Although the fall was largely in line with seasonal expectations, overall volumes in the van sector continued this year’s trend of being significantly higher than the same period last year – up by 26pc.

With supply now outstripping demand, auction conversion rates have fallen back.

Whilst August prices in each van segment generally fell month-on-month between 4pc and 8pc, there were some more significant reductions: Refrigeration Units (down 29.7pc to £2,361), Messing Units (down 18.3pc to £2,188) and Tippers (down 12.1pc to £3,846). However three segments actually bucked the trend and saw a price recovery: Large Panel Van < 3.0t (up 3.2pc to £2,923), Boxes and Lutons (up 5.5pc to £4,340) and 4x4 models (up 0.4pc to £4,028).

It is important to note that prices this year need to be viewed in the context of last year when stock was in short supply. The average selling price in August 2008 was some £971 (25.7pc) lower than August 2007 when it stood at £3,765.

This downturn is supported by a reduction in the pc New Price retained which fell over the same period from 28pc to 21pc, with age and mileage remaining largely static. 

Car dealers are being thrown a lifeline to save them in a declining market with the Finance and Leasing Association holding a sales convention in the Midlands in November.

Current economic conditions in the UK have led to lower consumer confidence and tough trading conditions for many industry sectors. Whilst car sales are slowing, the ‘credit crunch’ remains a real opportunity for finance providers and motor dealerships.

This convention will provide delegates with the very latest information on the UK motor finance market, generate debate and discuss new ideas about the provision of motor finance to consumers and business and give delegates the opportunity to network with industry colleagues and learn from each other.

It si being held in the Marriott Forest of Arden Hotel, Coventry on 12 November and costs from £480 plus VAT.