CD Salvage Auction reports that rising demand pushed average salvage values up by 32% over the last six months of 2020 against the same period in 2019.
The company, part of the CD Auction Group, saw more bids per lot and higher sale values across passenger vehicles and LCVs. Values of both Category B and S vehicles increased by 33%, and Category N rose by 41%.
The sector saw values rise as COVID-19 and multiple lockdowns created shortages of stock due to fewer road traffic accidents and concerns around Brexit saw companies seek to stockpile parts.
Commenting on the trend, Graham Howes, commercial director of CD Auction Group, said:
“We saw demand drive higher prices across the board, but the demand in the LCV sector is noteworthy. It’s clear that the growth of online shopping is creating an unprecedented market for all levels of LCV.”
CD Salvage Auction remarkets nearly new damaged vehicles for the UK’s major rental and leasing companies and corporates. Its online-only bidding system encourages bidders from across the United Kingdom and the recent enhancement of its video imaging services has attracted new buyers to the platform.
The company has also completed an extensive training programme to equip all sites to handle all salvaged electric vehicles.
About CD Auction
CD Auction has over 30 years experience of remarketing and managing vehicles for many of the UK’s leading organisations. Its success in online remarketing of used vehicles has built an enviable list of clients from the rental and leasing sector to large and small corporations.
Initially based on a sealed-bid auction system, Cars Direct was quick to seize the internet’s potential. In September 2017, CD Auction Group Ltd was acquired by Arctos Holdings Ltd owners of SMH Fleet Solutions and CD Salvage Auction (Hudson Kapel).