Motor Auction Group (MAG) has officially opened its new £5 million LCV auction centre.
The company said the site in Goole, Yorkshire, had sold more than 200 used LCVs in its first two sales. It said the first sale saw a 100% conversion rate for its top five vendors, and an overall conversion rate of 87% while the second saw an 82% conversion rate.
Vehicles sold ranged from sub-£1,000 panel vans to pick-ups that made over £30,000.
MAG group operations director Justin Lane 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. We can’t have asked for a better first few weeks on site.”
Commenting on current used LCV market trends MAG head of LCV Geoff Flood 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.”
