Since beginning these exclusive wholesale auction market reports in late February, we have been hovering around a 30% sales ratio. I’ve included the complete archives of each bi-monthly report in our summary section below if you want a refresher. Can this week’s collection of Corvettes beat our record from June 7th, which was a remarkable 60%, or has the summer ‘Vette season officially cooled off?
If you are new to these reports, soon you will see actual wholesale results from the largest dealer-only wholesale auction in the country. Whether you are shopping or just curious, this data will be very insightful for any enthusiast. While not an exhaustive list, each episode will give a look into market trends and include historical wholesale averages, along with the Cox Automotive estimated retail values.
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.
[9/26/2024 Edition]
Top 10: Corvette Wholesale Auction Activity Report
#10
2019 C7 ZR1 Coupe 3ZR
4,424 Miles
Condition Report: 4.4/5.0
Announcements:
Autocheck History Report: 2 owners, 0 accidents
MMR: $140,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: Not available
- 6 Months Ago: $133,000 (11,929 mi)
- Last Year: Not available
Estimated Retail Value: $159,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This is at least the second attempt by this dealer to wholesale this ZR1, with no luck. It’s time to take her back to the lot and retail it!)
#9
2021 C8 Stingray Coupe 2LT
28,387 Miles
Condition Report: 4.8/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
*No other photos were provided
MMR: $60,900
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $63,900 (17,123 average miles)
- 6 Months Ago: $67,700 (13,879 mi)
- Last Year: $72,200 (17,647 mi)
Estimated Retail Value: $66,300
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $63,000
(Insights: Our first sale! And at $2,100 over MMR, she brought good wholesale money for the selling dealer.)
#8
2023 C8 Stingray Convertible 3LT
5,503 Miles
Condition Report: 4.9/5.0
Announcements: 3rd party seller
Autocheck History Report: 1 owner, 0 accidents
MMR: $79,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $78,200 (9,732 average miles)
- 6 Months Ago: $86,000 (3,722 mi)
- Last Year: $93,800 (2,431 mi)
Estimated Retail Value: $85,700
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This C8 looked great on paper and in the pictures, so the dealer’s reserve was likely too high.)
#7
2023 C8 Stingray Convertible 2LT
1,268 Miles
Condition Report: 5.0/5.0
Announcements: None
Autocheck History Report: 2 owners, 0 accidents
MMR: $73,800
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $72,700 (8,128 average miles)
- 6 Months Ago: $78,800 (4,081 mi)
- Last Year: $86,600 (3,960 mi)
Estimated Retail Value: $80,200
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This was another sharp-looking C8, so we can chalk up the no-sale to a reserve that was likely too high.)
#6
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 photos were provided
MMR: $78,800
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $80,800 (787 average miles)
- 6 Months Ago: $83,000 (2,335 mi)
- Last Year: Not available
Estimated Retail Value: $84,500
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Our first 2024 C8 is a bust. This was another re-run from 2 weeks ago, so it’s time for the dealer to retail her on their lot!)
#5
2024 Stingray Coupe 1LT
3,031 Miles
Condition Report: 5.0/5.0
Announcements:
Autocheck History Report: 1 owner, 0 accidents
MMR: $63,300
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $65,500 (3,402 average miles)
- 6 Months Ago: $71,000 (108 mi)
- Last Year: Not available
Estimated Retail Value: $72,300
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $64,750
(Insights: I had a feeling this beautiful Amplify Orange C8 would sell. As we dealers used to say, “She’s got eyes!” And it brought strong money, selling for over MMR.)
#4
2024 C8 Stingray Convertible 2LT
2,811 Miles
Condition Report: 4.4/5.0
Announcements: Silver certified
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: $78,400 (5,321 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $84,100
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $77,400
(Insights: This was a surprising sale, as I was expecting the lower condition report of 4.4 to scare off bidders.)
#3
2024 C8 Stingray Convertible 1LT
1,604 Miles
Condition Report: 4.6/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $68,900
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $70,000 (1,604 average miles)
- 6 Months Ago: $76,300 (642 mi)
- Last Year: Not available
Estimated Retail Value: $78,400
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $70,000
(Insights: The 2024s are on a roll! And we have another sale that went for over MMR, despite a not-so-favorable condition report. It’s worth noting this was a no-sale from weeks ago.)
#2
2024 C8 Z06 Convertible 3LZ
200 Miles
Condition Report: 5.0/5.0
Announcements: Open recall
Autocheck History Report: 1 owner, 0 accidents
MMR: $131,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $133,000 (2,437 average miles)
- 6 Months Ago: $149,000 (442 mi)
- Last Year: Not available
Estimated Retail Value: $149,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: The C8 Z06 wholesale auction sales have been soft, so it doesn’t surprise me this one was a no-sale.)
#1
2024 C8 Z06 Coupe 3LZ
21 Miles
Condition Report: 5.0/5.0
Announcements:
Autocheck History Report: 1 owner, 0 accidents
MMR: $128,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $127,000 (525 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $135,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This Z06 was a re-run from weeks ago and, once again, was a dud. Here is another one that is ready to go back to the dealer’s retail lot.)
Summary: Well, CorvSport readers, we were so close to hitting 50%! Did you see any surprises? 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
- [8/31/2024] Report: 10% Sold
- [9/13/2024] Report: 20% 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
