A proportional increase in van finance applications has been tracked by motor retail technology provider iVendi.
Using data from across the dealers who use its systems, the company reports that at this point in May 2019, vans accounted for around 5%. This has increased to 8%.
James Tew, Chief Executive at iVendi, said: “While the overall number of finance applications we are seeing this year is, as you would expect, much lower than 12 months ago, the proportion of applications for vans and motorcycles is noticeably higher.
“The obvious reading from this is that we are seeing two coronavirus-related trends feeding through into the figures. Firstly, there is an increased demand for light commercial vehicles for use by key workers in important support roles.
“Secondly, we are hearing anecdotal stories of some people understandably choosing to move out of public transport because of the risk of infection on trains and buses, instead moving into alternatives.
“The motorcycle sector is clearly part of this, especially when it comes to mopeds and other types of commuter bike.”
James said that there was a reasonable likelihood that this shift in iVendi’s finance application statistics would continue into both the medium and long-term.
“We’re almost certainly going to see a change in the transport mix as a result of the coronavirus situation. People overall might end up making fewer journeys overall but be very reluctant to share their transport with others when they do have to travel.
“It is likely that this will drive sales of cars, especially small hatchbacks, as people look to find alternative ways of getting to work, but it could also see the popularity of everything from bicycles and e-bikes to electric scooters and mopeds rise.”
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