Most Notable Wholesale Corvette Auction Sales And Those That Failed To Sell

Welcome to this week’s installment of CorvSport’s unique (and exclusive) bi-monthly series, where we analyze the Corvette wholesale market to help our faithful readers gain negotiating leverage while shopping. While not an exhaustive list, each episode will give insights into market trends for the Corvette shopper (and curious enthusiasts who like to follow the market). Our analysis will also include historical wholesale averages, along with the Cox Automotive estimated retail values. We also track the sales ratios for each bi-monthly report, which are included in our summary section below.

The Process:

In preparation for each installment, I start a list of Corvettes from that week’s runlist that catch my eye. As a retired owner/operator of a used car dealership, I’ll use my 17 years of experience (and industry access) to give you insights into the market. My search is focused on the nation’s largest dealer-only wholesale auction, and all the Corvettes featured are from the Florida market. Corvettes end up at a dealer-only wholesale auction for many reasons, but most are trade-ins that the dealer decided not to retail on their lot. Some may also be repossessions or coming off leases. It’s also a common practice for dealers to dump problem (or slow-selling) units at an auction.

For fun (and insights), you can compare the MMR (estimated wholesale value) to the actual hammer price (if sold). It’s also interesting to compare the wholesale purchase price (if it sells) to the Cox Automotive estimated retail value, as this will give you an idea of the margins used-car dealerships are working with.

[5/23/2024 Edition] Top 10: Corvette Auction Activity Report

#10

2015 C7 Z06 Coupe 2LZ

39,951 Miles

Condition Report: 5.0/5.0

Announcements: Wrapped vehicle: Black

Autocheck History Report: 5 owners, 2 accidents

MMR: $54,400

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $60,000 (26,078 average miles)
6 Months Ago: $51,000 (47,175 mi)
Last Year: $57,400 (38,322 mi)

Estimated Retail Value: $57,200

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $46,500

(Insights: This Z06 was on our 5/10 report and went unsold. The second time was a charm; this was a great buy at nearly $11,000 under retail. Although the two accidents on the accident report could scare away some retail buyers.)

#9

2019 C7 Grand Sport Coupe 3LT

39,737 Miles

Condition Report: 4.7/5.0

Announcements: 3rd Party Seller

Autocheck History Report: 3 owners, 0 accidents

MMR: $53,000

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $56,900 (25,978 average miles)
6 Months Ago: $57,300 (16,706 mi)
Last Year: $70,000 (2,003 mi)

Estimated Retail Value: $56,900

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $54,200

(Insights: We are two for two on C7s! Although the miles are higher, these last year C7 Grand Sports are popular, so the buying dealer should be fine with finding a customer for this beautiful GS.)

#8

2020 C8 Stingray Coupe 2LT

35,044 Miles

Condition Report: 4.2/5.0

Announcements: Certified

Autocheck History Report: 2 owners, 0 accidents

MMR: $59,400

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $64,500 (21,095 average miles)
6 Months Ago: $67,100 (14,069 mi)
Last Year: $76,400 (13,912 mi)

Estimated Retail Value: $62,500

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $61,000

(Insights: Despite the higher miles and a lower condition report, this C8 still hammered for over MMR! Is the used Corvette market heating up again?!?)

#7

2020 C8 Stingray Coupe 2LT

5,436 Miles

Condition Report: 4.8/5.0

Announcements: No accident Carfax

Autocheck History Report: 1 owner, 0 accidents

MMR: $68,300

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $64,500 (21,095 average miles)
6 Months Ago: $67,100 (14,069 mi)
Last Year: $76,400 (13,912 mi)

Estimated Retail Value: $71,500

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: This C8 looked great on paper and in the pictures, so the selling dealer’s reserve likely was too high.)

