Welcome back, readers, 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 continue to 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.
A Quick Review Of 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):
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.
[8/31/2024 Edition]
Top 10: Corvette Wholesale Auction Activity Report
#10
2019 C7 Stingray Coupe 2LT
21,936 Miles
Condition Report: 4.4/5.0
Announcements: Custom fit car cover included
Autocheck History Report: 3 owners, 1 accident
MMR: $45,200
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $44,400 (29,948 average miles)
- 6 Months Ago: $42,000 (40,955 mi)
- Last Year: $49,700 (16,234 mi)
Estimated Retail Value: $50,000
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $39,250
(Insights: The C7s started us off with a bang and this one was well purchased too.)
#9
2019 C7 Grand Sport Convertible 2LT
5,216 Miles
Condition Report: 4.4/5.0
Announcements: 3rd party seller
Autocheck History Report: 2 owners, 1 accident
MMR: $61,300
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $62,800 (9,958 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $68,900
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This was a good-looking C7, so perhaps the accident scared away bidders or the seller’s reserve was too high.)
#8
2020 C8 Stingray Coupe 2LT
27,806 Miles
Condition Report: 4.8/5.0
Announcements:
Autocheck History Report: 2 owners, 0 accidents
MMR: $61,600
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $64,500 (12,660 average miles)
- 6 Months Ago: $63,000 (15,014 mi)
- Last Year: $73,300 (14,828 mi)
Estimated Retail Value: $65,700
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This was a sharp-looking C8 that looked good on paper. The seller’s reserve was likely too high for a c8 market that is continuing to cool off.)
#7
2021 C8 Stingray Convertible 3LT
60,746 Miles
Condition Report: 4.4/5.0
Announcements:
Autocheck History Report: 4 owners, 0 accidents
MMR: $52,200
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $68,400 (14,992 average miles)
- 6 Months Ago: $73,500 (18,657 mi)
- Last Year: $84,700 (8,513 mi)
Estimated Retail Value: $62,400
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This C8 was just purchased for $61,500 at the Lakeland Manheim on 8/14/24. They then proceeded to attempt this “dealer flip” at this week’s Orlando location, which tends to bring bigger money.)
#6
2022 C8 Stingray Coupe 2LT
13,253 Miles
Condition Report: 4.8/5.0
Announcements: Navigation, heads-up display, heated & cooled seats, blind spot
Autocheck History Report: 2 owners, 1 accident
*No other pictures were provided
MMR: $64,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $65,000 (9,381 average miles)
- 6 Months Ago: $67,800 (13,613 mi)
- Last Year: $75,400 (8,733 mi)
Estimated Retail Value: $71,300
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This C8 looked pretty good on paper, so we’ll chalk up the no-sale to the seller’s reserve being too high.)
#5
2023 C8 Stingray Convertible 3LT
14,035 Miles
Condition Report: 4.4/5.0
Announcements:
Autocheck History Report: 2 owners, 0 accidents
MMR: $75,500
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $82,200 (4,143 average miles)
- 6 Months Ago: $86,200 (4,639 mi)
- Last Year: $95,100 (1,155 mi)
Estimated Retail Value: $79,400
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This is a rerun from 8/12, where it also failed to sell, which is odd because this is one sharp-looking C8. This dealer needs to throw this unit on his lot or lower his reserve.)
#4
2023 C8 Stingray Coupe 1LT
5,894 Miles
Condition Report: 4.9/5.0
Announcements: Title attached, no accidents Carfax
Autocheck History Report: 1 owner, 0 accidents
MMR: $65,300
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $62,400 (12,947 average miles)
- 6 Months Ago: $68,400 (2,904 mi)
- Last Year: $75,100 (2,267 mi)
Estimated Retail Value: $70,200
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Even with its resell red and clean history report, this one still failed to sell. The C8 market as we head out of summer is definitely cooling off.)
#3
2024 C8 Stingray Coupe 3LT
4,004 Miles
Condition Report: 4.8/5.0
Announcements: Clean Carfax, navigation, adjustable front lift, magnetic ride control
Autocheck History Report: 1 owner, 0 accidents
*No other pictures were provided
MMR: $82,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $82,700 (3,508 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $87,600
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This 2024 no-sale is not much of a surprise, as the sales rate for the 24s has been dismal.)
#2
2024 C8 Stingray Coupe 1LT
3,327 Miles
Condition Report: 5.0/5.0
Announcements: None
Autocheck History Report: 2 owners, 0 accidents
MMR: $65,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $66,200 (2,906 average miles)
- 6 Months Ago: $71,800 (1,060 mi)
- Last Year: Not available
Estimated Retail Value: $67,600
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Another 2024 that fails to sell; no surprise here, as dealers are discounting brand-new 2024s.)
#1
2024 C8 Stingray Convertible 2LT
3,176 Miles
Condition Report: 4.8/5.0
Announcements: None
Autocheck History Report: 2 owners, 0 accidents
MMR: $80,600
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $82,100 (1,581 average miles)
- 6 Months Ago: $86,300 (2,012 mi)
- Last Year: Not available
Estimated Retail Value: $86,400
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This is a rerun from 7/29, and this dealer is still having no luck trying to wholesale his 2024. Time to put her on the lot for retail!)
Summary: This week’s dismal 10% sales ratio ties our lowest since we began this series in late February (see the full archives below). It will be interesting to see if this cooling off is a trend, or if the C8 market will rebound as we exit summer (not typical). Thanks for joining CorvSport today and 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
- [7/17/2024] Report: 20% Sold
- [8/02/2024] Report: 50% Sold
- [8/15/2024] Report: 20% Sold
- [Today]: 10% 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 171,000 followers (52,000 since January 2023!). Come join other hardcore enthusiasts and say hello, Douglas B.
*All images and information credited to Manheim Auction
