Electric van maker Modec goes into administration

But van market sales are up by over 20%

ELECTRIC van maker Modec announced that it had gone into administration today (04 March 2011). According to a report in RoadTransport.com, an acquisition attempt by its current stakeholder Navistar had fallen through and administrators Zolfo Cooper had been called in. Modec, with its distinctive styling, produced a range of chassis cab, dropsides and box vans. Customers included Tesco Pictured), UPS and FedEx. Zolfo Cooper has been appointed as administrators. But while the fortunes of Modec were taking a dive, the SMMT reports that monthly van sales are flying. Van sales rose 23.8% in February to 11,113 while on a rolling year basis the gain is up 22.7%. “The commercial vehicle sector is leading the recovery with February van registrations up 24% and trucks up 50%,” said Paul Everitt, SMMT chief executive. “We are now seeing a sustainable improvement in new vehicle demand and the Budget later this month will be critical in strengthening consumer and business confidence. SMMT is looking for a freeze on fuel duty and measures that support business investment and access to finance and credit.”