Motor Auction Group (MAG) has officially opened its new £5m LCV auction centre in Goole, reporting strong demand and high prices driven by a buoyant used van market.
The facility has already processed more than 200 used LCVs across its first two sales, with participation from 150 online buyers from locations as distant as the south coast and Scotland, alongside over 100 physical buyers attending in person.
The auction centre has processed a diverse range of commercial vehicles, from basic panel vans selling below £1,000 to premium specification pick-ups achieving over £30,000.
The first sale recorded a 100% conversion rate for its top five vendors and an overall conversion of 87%, while the second sale maintained strong performance with an 82% conversion rate overall and 100% clearance for three new vendors.
Justin Lane, MAG’s group operations director, said: “We are pleased with the performance of our launch sales. We got our first sale live and operational within less than a week of transferring the LCV operation over from our Bawtry site.
“Our refurbishment and valeting team are live on site and our logistics partners have plenty of space to deliver and collect vehicles. Feedback from the physical buyers has been how easy it is to get here and park.
“Other than a few minor items like fitting a new canopy and some internal snagging the site was live just two months after we bought it.”
For tradespeople and SMEs looking to source commercial vehicles, the current market conditions appear to favour used van purchases.
Geoff Flood, MAG’s head of LCV, said: “The used LCV market remains strong for any vehicle that is between three and five years old in good condition physically and mechanically.
“The current worldwide economic challenges are working in the favour of the market as buyers are happier to invest in a used vehicle at £10,000 rather than take out finance to fund a new vehicle at £40,000.
“Buyers continue to stay away from vehicles that are in poor physical condition or that need parts due to the delay in getting a vehicle on their forecourt. Some specialist vehicles like lutons have been a little slow of late, but generally Q2 looks set to continue in the same positive vein as Q1.”
