News

Lockdown demand pushes up average salvage values

Time 4 months ago

Average salvage values were pushed up by 32 per cent over the last six months of 2020, CD Salvage Auction reports.

The company, part of the CD Auction Group and which remarkets nearly new damaged vehicles, saw more bids per lot and higher sale values across passenger vehicles and LCVs in the period.

Values of both Category B and S vehicles increased by 33 per cent, and Category N rose by 41 per cent, too.

Advert

The firm says the sector saw values rising thanks to the coronavirus pandemic, and multiple lockdowns created shortages of stock due to fewer road traffic accidents and concerns around Brexit saw companies seek to stockpile parts.

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 Auction Group operates online-only auctions and has also completed an extensive training programme to equip all sites to handle all salvaged electric vehicles.

James Batchelor

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer.

More stories...

Advert