Welcome to the second installment of CorvSport’s unique 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.
[3/13/2024 Edition] Top 10: Corvette Auction Activity Report
#10
2012 C6 Grand Sport Convertible 3LT
27,830 Miles
Condition Report: 4.8/5.0
Announcements: Possible frame damage
Autocheck History Report: 5 owners, 1 accident
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: $22,500 (54,456 average miles)
- 6 Months Ago: $32,000 (27,811)
- Last Year: $40,200 (29,805)
Estimated Retail Value: Not Available
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This was a rerun from 2 weeks ago, and still no takers. Since the condition report is high, it’s likely the frame announcement and accident turned off bidders)
#9
2013 C6 427 Convertible 1SC
13,616 Miles
Condition Report: 4.4/5.0
Announcements: 3rd party seller
Autocheck History Report: 2 owners, 0 accidents
MMR: $53,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $45,800 ( 45,107 average miles)
- 6 Months Ago: $59,600 (8,372m)
- Last Year: $62,800 (7,530m)
Estimated Retail Value: $55,500
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: A white 427 Vert with 22,597 miles and 4.9/5.0 condition report sold on the day prior at the same auction for $55,500, so it’s likely this 3rd party seller wanted above wholesale value–known as a high reserve)
#8
2016 C7 Z06 Coupe 3LZ
83,255 Miles
Condition Report: 4.5/5.0
Announcements: None
Autocheck History Report: 4 owners, 1 accident
MMR: $46,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $65,900 (21,571 average miles)
- 6 Months Ago: $64,500 (26,292m)
- Last Year: $78,500 (8,478m)
Estimated Retail Value: $48,500
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $48,200
(Insights: Despite the accident history and high miles, this one was likely popular due to the low cost of entry compared to those historical averages)
#7
2020 C8 Stingray Coupe 2LT
6,353 Miles
Condition Report: 5.0/5.0 (rare perfect score)
Announcements: 3rd party seller, Z51 performance package, GT2 buckets, Mag ride, front lift
Autocheck History Report: 2 owners, 0 accidents
MMR: $67,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $64,600 (11,802 average miles)
- 6 Months Ago: $70,900 (17,561m)
- Last Year: $77,700 (9,853m)
Estimated Retail Value: $72,300
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $68,900
(Insights: A strong wholesale price for a first-year C8; the options likely made it more appealing for resale)
#6
2021 C8 Stingray Coupe 1LT
23,007 Miles
Condition Report: 4.1/5.0
Announcements: 3rd party seller
Autocheck History Report: 1 owner, 0 accidents
MMR: $56,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $61,200 (12,665 average miles)
- 6 Months Ago: $68,600 (11,662m)
- Last Year: $75,800 (6,160m)
Estimated Retail Value: $61,200
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Despite being “resell red,” the higher miles, lower condition report, and base 1LT trim likely led to little interest, and/or the seller’s reserve was too high for the market)
#5
2023 C8 Stingray Coupe 2LT
817 Miles
Condition Report: 5.0/5.0 (another rare perfect CR)
Announcements: 3rd party seller, Z51, Mag ride, front lift
Autocheck History Report: 1 owner, 0 accidents
MMR: $74,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $73,900 (2,578 average miles)
- 6 Months Ago: $79,200 (3,539m)
- Last Year: $87,700 (1,482m)
Estimated Retail Value: $79,200
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $74,000
(Insights: A decent buy, right in line with the MMR)
#4
2023 C8 Z06 Convertible 3LZ
63 Miles
Condition Report: 5.0/5.0 (I swear these 5.0s are rare, but not today!)
Announcements: 3rd party seller, Z06 3LZ Cov
Autocheck History Report: 1 owner, 0 accidents
MMR: $151,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $153,000 (1,729 average miles)
- 6 Months Ago: $171,000 (587m)
- Last Year: Not available
Estimated Retail Value: $164,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Most likely, the 3rd party seller’s reserve was too high, as the unit looks perfect)
#3
2023 C8 Stingray Coupe 1LT
57 Miles
Condition Report: 5.0/5.0 (some prime C8s at the auction this week)
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $68,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $67,700 (4,748 average miles)
- 6 Months Ago: $72,200 (4,600m)
- Last Year: $79,600 (1,698m)
Estimated Retail Value: $71,400
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Once again, the base 1LT trim strikes and the color may have played a role; a Credit Union offered this unit, so perhaps they were buried in it and had a high reserve)
#2
2023 C8 Z06 Convertible 3LZ
38 Miles
Condition Report: 5.0/5.0
Announcements: Z06 Z07 Ult Perf Pkg/Carbon Aero, Full factory warranty, delivery miles, as new
Autocheck History Report: 1 owner, 0 accidents
MMR: $151,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $153,000 (1,729 average miles)
- 6 Months Ago: $171,000 (587m)
- Last Year: Not available
Estimated Retail Value: $164,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Another Credit Union offering, so most likely a high reserve)
#1
2023 C8 Z06 Convertible 3LZ
5 Miles
Condition Report: 5.0/5.0
Announcements: Huge MSRP, Carbon fiber wheels, Carbon ceramic breaks (sic), Carbon fiber grille, mirrors, spoiler, int trim, 3rd party seller, Z06 3LZ Conv
Autocheck History Report: 1 owner, 0 accidents
MMR: $151,000
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $153,000 (1,729 average miles)
- 6 Months Ago: $171,000 (587m)
- Last Year: Not available
Estimated Retail Value: $164,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: In my experience, when the seller–a remarking company in this case–starts going in overdrive with the retail-like announcements, it usually means their reserve was more towards retail)
Summary: We were on a roll at the beginning of the list (with 3 of the first 6 selling) but fell flat with the C8 Z06s (with none of the 3 selling). I believe the low overall 30% sales ratio (same as the last installment) indicates the used Corvette market is continuing to cool off.
That being said, all the no-sales have logical reasons why no dealer was willing to take them home. 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
ICYMI: Bonus Feature
Deeper Dive: The 2024 Market for the C5-C8
