This SlideShowPro photo gallery requires the Flash Player plugin and a web browser with JavaScript enabled.

Buying & Selling

Mecum’s Winter Classic Auction Results

by Keith Cornett on February 13, 2006

As we reported earlier, Mecum’s Winter Classic in Kissimmee Florida was a huge success given the fact the new location was 10 miles from the NCRS Winter Regional. That didn’t deter Corvette sellers and buyers from partaking in one of the largest Corvette and classic car auctions in the Southeast. Our review of Mecum’s auction results shows that a whopping 121 Corvettes sold for a total of $6.4 million and change. Mecum’s auction results aren’t the most descriptive in terms of body styles or engine options. Perhaps they can take a lesson from (dare I say) Barrett-Jackson’s results listings to give those who couldn’t attend the auction a better understanding of exactly what sold. Our friend Bob Kroupa from Vette-N-Vestments is at most of the major Corvette auctions and does breakout the models. You can get his report by subscribing to his monthly Corvette Market Letter, which can be purchased for $35 through the VetteFinders.com online store. Now that we got that shameless plug in there, here are the results from the Mecum Winter Classic held January 27-28th in Kissimmee Florida:

Year Model Color Sales Price
1954CorvetteMaroon$115,500
1954CorvetteWhite$58,538
1957CorvetteBlack$76,650
1958CorvetteRed$42,263
1959CorvetteBlack/Silver$63,000
1959CorvetteWhite$109,200
1961CorvetteMaroon$80,325
1961CorvetteRed$55,650
1961CorvetteBlue$65,888
1962CorvetteRed$42,000
1962CorvetteBlack$63,000
1962CorvetteRed$97,650
1962CorvetteMaroon$45,990
1963CorvetteBlue$33,600
1963CorvetteRed$81,375
1963CorvetteBlue$64,313
1963CorvetteWhite$89,250
1963Corvette (Z-06)Red$220,500
1964CorvetteRed$30,975
1964CorvetteWhite$33,600
1964CorvetteTan$52,500
1965CorvetteSilver$68,250
1965CorvetteRed$39,000
1965Corvette (L79)Silver$65,625
1965CorvetteBlue$79,800
1965CorvetteBlue$86,100
1966CorvetteBlue$55,650
1966CorvetteBlue$36,750
1966CorvetteRed$47,513
1966CorvetteRed$49,875
1966CorvetteRed$52,500
1966CorvetteRed$79,800
1966CorvetteRed$45,150
1966CorvetteMaroon$79,800
1967CorvetteSilver$58,275
1967CorvetteBlack$117,600
1967CorvetteSilver$48,300
1967CorvetteYellow$82,950
1967CorvetteBlue$50,400
1967CorvetteSilver$62,475
1967CorvetteMaroon$78,750
1967CorvetteWhite$43,575
1967CorvetteSilver$63,000
1967CorvetteMaroon$122,850
1967CorvetteBlue$46,200
1967CorvetteRed$141,750
1967CorvetteRed$120,750
1967CorvetteMaroon$111,300
1967CorvetteBlack$192,150
1967CorvetteMarina Blue$172,200
1967CorvetteMaroon$61,425
1967CorvetteBlue$105,000
1967CorvetteSilver$194,250
1967CorvetteYellow$112,350
1967CorvetteBlack$226,800
1968CorvetteBlue$33,600
1968CorvetteWhite$26,775
1968CorvetteRed$20,475
1969CorvetteBlue$11,550
1969CorvetteBlue$57,225
1969CorvetteDark Green$21,000
1969CorvetteBurgandy$31,500
1970CorvetteBlue$49,350
1970Corvette (LS-6)Black$99,750
1971CorvetteGreen$37,800
1971CorvetteBlue$26,250
1971CorvetteRed$30,450
1971CorvetteGreen$21,000
1971CorvetteGreen$24,150
1971CorvetteSilver$18,900
1971Corvette (LS-6)Silver$157,500
1972CorvetteBronze$28,088
1972CorvetteYellow$21,630
1972CorvetteRed$18,900
1972CorvetteOrange$14,700
1972CorvetteRed$16,065
1972CorvetteSteel Cities Gray$26,775
1972CorvetteRed$14,700
1972CorvetteOrange$33,075
1973CorvetteRed$15,750
1973CorvetteUnknown$20,475
1973CorvetteYellow$22,313
1973CorvetteBlue$27,825
1974CorvetteWhite$5,300
1974CorvetteYellow$52,500
1975CorvetteRed$19,950
1975CorvetteOrange$29,400
1977CorvetteOrange$15,435
1977CorvetteOrange$11,025
1978Corvette (L82)Black$25,988
1978CorvetteUnknown$39,900
1978Corvette (Pace Car)Black/Silver$28,613
1978Corvette (Pace Car)Black/Silver$31,500
1980CorvetteWhite$16,950
1980CorvetteBlack$26,250
1981CorvetteSilver$17,535
1982CorvetteSilver$27,825
1982CorvetteTri-Color$21,105
1985CorvetteRed$9,400
1986CorvetteRed$26,250
1986CorvetteRed$16,800
1987CorvetteBurgandy$12,338
1988CorvetteRed$17,588
1989CorvetteWhite$11,025
1990CorvetteGreen$17,850
1991Corvette (Callaway)Black$107,625
1992CorvetteRed$19,425
1992CorvetteWhite$9,000
1993CorvetteRed$17,588
1993CorvetteRed$39,375
1993Corvette (ZR-1)Red$47,775
1993CorvetteRuby Red$20,475
1993CorvetteMaroon$25,463
1994CorvetteWhite$14,963
1994CorvetteWhite$13,650
1995CorvetteWhite$19,163
1996Corvette (GrandSport)Blue/White$84,000
1998CorvetteRed/White$18,638
1998CorvetteBlue$31,500
1998CorvettePewter$13,230
2000CorvetteMaroon$31,500
    
