they have to bid harder and higher to secure the same stock and this trend is set to continue," he added.
In October this year, the SMMT revised its forecast for the 2013 van market to 264,100, just over 10% more than last year.