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.
[3/27/2024 Edition] Top 10: Corvette Auction Activity Report
#10
1978 C3 Stingray Pace Car
72,281 Miles
Condition Report: 1.9/5.0
Announcements: 3rd party seller, structural damage
Autocheck History Report: Not Available
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
BUT, the seller left the Pace Car up on the OVE (Online Vehicle Exchange), where dealers can purchase inventory on non-live auction days. I’ll bite my tongue on the Buy Now price of $25,000.
(Insights: As you can see, this unit’s age makes a lot of traditional data unavailable. Most mainstream dealer auctions, especially Manheim, tend to gravitate towards offering newer models.)
#9
2017 C7 Grand Sport Convertible 2LT
15,824 Miles
Condition Report: 4.6/5.0
Announcements: Aftermarket exhaust, no cats
Autocheck History Report: 3 owners, 2 accidents
MMR: $49,800
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $55,000 (13,105 average miles)
- 6 Months Ago: $56,600 (17,349m)
- Last Year: $68,800 (2,461m)
Estimated Retail Value: $58,500
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: The two accidents on the history report likely scared bidders away. Interestingly, it appears this Grand Sport was purchased in January for $50,000 at a Manheim in Birmingham. Given this, the selling dealer likely had a high reserve and was trying to flip for some quick profit.)
#8
2019 C7 Z06 Coupe 2LZ
28,039 Miles
Condition Report: 3.5/5.0
Announcements: Stolen/theft recovery, 3rd party seller
Autocheck History Report: 2 owners, 2 accidents
MMR: $58,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $72,000 (17,498 average miles)
- 6 Months Ago: $70,500 (16,583m)
- Last Year: $76,400 (9,268m)
Estimated Retail Value: $64,800
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: The number of accidents, combined with the low condition report, likely scared bidders away. The higher miles for a Z06 and theft recovery also didn’t help.)
#7
2019 C7 Stingray Coupe Z51 3LT
3,893 Miles
Condition Report: 5.0/5.0
Announcements:
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: This one looked great on paper and in the pictures, so I’d guess that the seller’s reserve was too high.)
#6
2020 C8 Stingray Coupe 3LT
14,255 Miles
Condition Report: 5.0/5.0
Announcements: 3LT Z51 Performance Pkg, 3rd party seller
Autocheck History Report: 1 owner, 0 accidents
MMR: $69,800
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $67,600 (17,589 average miles)
- 6 Months Ago: $76,100 (9,932m)
- Last Year: $82,000 (8,104m)
Estimated Retail Value: $72,800
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Yet another one that looked great on paper. We’ll chalk this no-sale up to another high reserve, or maybe the color turned off bidders.)
#5
2021 C8 Stingray Coupe 2LT
17,074 Miles
Condition Report: 4.6/5.0
Announcements: 3rd party seller
Autocheck History Report: 1 owner, 0 accidents
MMR: $66,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $67,500 (12,667 average miles)
- 6 Months Ago: $72,200 (17,647m)
- Last Year: $81,600 (6,065m)
Estimated Retail Value: $70,600
(Based on Cox Automotive retail transactions)
Auction Results: Sold for $67,750
(Insights: Finally, one that hammered! Look at how close that wholesale price is to the estimated retail value.)
#4
2023 C8 Stingray Coupe 2LT
2,567 Miles
Condition Report: 5.0/5.0
Announcements: 3rd party seller
Autocheck History Report: 1 owner, 0 accidents
MMR: $73,400
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $73,200 (5,624 average miles)
- 6 Months Ago: $79,200 (3,539m)
- Last Year: $87,700 (1,482m)
Estimated Retail Value: $76,900
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: This one looked great on paper, so likely the reserve was too high.)
#3
2023 C8 Stingray Coupe 3LT
905 Miles
Condition Report: 5.0/5.0
Announcements: Spare key w/title
Autocheck History Report: 1 owner, 0 accidents
MMR: $82,100
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $80,200 (4,235 average miles)
- 6 Months Ago: $85,100 (1,277m)
- Last Year: $93,600 (1,293m)
Estimated Retail Value: $87,300
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: We’ll chalk up another one to a high reserve.)
#2
2023 C8 Stingray Coupe 1LT
57 Miles
Condition Report: 5.0/5.0
Announcements: None
Autocheck History Report: 1 owner, 0 accidents
MMR: $68,500
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $67,100 (4,359 average miles)
- 6 Months Ago: $72,200 (4,600m)
- Last Year: $79,600 (1,698m)
Estimated Retail Value: $73,000
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: Given the trend we are seeing with these low-mileage C8s, I starting to think the desired reserves are too close to the estimated retail values. There is no shortage of brand-new 2024s, so the price has to be right for a used 2023. The 1LT trim didn’t help either.)
#1
2023 C8 Stingray Convertible 3LT
10 Miles
Condition Report: 5.0/5.0
Announcements: This many has to be a record!
Autocheck History Report: 1 owner, 0 accidents
MMR: $88,200
(MMR=estimated wholesale value, based on vehicle, miles, condition, and recent auction sales)
Historical Wholesale Averages
- Past 30 Days: $86,000 (3,749 average miles)
- 6 Months Ago: $93,800 (2,431m)
- Last Year: $102,000 (1,359m)
Estimated Retail Value: $93,100
(Based on Cox Automotive retail transactions)
Auction Results: NO SALE
(Insights: With all those announcements from the seller, it was likely he was trying to get top dollar.)
Summary: With just one of the ten hammering off to a new owner, I think we can officially say the wholesale market has cooled off this week, which is notable in and of itself. It will be interesting to see what happens when some 2024s start rolling into the auctions.
Sales Ratio Tracker:
- [2/29/2024] Report: 30% Sold
- [3/13/2024] Report: 30% 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
ICYMI: Bonus Feature
Deeper Dive: The 2024 Market for the C5-C8
