Wholesale Market Report: Most Notable Corvette Auction Activity [4/26/2024]

Welcome to this week’s installment of CorvSport’s unique (and exclusive) series, where we analyze the Corvette wholesale market bi-monthly 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.

[4/26/2024 Edition] Top 10: Corvette Auction Activity Report

#10

2019 C7 Grand Sport Coupe 1LT

14,585 Miles

Condition Report: 4.8/5.0

Announcements: No Cats

Autocheck History Report: 3 owners, 0 accidents

MMR: $55,900

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $54,700 (21,012 average miles)
6 Months Ago: $56,600 (15,909 mi)
Last Year: $57,000 (14,275 mi)

Estimated Retail Value: $59,100

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: Most likely, the lower 1LT trim and missing cats scared off bidders.)

#9

2021 C8 Stingray Convertible 2LT

9,239 Miles

Condition Report: 4.9/5.0

Announcements: None

Autocheck History Report: 1 owner, 0 accidents

MMR: $74,600

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $71,900 (14,665 average miles)
6 Months Ago: $76,500 (15,697 mi)
Last Year: $86,000 (2,297 mi)

Estimated Retail Value: $76,300

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: This one looked great on paper, so we’ll chalk up the no-sale to a high reserve.)

#8

2022 C8 Stingray Coupe 2LT

26,586 Miles

Condition Report: 4.2/5.0

Announcements:

Autocheck History Report: 2 owners, 0 accidents

MMR: $64,100

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $70,700 (7,371 average miles)
6 Months Ago: $72,300 (12,858 mi)
Last Year: $83,000 (5,423 mi)

Estimated Retail Value: $69,000

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: With the high miles and 4.2/5.0 condition report, it’s no surprise this one didn’t sell.)

#7

2022 C8 Stingray Convertible 1LT

25,639 Miles

Condition Report: 4.1/5.0

Announcements: Silver certified

Autocheck History Report: 2 owners, 0 accidents

MMR: $59,500

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: Not available
6 Months Ago: $75,500 (2,330 mi)
Last Year: $81,300 (1,546 mi)

Estimated Retail Value: $62,600

(Based on Cox Automotive retail transactions)

Auction Results: Sold for $65,000

(Insights: This is a surprise sale, given that this C8 had high miles, needed tires, and had a 4.1/5.0 condition report. When compared to the MMR and retail price, that hammer price of $65,000 blows my mind.)

#6

2023 C8 Stingray Coupe 2LT

5,897 Miles

Condition Report: 4.8/5.0

Announcements: Front line unit like new, 3rd party seller

Autocheck History Report: 1 owner, 0 accidents

MMR: $73,300

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $72,700 (7,007 average miles)
6 Months Ago: $76,700 (4,463 mi)
Last Year: $87,200 (3,012 mi)

Estimated Retail Value: $77,900

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: When sellers give announcements like the one on this C8, they usually have a high reserve.)

#5

2023 C8 Stingray Convertible 3LT

2,522 Miles

Condition Report: 4.7/5.0

Announcements: None

Autocheck History Report: 1 owner, 0 accidents

MMR: $86,500

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $87,100 (3,272 average miles)
6 Months Ago: $90,600 (2,645 mi)
Last Year: $103,000 (1,581 mi)

Estimated Retail Value: $89,200

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: This C8 looked pretty good on paper, so it’s likely the seller’s reserve was too high.)

#4

2023 C8 Z06 Coupe 3LZ

945 Miles

Condition Report: 5.0/5.0

Announcements: None

Autocheck History Report: 1 owner, 0 accidents

MMR: $147,000

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: Not available
6 Months Ago: $157,000 (1,287 mi)
Last Year: $194,000 (323 mi)

Estimated Retail Value: $150,000

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: It’s a fickle market right now with C8 Z06s, and this seller likely has a reserve that is not realistic with the downturn in C8 values. It’s worth noting this seller attempted to sell this Z06 weeks ago.)

#3

2024 C8 Stingray Convertible 3LT

243 Miles

Condition Report: 5.0/5.0

Announcements: 30-day seller guarantee, clean Carfax, front-line ready

Autocheck History Report: 1 owner, 0 accidents

MMR: $94,600

(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)

Historical Wholesale Averages

Past 30 Days: $93,600 (695 average miles)
6 Months Ago: Not available
Last Year: Not available

Estimated Retail Value: $97,100

(Based on Cox Automotive retail transactions)

Auction Results: NO SALE

(Insights: Once again, when a seller has announcements like this one, they are usually trying to get “top dollar.” It’s likely this one did not meet the reserve.)

#2

2024 C8 Z06 Convertible 2LZ

209 Miles

Condition Report: 5.0/5.0

Announcements: Full factory transferable warranty

Autocheck History Report: 1 owner, 0 accidents

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: $140,000 (625 average miles)
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: A beautiful Z06 that looks great on paper… you guessed it, the reserve was likely too high, and the C8 Z06 market is just too fickle right now.)

#1

2024 C8 E-Ray Convertible 2LZ

19 Miles

Condition Report: 5.0/5.0

Announcements: None

Autocheck History Report: 1 owner, 0 accidents

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: It’s likely this was yet another E-Ray flip attempt that flopped.)

Summary: After a record sales ratio of 40% for the last report, we are back to a flat wholesale sales week, with only 10% selling. A few weeks ago, I said, “It will be interesting to see what happens when some 2024s start rolling into the auctions.” Since then, we are 0 out of 5 with 2024 C8 sales, which is pretty interesting as we head into May.

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
[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 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