Since beginning these exclusive wholesale auction market reports in late February, we have focused solely on the Florida auctions and 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. As we move west, will this week’s collection of Texas Corvettes be hotter than Florida’s 30% sales ratio?
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.
[10/11/2024 Edition]
Top 10: Corvette Wholesale Auction Activity Report
#10
1964 C2 Sting Ray Convertible Base
38,171 Miles
Condition Report: 3.0/5.0
Announcements: None
Autocheck History Report: Not available
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: You don’t see many older Corvettes at the wholesale auctions, so I was excited to include this C2 but not surprised it didn’t sell. Wholesale dealer-only auctions aren’t the ideal venue for these old classics.)
#9
2016 C7 Stingray Z51 Coupe 2LT
174,403 Miles
Condition Report: 3.1/5.0
Announcements: Red Light
Autocheck History Report: 2 owners, 2 accidents
MMR: $22,300
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $38,000 (45,466 average miles)
- 6 Months Ago: $40,200 (26,183 mi)
- Last Year: $45,500 (13,490 mi)
Estimated Retail Value: $27,000
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $26,750
(Insights: Color me shocked! With the high miles, low condition report, two accidents, and “red light” announcement, I would have put money on a no-sale. There is no doubt at least two dealers wanted this sub-$30,000 C7 on their lot, and they had to bid well over MMR to get her!)
#8
2018 C7 Z06 Coupe 2LZ
11,461 Miles
Condition Report: 4.9/5.0
Announcements: Z06 2LZ package, Clean Carfax
Autocheck History Report: 2 owners, 0 accidents
MMR: $68,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $67,300 (11,461 average miles)
- 6 Months Ago: $59,000 (36,136 mi)
- Last Year: Not available
Estimated Retail Value: $76,600
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $67,250
(Insights: This C7 Z06 looked great on paper and is the popular “resell-red”, so it’s no surprise a dealer picked her up for their lot!)
#7
2021 C8 Stingray Convertible 3LT
3,412 Miles
Condition Report: 4.2/5.0
Announcements: Minor Carfax caution
Autocheck History Report: 2 owners, 1 accident
MMR: $67,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $67,300 (16,508 average miles)
- 6 Months Ago: $75,600 (9,023 mi)
- Last Year: $79,900 (12,693 mi)
Estimated Retail Value: $72,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This one looked pretty good on paper, except for the low-ish condition report, so I’m surprised it did not sell. Will the remainder of our C8s fall flat, too?)
#6
2022 C8 Stingray Coupe 1LT
18,559 Miles
Condition Report: 4.8/5.0
Announcements:
Autocheck History Report: 1 owner, 0 accidents
MMR: $57,800
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $61,100 (10,678 average miles)
- 6 Months Ago: $64,000 (12,669 mi)
- Last Year: $70,100 (11,340 mi)
Estimated Retail Value: $63,100
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $59,250
(Insights: This is a sharp-looking C8 with some nice aftermarket goodies, so she should do well in the resell market.)
#5
2022 C8 Stingray Coupe 1LT
16,815 Miles
Condition Report: 4.5/5.0
Announcements: Green Light
Autocheck History Report: 2 owners, 0 accidents
MMR: $58,200
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $61,100 (10,678 average miles)
- 6 Months Ago: $64,000 (12,669 mi)
- Last Year: $70,100 (11,340 mi)
Estimated Retail Value: $63,600
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $57,000
(Insights: Texas has been smoking hot so far, with four out of our six Corvettes already selling!)
#4
2022 C8 Stingray Coupe 1LT
10,669 Miles
Condition Report: 4.8/5.0
Announcements: Wrapped vehicle (white), clean Carfax
Autocheck History Report: 1 owner, 0 accidents
MMR: $60,900
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $61,100 (10,678 average miles)
- 6 Months Ago: $64,000 (12,669 mi)
- Last Year: $70,100 (11,340 mi)
Estimated Retail Value: $66,400
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: The wrapped Corvettes tend to scare bidders away, with them wondering what the original paint condition is like. That’s likely why the selling dealer noted the clean Carfax in their announcements.)
#3
2023 C8 Stingray Coupe 2LT
7,337 Miles
Condition Report: 4.8/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $66,500
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $66,600 (9,100 average miles)
- 6 Months Ago: $72,500 (8,061 mi)
- Last Year: $76,700 (4,463 mi)
Estimated Retail Value: $72,200
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $67,750
(Insights: Another C8 off to its new owner!)
#2
2024 C8 Z06 Convertible 3LZ
1,130 Miles
Condition Report: 4.2/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $127,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $133,000 (2,892 average miles)
- 6 Months Ago: $144,000 (996 mi)
- Last Year: Not available
Estimated Retail Value: $139,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: 2024 Z06 sales remain flat, even in Texas. That condition report seems unusually low for a 2024 unit with only 1,130 miles.)
#1
2024 C8 Z06 Coupe 1LZ
363 Miles
Condition Report: 4.8/5.0
Announcements:
Autocheck History Report: 1 owner, 0 accidents
MMR: $114,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $110,000 (618 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $124,000
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $110,000
(Insights: If memory serves me correctly, this is the first 2024 Z06 that has sold since we started these reports! And it was well bought, at $4,000 under MMR.)
Summary: If you’re like me, you get excited when the Corvettes are selling, so today was a good report! Many voices on social media are claiming the C8 market is tanking, so when wholesale activity is up, that means the metal is moving off retail lots. Texas performed well for its first report, and at 60%, it has tied our best Florida sales ratio from June of this year! 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
- [9/26/2024] Report: 40% 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 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
ICYMI: Bonus Feature
Deeper Dive: The 2024 Market for the C5-C8
