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.

[6/07/2024 Edition] Top 10: Corvette Auction Activity Report

#10

2014 C7 Stingray Convertible Z51 3LT

55,577 Miles

Condition Report: 4.4/5.0

Announcements: None

Autocheck History Report: 3 owners, 0 accidents

MMR: $33,600

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

Historical Wholesale Averages

Past 30 Days: $35,400 (49,511 average miles)
6 Months Ago: $38,000 (37,446 mi)
Last Year: $48,000 (13,750 mi)

Estimated Retail Value: $39,600

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $33,400

(Insights: Bought right on the money, with some good margins between acquisition cost and estimated retail value.)

#9

2017 C7 Z06 Convertible 3LZ

33,681 Miles

Condition Report: 4.1/5.0

Announcements: 3LZ, 3rd party seller

Autocheck History Report: 3 owners, 0 accidents

MMR: Not Available (due to limited transaction data)

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

Historical Wholesale Averages

Past 30 Days: $60,500 (33,681 average miles)
6 Months Ago: Not available
Last Year: Not available

Estimated Retail Value: Not Available

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $60,500

(Insights: Another C7 sale in the books! Will today’s results be the first to beat the 50% sales rate?)

#8

2017 C7 Z06 Coupe 3LZ

22,671 Miles

Condition Report: 4.2/5.0

Announcements:

Autocheck History Report: 2 owners, 0 accidents

MMR: $65,300

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

Historical Wholesale Averages

Past 30 Days: $64,200 (27,429 average miles)
6 Months Ago: Not available
Last Year: Not available

Estimated Retail Value: $68,800

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $65,000

(Insights: We are on a C7 roll. Bought right on the money, as they say.)

#7

2019 C7 Grand Sport Coupe 1LT

14,596 Miles

Condition Report: 4.1/5.0

Announcements: None

Autocheck History Report: 4 owners, 0 accidents

MMR: $53,700

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

Historical Wholesale Averages

Past 30 Days: $53,600 (20,446 average miles)
6 Months Ago: Not available
Last Year: $57,100 (24,729 mi)

Estimated Retail Value: $57,300

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: We were so close to a C7 flush. This dealer’s reserve was likely too high for the lower condition report and 1LT trim.)

#6

2021 C8 Stingray Convertible 3LT

9,227 Miles

Condition Report: 4.8/5.0

Announcements: 3rd party seller

Autocheck History Report: 1 owner, 0 accidents

MMR: $74,200

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

Historical Wholesale Averages

Past 30 Days: $74,100 (11,390 average miles)
6 Months Ago: $77,400 (6,310 mi)
Last Year: $87,600 (7,225 mi)

Estimated Retail Value: $79,900

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $72,250

(Insights: A good buy for the purchasing dealer, at nearly $2000 below MMR.)

#5

2021 C8 Stingray Convertible 3LT

4,822 Miles

Condition Report: 4.9/5.0

Announcements:

Autocheck History Report: 1 owner, 0 accidents

MMR: $75,800

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

Historical Wholesale Averages

Past 30 Days: $74,100 (11,390 average miles)
6 Months Ago: $77,400 (6,310 mi)
Last Year: $87,600 (7,225 mi)

Estimated Retail Value: $81,500

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: This one looked pretty good on paper, so the wrap likely scared off bidders.)

#4

2022 C8 Stingray Convertible 3LT

5,758 Miles

Condition Report: 5.0/5.0

Announcements: None

Autocheck History Report: 1 owner, 0 accidents

MMR: $81,600

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

Historical Wholesale Averages

Past 30 Days: $80,700 (7,094 average miles)
6 Months Ago: $78,800 (12,958 mi)
Last Year: $95,300 (3,798 mi)

Estimated Retail Value: $87,300

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $81,700

(Insights: Another one bought right on the money. It looked great on paper and went off to a new dealer.)

#3

2023 C8 Stingray Convertible 2LT

3,824 Miles

Condition Report: 5.0/5.0

Announcements: Green light, guaranteed

Autocheck History Report: 1 owner, 0 accidents

MMR: $79,800

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

Historical Wholesale Averages

Past 30 Days: $78,300 (6,997 average miles)
6 Months Ago: $79,800 (4,445 mi)
Last Year: $93,200 (1,121 mi)

Estimated Retail Value: $89,300

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: This nice 2023 HTC appeared to check all the boxes, so the seller’s reserve was likely higher than bidders were willing to pay.)

#2

2024 C8 Stingray Coupe 2LT

5,084 Miles

Condition Report: 4.4/5.0

Announcements: None

Autocheck History Report: 1 owner, 0 accidents

MMR: $72,800

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

Historical Wholesale Averages

Past 30 Days: $76,100 (2,352 average miles)
6 Months Ago: Not available
Last Year: Not available

Estimated Retail Value: $75,900

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: The 4.4/5.0 condition report on a 2024 is odd and likely led to the no-sale. It’s a tough sale for these 2024s as more Chevy dealers are giving deals off MSRP.)

#1

2024 C8 Stingray Convertible 3LT

1,484 Miles

Condition Report: 5.0/5.0

Announcements:

Autocheck History Report: 1 owner, 0 accidents

MMR: $93,900

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

Historical Wholesale Averages

Past 30 Days: $93,100 (1,019 average miles)
6 Months Ago: Not available
Last Year: Not available

Estimated Retail Value: $96,800

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $92,250

(Insights: An impressive sale, as many of these 2024s fail to sell. This one looked to be highly optioned.)

Summary: The summer season is heating up the Corvette marketplace, and the result is a new record sales ratio of 60%! It will be fun to watch these ratios as we move deeper into Corvette season!

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
[5/23/2024] Report: 50% Sold
[Today]: 60% 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