In our last exclusive dealer-to-dealer wholesale market report two weeks ago, I spoke about the relationship between retail market activity and wholesale prices. In short, during my 17 years as a used car dealer, if the metal was moving quickly off my lot, the activity and prices at the wholesale auction would increase. I sometimes hear on social media that the C8 market is “crashing,” but if you look at our full archives below today’s report, you’ll see that the Corvette wholesale market is quite hot, and not just because we are in the Texas market. [Author’s Note: This market report is FREE and not behind a paywall. Yes, FREE! If/when any pop-ups appear, please click to dismiss them and continue enjoying the article. One may require two steps–first, the arrow on the left, then the x on the top right.]
I’m sometimes asked if I miss the industry–do I miss being a dealer? After 17 years in the ring, my usual answer is a resounding no. The risk with being the vehicle’s caretaker from auction to retail sale was, at times, overwhelming. The freedom of being my own boss was the only saving grace, and sure, the adrenaline rush from duking it out on the auction block was pretty fun–except when I lost OR overpaid!
If this is the first time with us, I developed these exclusive wholesale market reports 67 weeks ago to give enthusiasts and shoppers insights into the used C8 market. If you want to check out interesting wholesale trends, especially as we moved from the Florida to the Texas market, we have our full archives below today’s results.
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 Texas 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.