  Total Sales:$6,441,398
Credit: Mecum Auctions

Is GM Cutting Dealer Z06 Allocations?

by Keith Cornett on January 31, 2006

From reading the various forum threads where dealers are known to post, it seems some are upset about the 2nd half allocation letters GM sent to its dealers last week. The letters project the total Z06′s Corvette dealers can expect to receive between February and May 2006. While it appears that the same number of Z06′s are being produced, GM may be cutting allocations from some of its dealers with more volume so that they can get Z06′s into the hands of some of their 3rd and 4th tier dealers. Due to the demand for the Z06, some dealers have reportedly marked up the Z06 $15,000-$20,000 over MSRP. Other dealers are taking orders for the 2007 model year and beyond. Looks like the buyer that wanted to “wait and buy it later in the model year and save a couple grand” is out of luck. Here is a copy of an allocation letter with the dealers information removed: ————– XXXXXX
XYZ Chevrolet
123 Main Street
Anywhere, ST XXXXX
Attention: Dealer Operator and New Car Sales Manager Subject: Corvette Z06 Allocation Projection The 2006 Corvette Z06 distribution plan includes the provision of an extended allocation projection to all eligible Corvette dealers. This is a projection and not a commitment but is intended to assist dealers in managing customer expectations in line with dealer allocation. While keeping in mind the realization that the Z06 will remain a limited production vehicle, we have been working diligently to increase Z06 production to maximize our ability to satisfy customer demand for this great automobile. As a result, production schedules were not formalized in time to allow us to provide this second extended allocation letter originally intended for publication in December. Your dealership’s projected Z06 allocation through May 2006 production appears below. Please keep in mind that this allocation projection is based on an estimated production schedule and therefore must continue to be considered as a projection and is not to be considered an absolute commitment. Your Z06 Estimated Allocations are: February March Est April Est May Est 2nd Outlook
Allocation Allocation Allocation Allocation Cum Total
# # # # # If a dealer chooses not to consent to their Z06 allocation, that allocation will be redistributed to another eligible dealer during the variance resolution and will not be rolled forward nor will it be converted to regular Corvette allocation. CORVETTE MARKETING TEAM Source: CorvetteForum.com | DigitalCorvettes.com

Barrett-Jackson: A Corvette Seller’s Paradise

by Keith Cornett on January 19, 2006

While some of the estimated 100+ Corvettes that will cross the Barrett-Jackson auction block during this week’s Scottsdale event are worth every penny of the high bids they will receive, many are not. Due to the shear amount of collector car money that is in Scottsdale this week, some Corvettes will go for prices no where near what they are worth, and that is the problem I have with this auction. I was expecting to see this sometime during this auction, but didn’t think it would be so obvious during the first day. Lot #70 is listed as a 1971 Chevrolet Corvette LS-5 Coupe. Here are the photos and description:

