Greetings, and thanks for joining us for another installment of CorvSport’s unique (and exclusive) bi-monthly series, where we analyze the Corvette wholesale market to help our faithful readers gather data 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.
[7/17/2024 Edition]
Top 10: Corvette Wholesale Auction Activity Report
#10
2014 C7 Stingray Z51 Coupe 3LT
37,535 Miles
Condition Report: 4.5/5.0
Announcements: 3rd party seller
Autocheck History Report: 3 owners, 0 accidents
MMR: $38,600
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $36,700 (45,562 average miles)
- 6 Months Ago: $32,500 (55,693 mi)
- Last Year: $45,800 (28,997 mi)
Estimated Retail Value: $42,700
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This is at least the second time this dealer has attempted to sell this C7. In my 17 years of experience, this is when it’s time to put the unit back on your lot.)
#9
2016 C7 Z06 Coupe 2LZ
35,999 Miles
Condition Report: None provided
Announcements: None
Autocheck History Report: 6 owners, 2 accidents
MMR: $55,500
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $53,600 (43,154 average miles)
- 6 Months Ago: $57,800 (27,715 mi)
- Last Year: $65,900 (32,880 mi)
Estimated Retail Value: $62,800
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: The high number of owners and accidents on the history report likely scared bidders away.)
#8
2020 C8 Stingray Coupe 2LT
5,606 Miles
Condition Report: 5.0/5.0
Announcements: 3rd party seller
Autocheck History Report: 1 owner, 0 accidents
MMR: $69,800
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $65,800 (7,699 average miles)
- 6 Months Ago: $65,000 (9,273 mi)
- Last Year: $74,500 (13,145 mi)
Estimated Retail Value: $71,300
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This C8 looked great on paper, so it’s likely the seller’s reserve was too high.)
#7
2021 C8 Stingray Convertible 3LT
2,391 Miles
Condition Report: 5.0/5.0
Announcements: 3rd party seller
Autocheck History Report: 2 owners, 0 accidents
MMR: $75,300
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $73,100 (9,271 average miles)
- 6 Months Ago: $77,000 (4,339 mi)
- Last Year: $86,000 (9,098 mi)
Estimated Retail Value: $78,800
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This is another unit that looked great on paper. So far, it appears the Vette buyers were not shopping aggressively this week.)
#6
2022 C8 Stingray Coupe 3LT
11,747 Miles
Condition Report: 5.0/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $70,500
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $71,400 (10,681 average miles)
- 6 Months Ago: $74,700 (6,945 mi)
- Last Year: $86,900 (4,886 mi)
Estimated Retail Value: $79,100
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $74,800
(Insights: Although it wasn’t announced, this was a C8.R edition, and the sales price well over MMR reflects that.)
#5
2022 C8 Stingray Coupe 2LT
1,929 Miles
Condition Report: 4.6/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $71,800
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $67,100 (11,483 average miles)
- 6 Months Ago: $70,400 (7,588 mi)
- Last Year: $78,200 (7,541 mi)
Estimated Retail Value: $76,900
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Despite being “resell-red”, this great-looking unit still went unsold. I’ll chalk it up to an unrealistic reserve.)
#4
2023 C8 Stingray Convertible 3LT
4,143 Miles
Condition Report: 4.8/5.0
Announcements: 3rd party seller
Autocheck History Report: 1 owner, 0 accidents
MMR: $79,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $82,500 (5,476 average miles)
- 6 Months Ago: $85,900 (5,184 mi)
- Last Year: $97,700 (2,409 mi)
Estimated Retail Value: $89,500
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This was a pretty sharp C8–if you’re into the color–and looked good on paper. The buyers did not appear to be out this week.)
#3
2023 C8 Z06 Convertible 3LZ
2,154 Miles
Condition Report: 4.8/5.0
Announcements: Rare 70th Anniversary Z07 Package
Autocheck History Report: 1 owner, 0 accidents
MMR: $132,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $136,000 (1,346 average miles)
- 6 Months Ago: $147,000 (3,878 mi)
- Last Year: $179,000 (911 mi)
Estimated Retail Value: $149,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Given the rare 70th package, this seller’s reserve likely was too high.)
#2
2024 C8 Stingray Convertible 2LT
2,059 Miles
Condition Report: 5.0/5.0
Announcements: HUD, 14 speaker sound system
Autocheck History Report: 1 owner, 0 accidents
MMR: $85,200
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $81,500 (1,147 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $88,400
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: The 2024s continue to struggle due to the discounts on new units.)
#1
2024 C8 Stingray Convertible 1LT
1,575 Miles
Condition Report: 4.3/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $71,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $70,700 (2,774 average miles)
- 6 Months Ago: $77,000 (208 mi)
- Last Year: Not available
Estimated Retail Value: $76,500
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $71,000
(Insights: If memory serves me right, this is our first 2024 to sell! Despite the low condition report, this sale saves us from a dismal sales rate for this week’s report.)
Summary: As you’ll note, the wholesale Corvette market has really cooled off recently. Thankfully, that last sale saved us from a pitiful 10% sales ratio, but a 20% ratio is still far below some of our best. Thanks for joining CorvSport. We’ll 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
- [6/21/2024] Report: 40% Sold
- [7/03/2024] Report: 20% Sold
- [Today]: 20% 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
