March LCV values up 1.5% on February
Average values for light commercial vehicles rose in March, to £5,616, a rise of £84 (1.5%) compared to February, according to the BCA.
Fleet and lease values improved for the second month running, the organisation said, while part-exchange values declined marginally. Year-on-year, average values were up by £59 (1.0%) compared to March 2014, although performance against CAP declined by two and a half points over the year.
Age and mileage continue to decline, with the average van being two months younger and 1,600 miles less travelled when sold in 2015. Values for fleet and lease LCVs averaged £6,609 in March - a rise of £76 (1.1%) compared with February’s figure. CAP performance improved slightly to 101.1% and retained value against Manufacturer Recommended Price improved to 36.14%.
Year-on-year, values were down by £440 (6.2%). Part-exchange LCV values declined for the fourth month running, falling by just £22 (0.6%). CAP average comparisons were static at 103.8%, and continue to outperform the fleet & lease sector by some margin.
Year-on-year values were behind for the third month running, declining by £190 or 5.1%, with the average van being four months older and a mileage around 3,000 higher. CAP performance was down, year-on-year. Nearly-new LCV values averaged £12,688 in March - a fall of £924 compared to February, with CAP comparisons improving to 97.51%.
Duncan Ward, BCA’s head of commercial vehicles said this has to be taken in the context of the very low volumes reaching the market and the model mix factor. He added: “We continue to see rising volumes of poor condition or similar model vans reaching the used market, which is creating some pressure on average values. We have been predicting a tipping point in used values for some time and both fleet/lease and dealer part-exchange vans averaged lower values in March 2015 than a year ago.”
Keyfuels to launch online portal at Multimodal
Using the portal, fleet managers can create and change a wide range of rules such as maximum or minimum transaction values, the number of transactions in a day or week, the days of the week or times of day the card can be used, and blacklists and whitelists of filling stations that drivers cannot use or must use.
The manager can also select the action to take if one of the rules is breached – instant alert via text or email, daily or weekly email report, decline the transaction or decline the transaction and block the card.
Rules can be set for individual cards or groups of cards within the fleet and blocked cards can be unblocked by the fleet manager using ControlMax. Any changes take effect within one hour of being entered in to the web portal.
Keyfuels now has 300,000 cards issued in the UK which are accepted at almost 1,900 sites, and it has had to work closely with all the filling station networks to get their systems to talk to Keyfuels' server.
While designed mainly to increase the control fleet managers have over the use of fuel cards, the system will also more quickly identify and prevent fraudulent use, either by the driver or criminals who clone the card.
- Multimodal takes place at the Birmingham NEC on 28-30 April.