 
Nevada car, numbers matching, no rust, stock AM/FM, air conditioning, power steering, power brakes. SS disc brakes and lines, LS5 454/365 motor with roller rockers. Motor refreshed at 62,000 by John “Freight Train” Peters, a member of NHRA Hall of Fame, Jet-Hot coated headers, Micky Thompson valve cover, new radiator, M21 transmission, body stripped to glass and House of Kolor Candy Wild Cherry with silver base paint in September 2004, interior stock black vinyl, 5 new BF Goodrich TA tires, stock factory 3 piece side pipes, all new chrome and badges, all new weather stripping, new carpet and some new interior panels, new dash pad and clock. Factory build sheet. Selling price was listed as $54,000 (unofficially). Let’s look at the numbers. In 1971, there were 21,801 total Corvettes: 14,680 Coupes and 7,121 Convertibles. The LS-5 engine was selected by 5,097 buyers, that’s 23.4% of total production. The M21 4-speed transmission was selected by 2,387 buyers which made up 9.8% of production. Not what we consider a rare Corvette in terms of power plant and drive train. Other production numbers for this 1971 Coupe include factory air conditioning (11,481), Power Steering (17,904) and Power Brakes (13,588). The condition of this Corvette couldn’t even get you a Survivor award at Bloomington. Replaced valve covers and the non-original paint and color do nothing for collectablility. And take a look at the engine photo – other than the shiny air filter cover, the compartment is filthy. We place the value of this Corvette at $23,000. A $31,000 Barrett-Jackson difference. At some point this hot market we are in will correct itself and people who purchase these non-rare Corvettes at premium will be the ones holding the short end of the 4-speed stick shift. P.T. Barnum was famously quoted for saying “There’s a sucker born every minute.” Apparently in Scottsdale, they brought their checkbooks.

Corvette Breaks Sales Records

by Keith Cornett on January 13, 2006

There were 3,271 Corvettes sold in December which is an all-time Corvette record for December beating the December 1977 sales of 3259. Corvette had a 26.1% segment share up from 20.4% last year. R8C Museum Deliveries were at an all-time high for the month of December as well, with over 90 Corvette owners taking delivery as part of the program. General Motors also announced that European sales of Corvettes registered significant growth in 2005, achieving their best ever sales in Europe. With well over one thousand registrations, the sixth-generation Corvette more than tripled 2004 sales levels.

Seller of Fake L88 Caught by Corvette Community

by Keith Cornett on January 1, 2006

1967 Shriner Corvettes at the St. Louis Factory

You got to love Corvette people. They are the backbone of this great hobby and it’s great to see them rally around a cause. What’s the cause you ask? After spotting an apparently fraudulently represented 1967 L88 Corvette for sale on eBay, the message boards on both the CorvetteForum.com and NCRS.org started lighting up with news and information about this Corvette and its checkered history.

The 67 Corvette in question was listed with a reserve on eBay December 21st. The description lists the car as a real L88 Corvette – one of 20 in existence. The ad also has 17 photos showing different angles of the car, engine pad stamps and documentation including the dealer bill of sale and protect-o-plate.

As word spread of the L88 Corvette’s eBay listing, details slowly emerged that put the originality of the car into question. First, many users on the Corvette Forum started sharing photos of the stamped engine pad from the L88 and comparing those with other known L88′s and big block Corvette engines. The eBay L88′s stamp looked straight and flawless. The etchings were shiny as well and looked nothing like the other examples being shown.

And then came a post from GL Anderson whose father was the dealer that received the Corvette from the St. Louis factory and drove it in parades with the Shriners as one of their Patrol Corvettes. GL says when his dad picked up the car, it was originally a 350 small block and that everything the about the ’67 being represented as an L88 is false.

“Well he only got maybe 3 things right in his eBay ad. He did talk to me, it was sold to a William Neeck and it is a 1967 Corvette. Not only was it a 350hp small block car when produced and we picked it up at the factory, but it was also my Fathers Shrine Corvette Patrol parade car. Since my dad was the dealer and also in the patrol he never had to license his Shrine car but rather drove it on a dealer plate. The first true owner would have been Mr. Neeck. There are several photos out there showing the 67 Shrine cars and members standing by their car. I can point out that exact car in the pics. It had a blue interior from the factory. Everything about it being an L88 is a fake. The buyers invoice is fake, I don’t know about the repair order so maybe he got 4 things right. He came to me in the early 90s and wanted me to back his story about the supposed L88. I told him no way. By the way I was 21 in 1967 and between my twin brother and I put several thousand miles on that exact car. As to paperwork no I don’t have the factory invoice but I do have other documentation on that car. I don’t hang out on other Corvette boards but if anybody wants to know the truth, let them know it is a fake. I will be happy to provide the documentation I have and point out a number of errors he has made in his paperwork, but only to someone I trust won’t take that info back to him so he can do a better job next time.”

