[VIDEO] Speed Phenom Finds a Chevy Dealer Hoarding Several New 2023 Corvette Z06s

By
Keith Cornett
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[VIDEO] Speed Phenom Finds a Chevy Dealer Hoarding Several New 2023 Corvette Z06s


With new 2023 Z06s now being built in decent numbers, more Chevrolet dealers are finally getting in their first examples for delivery. However, there are some dealers who did things differently and their short-term payoffs are now looming. What did they do that was different from other dealers? Instead of offering their Z06 allocations to customers and placing customer-sold orders, they choose to keep them in-house. By placing a dealer stock order, these dealers control the order process, and then they can sell the car for as much as they want.

Thank to our friend Rick Conti, we know that there were 120 dealer stock orders submitted during the first round of Z06 ordering and we estimated that during that first order cycle, 1 of 4 Z06s were dealer stock orders.

Speed Phenom is based out of Los Angeles and he got wind of a Chevrolet dealership with three new Z06s sitting on the showroom floor and a fourth one is inbound. He blocks out the dealers name, but based on the street signs that we see as he is pulling in, we have identified it as Connell Chevrolet in Costa Mesa.

Inside the dealership, we do see three new Corvette Z06s that are listed as display models only. The first is a Black Z06 Convertible with base aero and Natural interior with an MSRP of $138K. Next up is a 3LZ Red Mist Corvette Z06 Convertible with base aero and its MSRP is $136K. Finally, the third is a 3LZ Torch Red Z06 Convertible with base aero priced at $134K.

Speed says the dealer is still considering what the market adjustment will be and he was told by a salesperson that the ADM is expected to be between $50,000-$100,000. Like the rest of us, Speed isn’t happy that customers are constrained from selling their cars in the first six months yet dealers can order their own cars and charge way over sticker.

“What is the argument having a markup right now? The customer can’t flip it right away, therefore the dealer makes all the money, and the customer can’t do nothing…they’re stuck? Do you really think the Z06 is going to hold a $100,000 over sticker? It seems like this document you got to sign was specifically targeted toward customers not being able to flip their cars, but the dealerships can not do customer orders, buy dealer stock, and sell them for as much money possible. They are allowed to do it, but you’re not.”

Speed, you’re talking our language! Check out the video here:


Source:
Speed Phenom / YouTube

Related:
https://www.corvetteblogger.com/2022/12/20/video-speed-phenom-battles-porsche-gt3s-at-willow-springs/
[VIDEO] Speed Phenom Takes His 2023 Corvette Z06 to Fontana for its first Track Laps
[VIDEO] C8 Corvette Z06 Compared with the Ferrari F8 Tributo

 



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10 COMMENTS

  1. I am on the Connell Chevrolet email blast. I was notified by their sale person that the Z06’s are in and they are doing closed bids on them. You pick the VIN number you want, then submit your offer. in highlighted text it reads “MINIMUM BID IS 50K OVER MSRP”.

    The bid ends on Friday @ 5:00pm Pacific time.

    Just FYI

  4. Scalpers are crooks too but the people that pay over MSRP are the real problem. Once that stops, this nonsense will stop. I say go full Ford (especially for the ZR1/Zora); 2 year no resale contract, sold orders only (no dealer stock orders), GM picks which customers get them, 1 per customer, museum deliveries get priority. Problem solved.

  6. GM over marketed this car causing demand and pricing to go sky high. Didn’t do it on the ZR1 which is probably the best so far.

  7. Rob – It’s only genuine Capitalism if retail buyers are allowed to do the same (resell immediately at any price).

  8. OK this hits home… This is supposed to be the sponsoring dealer for “Corvette Super Sports” Corvette Club since 1959, which I am 20 + year member!! BUT I can attest to No perks here or concierge treatment whatsoFrekkin ever! When the 23 Z06 first came out, I spoke to the General Sales Mgr eagerly as a sponsored club member, and he couldnt have cared less! He just confirmed way back then, they were going to order Dealer Stock and were just unsure of what ADM they were going to charge!! And here it is, ALIVE and KICKING! I am totally over this GM/Chevy bullshit and now I am so pissed, I think it’s time to find another club!

  9. INCREDIBLE, Crooks….

    Great idea Jim
    Scalpers are crooks too but the people that pay over MSRP are the real problem. Once that stops, this nonsense will stop. I say go full Ford (especially for the ZR1/Zora); 2 year no resale contract, sold orders only (no dealer stock orders), GM picks which customers get them, 1 per customer, museum deliveries get priority. Problem solved.

  10. Why would dealership that get these car delivered to the dealership after the customer leaves a deposit .. hoard them???? I call bullshit in this one because the cars that are at these dealership are ordered cars ….these are not cars just laying around in the lot…..definitely bullshit….nice try….

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