The average sale price of used LCVs sold at auction fell by 0.3% month-on-month in February, according to BCA.

The average for the month of £8,740 was also a drop of more than £1,000 compared with February 2023, although BCA pointed out that it was also an 8.7% increase compared with the recent market low point in December 2023.

The remarketing company also said performance against guide values had lifted by one percentage point to 99.3% over the month and sold volumes increased significantly.

It said a slowly improving economic backdrop was continuing to support rising confidence felt in the used LCV sector.

BCA UK COO Stuart Pearson said: “The confidence we saw emerging at the start of 2024 has continued into February with excellent buyer engagement, firm prices and an improved churn of stock.  

“Whilst only a few months into the new year, the feeling of seasonal trends previously talked about is getting further established and there’s a good balance between supply and demand, which is welcome news for both sellers and buyers alike.

“March trading has continued to follow a similar pattern and whilst we could see some pressure as we move over the Easter period, the trade is well versed in how to navigate this and there is a feeling of a better balanced and more predictable marketplace in the months ahead.”