Gar Anderson, GL’s twin brother also was heard from. Gar had accompanied his father to the St. Louis plant when the cars were picked up in person. He said the documentation pictured in the listing is a fake as well. He said the seller tried to get Gar and his brother to collaborate with him on trying to sell this car as original, but Gar refused.

“The car is a complete fake. It was originally one of the Order of Shriner’s cars. All were white with blue interiors and all were small blocks. The L88 option wasn’t even available until January of 1967. This car was built in October of 1966. GL Anderson is my twin brother, and he and I were very involved with Anderson Auto at the time. The Ebay seller tried to minimize that fact. As a matter of fact, in 1967, my brother and I purchased our grandfather’s Buick, Pontiac and GMC dealership which was located across the street from Anderson Auto. Although we were in college and owned the Buick store, we continued to work at the Chevy store. If we would have sold a real L-88, you’d think we would be helping the seller, not trying to stop him.”

So being Corvette people and not content to just let an apparent fake be sold to an unsuspecting buyer, GL went to eBay and posted an auction that would show up if someone was searching 67 Corvettes and L88′s. The item for sale was a photo showing the Shriner cars being picked up at the St. Louis assembly plant. (See Photo) In the photo GL claims that his Dad is shown standing next to the Corvette in question and has other documents that will prove the Corvette is a fake.

So did the Corvette sell? In the closing minutes of the auction, the bid jumped from $185,000 to $450,000. While speculation was that the seller upped the price to save face, the high bid was placed by another Corvette guy to make a point:

“I bid on it knowing it was fake. Mainly I did it just to cost him some more money or at least the hassle of getting a refund through eBay. I figure if he wants to misrepresent the car then he deserves to have to spend some extra money and/or effort on his advertising. If the seller actually expects me to buy the car he will first have to present evidence which proves the car is not one of the Shriner’s cars. If he can do that then I’ll gladly pay his reserve price.”

What can we learn from a story like this? If you are going to clone a ’67 L88 Corvette, advertise it as such. Otherwise, seller beware! The Corvette community can and will police itself whenever possible.

 

Oldest Corvette to be Auctioned at Barrett-Jackson

by Keith Cornett on November 17, 2005

#003, the oldest 1953 Corvette in existence, is expected to drive across the auction block at the Barrett-Jackson Auction in Scottsdale, Arizona during their “World’s Greatest Collector Car Event” January 14-22nd. The #003 convertible wears VIN plate number #E53F001003. As #001 and #002 were assembled and delivered to the Chevrolet Engineering Center for testing, #003 took a different path which is how it escaped the fate of the first two Corvettes. #001 and #002 served as test cars for the engineering center and were eventually destroyed. #003 also served as an engineering car for a shot time but was sold in the fall of 1953. Eventually it turned up at an auction in 1987 unpainted and not running where two collectors noticed many of the characteristics of an early production car including the hand-made ignition shielding and center grille bar. As the oldest survivor of the early production Corvettes, #003 underwent a meticulous and well documented 2-and-a-half year restoration. Completed in 1990, Corvette #003 earned Bloomington Gold, Corvette Hall of Fame and NCRS Duntov awards. It was last displayed at the National Corvette Museum in Bowling Green, KY. As part of the Barrett-Jackson auction, the #003 Corvette will be joined by approximately 100 of the rarest Corvettes in what the company calls the Most Comprehensive collection of Corvettes to be offered at a major auction at No Reserve. “It is hard to find a better selection of ‘America’s Sports Car’ than at America’s collector car auction this year,” said Craig Jackson, president of The Barrett-Jackson Auction Company. “We’re proud to celebrate our 35th anniversary with an unprecedented collection of Corvettes that symbolize this country’s automotive heritage. The collection ranges from the affordable, as represented by a 1977 T-Top Coupe, to the most desirable, like the 1969 L-88 Coupe and 1963 Z06.” Other Corvettes include: A NCRS Top Flight, award-winning original 1969 L-88 Coupe will also be sold. One of only 116, the numbers matching Corvette is among the top 1969 L-88s in condition, restoration and provenance. The one original owner, numbers matching, 1963 Z06 Coupe is a fuel-injected stunner that is one of only 199 Z06′s built. Restored in 1980 using original parts, it has won many awards including the NCRS Top Flight and NCRS Duntov award. Click here for a partial listing of Corvettes to be auctioned at the Barrett-Jackson Scottsdale event.

