We’ve got an interesting mix of Corvettes at the dealer-only wholesale auction this week, starting with a classic 1964 Convertible, then a C7 with almost 100,000 miles, a 2019 Z51 Coupe with three accidents (yikes), a C8 with a bum transmission, and three C8 Z06s, to name a few. While they may be interesting, I’m not confident we will beat our best Texas sales week, which was 60% and hit twice. [Author’s Note: This article is FREE and not behind a paywall. If/when any popups occur, please click to make them disappear and continue enjoying the feature.]
You may recall we have been in the Florida market since CorvSport began these exclusive wholesale auction market reports in late February, and after 16 reports, Florida sales remained around 30%. Will Texas continue to outperform Florida? Let’s find out!
If you are new to these reports, you will see actual wholesale results from the largest dealer-only wholesale auction in the country below. 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 common 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.
[11/21/2024 Edition]
Top 10: Corvette Wholesale Auction Activity Report
#10
1964 C2 Convertible
38,171 Miles
Condition Report: 3.0/5.0
Announcements: None
Autocheck History Report: Not available
MMR: Not Available (due to limited transactions)
(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: This no-sale was not much of a surprise, as these old classics typically don’t do well at the wholesale auctions. This dealer attempted to sell this C2 a few weeks ago.)
#9
2012 C6 Z06 Coupe 3LZ
77,694 Miles
Condition Report: 4.1/5.0
Announcements:
Autocheck History Report: 2 owners, 1 accident
MMR: Not Available (due to limited transactions)
(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: With the accident on the history report, higher miles, and announcement for a “Carfax caution,” this no-sale was unsurprising.)
#8
2015 C7 Stingray Z51 Coupe 2LT
97,605 Miles
Condition Report: 4.2/5.0
Announcements:
Autocheck History Report: 2 owners, 0 accidents
MMR: $24,700
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $30,700 (68,405 average miles)
- 6 Months Ago: $36,000 (41,150 mi)
- Last Year: $37,100 (51,326 mi)
Estimated Retail Value: $30,200
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This was a pretty sharp-looking C7 that looked good on paper, so I can only speculate that the higher miles scared off bidders.)
#7
2019 C7 Stingray Z51 Coupe 2LT
28,172 Miles
Condition Report: 4.7/5.0
Announcements: None
Autocheck History Report: 2 owners, 3 accidents
MMR: $45,200
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $35,400 (72,970 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $53,500
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: As someone who has had to sell around accidents on history reports, I would avoid a Corvette with three like the plague.)
#6
2021 C8 Stingray Convertible 2LT
9,341 Miles
Condition Report: 3.5/5.0
Announcements: Caution TRANS
Autocheck History Report: 3 owners, 1 accident
MMR: $63,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $67,100 (4,842 average miles)
- 6 Months Ago: $68,100 (17,814 mi)
- Last Year: $71,600 (20,960 mi)
Estimated Retail Value: $67,700
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This C8 looks sinister in the pictures, but with a bad transmission, low condition report, and accident on the record, she didn’t stand a chance at hammering.)
#5
2023 C8 Z06 Coupe 2LZ
3,550 Miles
Condition Report: 5.0/5.0
Announcements:
Autocheck History Report: 1 owner, 0 accidents
MMR: $118,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $115,000 (12,936 average miles)
- 6 Months Ago: $121,000 (5,062 mi)
- Last Year: $135,000 (1,409 mi)
Estimated Retail Value: $124,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This C8 Z06 looked great on paper and in the pictures, so the seller’s reserve was likely too high.)
#4
2023 C8 Stingray Convertible 3LT
2,648 Miles
Condition Report: 5.0/5.0
Announcements: Z51 performance, magnetic ride
Autocheck History Report: 1 owner, 0 accidents
MMR: $78,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $76,000 (6,619 average miles)
- 6 Months Ago: $85,300 (5,345 mi)
- Last Year: $87,300 (4,467 mi)
Estimated Retail Value: $81,300
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Another C8 that looks great in the pictures and on paper, so we’ll chalk it up to an unrealistic reserve.)
#3
2024 C8 Z06 Coupe 2LZ
8,858 Miles
Condition Report: 4.8/5.0
Announcements:
Autocheck History Report: 1 owner, 0 accidents
MMR: $113,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $116,000 (2,124 average miles)
- 6 Months Ago: Not available
- Last Year: $136,000 (83 mi)
Estimated Retail Value: $127,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This is a good-looking Z06. The serious Corvette buyers must have stayed home this week!)
#2
2024 C8 Z06 Convertible 3LZ
1,130 Miles
Condition Report: 4.6/5.0
Announcements: None
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: $130,000 (778 average miles)
- 6 Months Ago: $142,000 (3,359 mi)
- Last Year: Not available
Estimated Retail Value: $137,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This dealer tried to sell this Z06 weeks back, and with two no-sales, it’s time to try to retail her off the lot.)
#1
2024 C8 Stingray Coupe 2LT
572 Miles
Condition Report: 4.8/5.0
Announcements: None
Autocheck History Report: 0 owners (not a typo, never titled), 0 accidents
MMR: $69,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $68,600 (5,173 average miles)
- 6 Months Ago: $75,600 (1,870 mi)
- Last Year: Not available
Estimated Retail Value: $72,700
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This was an odd duck, with a history report showing zero owners, which usually indicates it was never titled.)
Summary: Well, Texas certainly went from hero to zero in one week. Without a single Corvette hammering off to a new dealer, Texas did the unthinkable and beat the dismal 10% sales ratio from Florida in late April. Most of the no-sales were understandable, but a few were surprising. Quite simply, as I touched on in the opening, most of our Corvettes had too much baggage. 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
- We moved to the TEXAS wholesale market!
- [10/11/2024] Report: 60% Sold
- [10/25/2024] Report: 60% Sold
- [11/07/2024] Report: 50% Sold
- [Today]: 0% Sold
As always, 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. This is Douglas B. signing off–click here if you would like to see more of my features.
*All images and information credited to Manheim Auction
