Greetings, and welcome back to another 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.
[6/21/2024 Edition] Top 10: Corvette Auction Activity Report
#10
2019 C7 Stingray Coupe 1LT
18,875 Miles
Condition Report: 4.7/5.0
Announcements: Green light
Autocheck History Report: 2 owners, 1 accident
MMR: $44,900
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $38,000 (37,736 average miles)
- 6 Months Ago: $44,500 (14,378 mi)
- Last Year: $46,600 (29,899 mi)
Estimated Retail Value: $52,400
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $42,400
(Insights: With a manual transmission and one of the more popular C7 colors, this unit was destined to sell–despite the accident on the record.)
#9
2019 C7 Grand Sport Coupe 1LT
15,306 Miles
Condition Report: 4.9/5.0
Announcements: 3rd party seller, carbon package
Autocheck History Report: 2 owners, 1 accident
MMR: $55,700
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $51,300 (23,340 average miles)
- 6 Months Ago: Not available
- Last Year: $57,100 (24,729 mi)
Estimated Retail Value: $60,900
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $54,500
(Insights: This unit is what we used to call in the business “resell red.” Well bought, despite the accident on the history report.)
#8
2019 C7 Grand Sport Coupe 1LT
8,798 Miles
Condition Report: 4.7/5.0
Announcements: None
Autocheck History Report: 1 owner, 2 accidents
MMR: $57,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $51,300 (23,340 average miles)
- 6 Months Ago: Not available
- Last Year: $57,100 (24,729 mi)
Estimated Retail Value: $62,100
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This Grand Sport looked pretty appealing until you saw those 2 accidents on the Autocheck. There was a reason why Stingray Chevrolet tried to offload this unit at the auction instead of retailing it.)
#7
2020 C8 Stingray Coupe 2LT
2,027 Miles
Condition Report: 4.8/5.0
Announcements: Includes two tops
Autocheck History Report: 2 owners, 0 accidents
MMR: $67,800
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $64,600 (11,373 average miles)
- 6 Months Ago: $63,900 (26,073 mi)
- Last Year: $77,300 (9,954 mi)
Estimated Retail Value: $73,400
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: It’s going to be tougher to sell these early low-mileage C8s as more and more dealers are offering 2024s at a discount.)
#6
2020 C8 Stingray Coupe 2LT
1,957 Miles
Condition Report: 5.0/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $68,600
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $64,600 (11,373 average miles)
- 6 Months Ago: $63,900 (26,073 mi)
- Last Year: $77,300 (9,954 mi)
Estimated Retail Value: $74,200
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $66,750
(Insights: This unit was near perfect for being a first-year C8, and despite being similar to #7, this dealer was apparently more motivated to sell.)
#5
2021 C8 Stingray Convertible 1LT
63,854 Miles
Condition Report: 4.8/5.0
Announcements: Exhaust over $800
Autocheck History Report: 2 owners, 1 accident
MMR: $55,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $58,800 (38,818 average miles)
- 6 Months Ago: $68,000 (12,172 mi)
- Last Year: $72,100 (19,954 mi)
Estimated Retail Value: $60,600
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $55,500
(Insights: With the high miles and reported accident, I was fully prepared for this unit to fall flat. But the seller was motivated to sell, and the Stingray looked great.)
#4
2024 C8 Stingray Convertible 2LT
5,461 Miles
Condition Report: 5.0/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $88,900
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $86,300 (2,060 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $90,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: It’s going to be a tough road for 2024s at the wholesale auctions, as more brand-new units are discounted below MSRP. For context, only four 2024 Convertible 2LTs have sold this year at all the Manheim auctions.)
#3
2024 C8 Stingray Convertible 2LT
3,176 Miles
Condition Report: 4.8/5.0
Announcements: None
Autocheck History Report: 2 owners, 0 accidents
MMR: $88,200
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $86,300 (2,060 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $89,300
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: It’s no surprise another 2024 falls flat.)
#2
2024 C8 Z06 Convertible 3LZ
1,026 Miles
Condition Report: 4.9/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $147,000
(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: $151,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: The C8 Z06 is still hot in the market, so it’s likely this dealer’s reserve was too high for the used market. For context, only six 2024 Z06 3LZ convertibles have sold across all Manheims this year.)
#1
2024 C8 E-Ray Convertible 2LZ
25 Miles
Condition Report: 4.9/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: Not Available
(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: Not Available
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: We are still goose eggs on an E-Ray selling at any of the Manheim auctions across the country. From what I’ve seen across the internet, the original E-Ray excitement has cooled off, and many dealers are offering them at MSRP.)
Summary: The C7 continues to be a hot seller, while all four of our 2024 C8s fell flat. I was hoping to tie or beat our new record sales ratio of 60% from last week, but this week’s 40% puts us around the average. See you in two weeks!
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
- [6/07/2024] Report: 60% Sold
- [Today]: 40% 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 172,000 followers (53,000 since January 2023!). Come join other hardcore enthusiasts and say hello, Douglas B.
*All images and information credited to Manheim Auction