Red Tagged Corvettes?

by Keith Cornett on November 15, 2005

Faced with slowing sales and growing inventories, GM is launching yet another incentive plan combining the two elements car shoppers like the most – one price shopping and employee pricing. Called the Year End Red Tag sale, the incentive runs from Nov 13 through Jan 3rd. It’s not quite employee pricing – but close. The GM Red Tag Sale is offering the “What you see is what you pay” on MOST 2005 and 2006 Chevrolet, GMC, Buick and Pontiac models and the price is based on GM Supplier (GMS) discounts which are generally 2% above the GM employee price. Once again, the offer doesn’t extend to Corvette. Funny how the two elements that consumers love: one price shopping and employee discounts are the two elements that keep Corvettes from being including in these type of promotions. Manufacturers/dealers won’t discount the car that makes them money whatever the price and why offer flat rate pricing when you have the ability to negotiate pricing based on availability.

No Rebates for Corvette

by Keith Cornett on November 8, 2005

GM is following Chrysler and Ford by introducing new rebates designed to increase sales. The moves comes as GM reported a drop of nearly 20 percent in October sales. GM added $1000 rebates through Nov 13 on remaining 2005′s but the offer doesn’t extend to Corvette. The lack of rebates for Corvette is a good sign though as 2005 inventories are low enough as to not worry the GM bean-counters. No word yet if any rebates will be extended to 2006 models.

Katrina’s Corvette Flood

by Keith Cornett on September 10, 2005

You just the knew this topic was coming. Thousands of vehicles sitting submerged in the streets, driveways and garages of New Orleans. What will happen with all those cars including Corvettes that were damaged by the flood waters of Katrina? Automuse has an excellent legal analysis on the laws of Louisiana and how automobiles are branded as “flood” cars. For a vehicle to receive the “flood” brand, it must be declared a total loss by the insurance company and issued a salvage title. The “flood” brand on the salvage title indicates the car was totaled as a result of water damage. However, for a car to be considered a total loss, it must have sustained damages equaling 75% or more of the market value as determined by the NADA handbook. But what about all those cars, including Corvettes that sustained “some” water damage, but did not reach the 75% threshold? While the good news is that Louisiana law requires disclosure to the buyer of a vehicle if it sustained water damage, the downside is that cars that sustained some water damage but not enough to be a total loss, will have clean, unbranded titles. Unfortunately Mississippi doesn’t require buyers to be notified of a car’s water damage, but does require cars that are total losses to be re-titled as a salvage vehicle. So what will happen with all those Corvettes that were damaged? C1′s to C3′s may be had at some decent “restorable” values from insurance companies or brokers who resell salvage vehicles. C4′s and above? Forget about it. With all the electronics that post ’82 Corvettes contain, they are more likely to have costly damage to those key components and aren’t worth the cost of repairs. One of the lasting effects of Katrina may be the public’s avoidance of purchasing pre-owned Corvettes from the Gulf region as well as the sales boon that I am sure Carfax and other title reporting sites will have. Caveat emptor…

Gathering Pricing Knowledge

by Keith Cornett on August 22, 2005

Now that you know which model year you’re interested in purchasing, you’ll want to gain as much pricing knowledge as possible. I start with pricing first because if you can’t afford it, it’s not worth spending your time learning the other factors involved in making an informed buying decision. One of the tools needed for making an educated purchase is one or more Corvette Price Guides. Price guides for Corvettes can be found online at a number of sites. VetteFinders.com uses data published from Vette-N-Vestments that is based on actual sales figures from auctions held around the Country. Why we like this guide so much is that appreciation and depreciation figures are tracked for One, Two and Five years allowing you to spot multi-year trends. Other price guides worth noting are Kelly Blue Book and the NADA Guide. Lastly, most of the Corvette magazines usually publish an annual Price Guide issue. Currently we are in a hot market so review the published date of the guide carefully. If it is older than six months, its accuracy may be off somewhat. Another source for gathering pricing knowledge would be from visiting websites that contain Corvettes for sale, either through classified and auction sites like VetteFinders.com and Ebay.com to searching online dealer inventories for your sought-after model year. Armed with this information, you will have no trouble educating yourself as to what the model year of your choice can be obtained for. An education in pricing will help to ensure that you will not be overcharged as well as being able to spot a good buy when it comes along. Click here to purchase the Vette-N-Vestments Corvette Price Guide Price: $15.00

Page 19 of 20« First...10...1617181920