The strong start to 2011 for CD Auction Group has been rubber stamped after a 100% sales conversion for major vendor BT Fleet was confirmed. The online sale of both light commercial vehicles and cars has resulted in every vehicle being sold at over 100% of CAP clean value.
The CAP guide is used by most auction companies to gauge the values of the vehicles they sell and CD Auction Group who use this system are Great Britain’s leading online auction company, boasting more than 21 years experience in electronic auctions. They were formed in 1989 after the founders believed the traditional mass auction process could be bettered. The success of the sale underlines the importance of online auctions in the commercial vehicle industry. CD Auction Group say they have seen demand for vehicles reach record levels since the start of the year which has led to a fast stock turnover and increasing values. Buyers are expected to cover the vans with commercial vehicle insurance and get them on the road ASAP.
Roger Woodward, CD Auction Group managing director, said “We have had around 30% more buyers looking for vehicles in the first few weeks of the year than before Christmas. The bidding on this sale was frantic, especially towards the end, and it is reflected in the outstanding values achieved. The demand for the good quality vans was fantastic.”
Two of the highlights of the auction were a diesel van reaching around 110% of CAP while several commercial vehicles reached over 130% of the CAP value. BT Fleet have a long standing relationship with CD Auction Group and have always been impressed with the consistency of results they achieve, they feel it is clear that the use of online auctions will keep growing as more businesses recognise the benefits. A recent survey among major vendors revealed that eight out of ten intend to use online auctions more and more in the coming years.
Tags: BT Fleet, CD Auction Group, commercial vehicle insurance, van drivers