Recent research by the Corporate Vehicle Observatory suggests that while confidence by fleet operators is on the increase, in the past year the proportion of companies running their cars and vans for longer in the UK is greater than in other European countries and covers fleets of all sizes.

“Even a modest reduction over time in the pace with which vehicles enter the remarketing cycle and the fact that the span of age/mileage becoming available is likely to have a cushioning impact on residual values. Overall, we see this as a positive development,” responded NAMA’s Louise Wallis.

As well as a change in the mileage/age of vehicle entering the market, another influencer will be the sustained growth in alternatively fuelled vehicles, notably hybrids, which feature in 38% of larger fleets.

Wallis added: “The level of hybrid activity is on the rise at our member auctions and there is strong buyer interest in such vehicles and it is a trend that will gain increasing impetus. Again, we do not see this switch in vehicle type as having a seismic impact in RVs. Momentum will happen over an extended period and even when supported by more EVs, which largely have a novelty value at auction right now, are likely to change the market dynamics gently.”