Welcome to this week’s installment of CorvSport’s unique (and exclusive) series, where we analyze the Corvette wholesale market on a bi-monthly basis in an attempt to help our faithful readers gain negotiating leverage 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.
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.
[4/12/2024 Edition] Top 10: Corvette Auction Activity Report
#10
2016 C7 Z06 Convertible 2LZ
33,392 Miles
Condition Report: 4.3/5.0
Announcements: None
Autocheck History Report: 5 owners, 0 accidents
MMR: $53,500
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $52,200 (33,392 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $63,400
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $52,200
(Insights: Despite slightly higher miles and 5 owners on the history report, this C7 Z06 hammered off to a new owner! I’m sure the 7-speed manual transmission and “resell red” color helped. A decent buy at $1,300 under MMR.)
#9
2018 C7 Z06 Coupe 1LZ
27,012 Miles
Condition Report: 4.6/5.0
Announcements: 3rd party seller
Autocheck History Report: 2 owners, 0 accidents
MMR: $55,200
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $55,000 (27,012 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $66,800
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $55,000
(Insights: The C7 Z06 market appears to be hot this week! This one was bought “right on the money,” nearly matching the MMR. Look at that margin between hammer price and estimated retail value!)
#8
2021 C8 Stingray Coupe 2LT
7,451 Miles
Condition Report: 5.0/5.0
Announcements: 3rd party seller, Front line unit like new
Autocheck History Report: 1 owner, 0 accidents
MMR: $68,700
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $65,600 (19,757 average miles)
- 6 Months Ago: $71,900 (7,948 mi)
- Last Year: $81,100 (10,668 mi)
Estimated Retail Value: $73,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: The seller likely had a reserve too high for the dealers bidding that day because, on paper, this C8 looks great!)
#7
2021 C8 Stingray Convertible 3LT
5,567 Miles
Condition Report: 4.8/5.0
Announcements: 3rd party seller
Autocheck History Report: 2 owners, 1 accident
MMR: $76,600
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $76,900 (5,876 average miles)
- 6 Months Ago: $79,900 (12,693 mi)
- Last Year: $89,400 (6,295 mi)
Estimated Retail Value: $79,700
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $76,250
(Insights: Another one bought right on the money, which is surprising given the accident on the history report. And look at that slim margin between purchase price and estimated retail value!)
#6
2022 C8 Stingray Coupe 2LT
13,073 Miles
Condition Report: 4.7/5.0
Announcements: 3rd party seller
Autocheck History Report: 1 owner, 0 accidents
MMR: $68,700
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $71,200 (6,763 average miles)
- 6 Months Ago: $72,300 (12,858 mi)
- Last Year: $83,000 (5,423 mi)
Estimated Retail Value: $74,200
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This one looked pretty good on paper, so it’s likely the seller’s reserve was too high. I’ve also read comments on social media that this silver is not very popular.)
#5
2023 C8 Z06 Convertible 3LZ
2,996 Miles
Condition Report: 5.0/5.0
Announcements: None
Autocheck History Report: 2 owners, 0 accidents
MMR: $153,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $153,000 (5,160 average miles)
- 6 Months Ago: $170,000 (290 mi)
- Last Year: Not available
Estimated Retail Value: $157,000
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $150,000
(Insights: A good buy at $3,000 under MMR! And look at the wholesale value drop from 6 months ago!)
#4
2023 C8 Z06 Convertible 3LZ
2,272 Miles
Condition Report: 4.8/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $152,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $153,000 (5,160 average miles)
- 6 Months Ago: $170,000 (290 mi)
- Last Year: Not available
Estimated Retail Value: $157,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This one looked pretty good on paper, albeit the condition report did get knocked down just a bit. We’ll chalk this one up to another high reserve.)
#3
2023 C8 Z06 Coupe 3LZ
945 Miles
Condition Report: 5.0/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $146,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $144,000 (90 average miles)
- 6 Months Ago: $157,000 (1,287 mi)
- Last Year: $194,000 (323 mi)
Estimated Retail Value: $148,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: The seller’s reserve was likely too high. These Z06 historical averages still blow me away.)
#2
2024 C8 Stingray Convertible 3LT
1,870 Miles
Condition Report: 5.0/5.0
Announcements:
Autocheck History Report: 1 owner, 0 accidents
MMR: $94,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $95,500 (246 average miles)
- 6 Months Ago: Not available
- Last Year: Not available
Estimated Retail Value: $98,900
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: I’m surprised even to see a 2024 at the auction, especially given some of the large discounts I’ve reported on–click here for a recent feature.)
#1
2024 C8 Z06 Coupe 3LZ
10 Miles
Condition Report: 5.0/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: Not available due to limited transaction data
(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: We’ll chalk up this last no-sale to the seller likely having an unrealistic reserve. Throw this bad boy on your lot and retail it!)
Summary: We had a record sales ratio this week, with 40% of the Corvettes hammering off to a new owner. You’ll note that both of the C7 Z06s sold, with just one C8 Stingray and one C8 Z06 selling. Last week I said, “It will be interesting to see what happens when some 2024s start rolling into the auctions.”, and it was interesting, as neither of the two 2024s sold.
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
- [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 173,000 followers (54,000 since January 2023!). Come join other hardcore enthusiasts and say hello, Douglas B.
*All images and information credited to Manheim Auction