#6

2022 C8 Stingray Convertible 2LT

26,955 Miles

Condition Report: 2.3/5.0

Announcements: Structural damage, 7 day NAAA Silver Certified

Autocheck History Report: 3 owners, 0 accidents

MMR: $53,600

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $63,500 (14,004 average miles)
6 Months Ago: $75,900 (5,363 mi)
Last Year: $87,400 (3,424 mi)

Estimated Retail Value: $57,000

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: This Corvette has the lowest condition report I’ve yet to see for a C8, so it’s no surprise it was a no-sale. The higher miles and structural announcement only added to its hurdles.)

#5

2023 C8 Stingray Coupe 2LT

33,363 Miles

Condition Report: 4.8/5.0

Announcements: None

Autocheck History Report: 2 owners, 0 accidents

MMR: $67,000

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $72,900 (3,638 average miles)
6 Months Ago: $74,300 (4,375 mi)
Last Year: $87,600 (1,958 mi)

Estimated Retail Value: $69,900

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: With more and more brand new 2024 C8s being discounted well below MSRP, it’s no surprise this one-year-old example with 33k miles went unsold.)

#4

2023 C8 Stingray Convertible 3LT

17,082 Miles

Condition Report: 4.5/5.0

Announcements: None

Autocheck History Report: 1 owner, 1 accident

MMR: $79,700

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $86,600 (4,564 average miles)
6 Months Ago: $88,600 (3,519 mi)
Last Year: $102,000 (2,545 mi)

Estimated Retail Value: $83,900

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: Interestingly, at 17,079 miles, this 2023 HTC sold on 5/14 at the same auction for $81,000. The buying dealer tried for a quick wholesale flip, or the sale was backed out, which can happen during a post-sale inspection.)

#3

2023 C8 Stingray Coupe 2LT

2,990 Miles

Condition Report: 4.4/5.0

Announcements: 3rd party seller

Autocheck History Report: 1 owner, 0 accidents

MMR: $71,600

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $72,900 (3,638 average miles)
6 Months Ago: $74,300 (4,375 mi)
Last Year: $87,600 (1,958 mi)

Estimated Retail Value: $74,400

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $71,000

(Insights: Considering the dinged condition report, this was a strong sale.)

#2

2023 C8 Z06 Coupe 3LZ

945 Miles

Condition Report: 5.0/5.0

Announcements: None

Autocheck History Report: 1 owner, 0 accidents

MMR: $139,000

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $143,000 (5,933 average miles)
6 Months Ago: $143,000 (5,571 mi)
Last Year: $197,000 (97 mi)

Estimated Retail Value: $152,000

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $135,750

(Insights: This dealer has been trying to sell this Z06 since mid-April, and they finally got their buyer. The seller likely decided to lower his reserve to the shifting market.)

#1

2024 C8 Stingray Convertible 2LT

2,060 Miles

Condition Report: 5.0/5.0

Announcements: None

Autocheck History Report: 1 owner, 0 accidents

MMR: $88,300

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: Not available
6 Months Ago: Not available
Last Year: Not available

Estimated Retail Value: $91,200

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: There are just too many deals on 2024 C8s right now for used 2024s to get traction at a wholesale auction, no matter how “like-new” they are.)

Summary: We were on a roll with the first three, and I surely thought a new sales record was on the way. But the hammers slowed, and we tied the last report’s ratio with 50% selling.

Sales Ratio Tracker (click date for report archives):

[2/29/2024] Report: 30% Sold
[3/13/2024] Report: 30% Sold
[3/27/2024] Report: 10% Sold
[4/12/2024] Report: 40% Sold
[4/26/2024] Report: 10% Sold
[5/10/2024] Report: 50% Sold
[Today]: 50% Sold

Thanks for checking out our exclusive wholesale report. If you want to keep up to date with all the fresh Corvette news and maintain a pulse on the lifestyle and culture of this exciting, iconic brand, CorvSport has the fastest-growing Corvette community on our Facebook page, with over 173,000 followers (54,000 since January 2023!). Come join other hardcore enthusiasts and say hello, Douglas B.

*All images and information credited to Manheim Auction