Robust demand for used vans is set to keep prices high for many months to come, according to the National Association of Motor Auctions (NAMA).
The organisation said the view of its members at a recent meeting was that with demand continuing to exceed supply, the market is on track to achieve record prices for the rest of 2020 and into 2021.
The NAMA says demand is being fuelled by an increase in trade activities, as well as growth in online shopping.
Head of NAMA Louise Wallis said: “The auction market remains buoyant and continues to grow despite times of economic uncertainty. Demand for LCVs has been extremely strong for the industry as online sales have been established as a crucial component towards the market’s growth.
“The shift in consumer shopping activity from physical to online retail and the subsequent increase in deliveries has been supporting demand for used vans.
“Going forward, we expect the auction market to remain at high levels especially if online sales continue to perform well.”
Cap HPI senior CV editor Steve Botfield said: “The wholesale market for LCVs is astounding and auctions are achieving exceptional prices for vehicles.
“Over the last three months, values have increased on average by over 10.5%, with no early signs of this performance abating.”