Two Corvette Z06s Had Auctions Closing Today and Here’s How They Did

By
Keith Cornett
-
33
81509

Two Corvette Z06s Had Auctions Closing Today and Here's What They Brought


Over the last few days, we brought you the details of two Corvette Z06s being offered on auction websites. A 70th Anniversary Corvette Z06 Convertible was offered on Bring a Trailer while a Black Z06 Coupe with Red Interior was listed on the Cars and Bids website. Both auctions closed today so let’s see how they went.


70th Anniversary Z06 Convertible

The first auction to close was the 70th Anniversary Convertible at Bring a Trailer. This was the first Z06 offered on the popular auction website, and as the seller was a Chevrolet dealer, the buyer would not be impacted with GM’s controversial no-warranty transfer policy. The selling dealer confirmed that in the comments this morning before the sale ended:

Loehmann Blasius Chevrolet

The window sticker showed the MSRP for the Corvette Z06 was $146,340 and the final high bid was listed as $222,000. We watched as the time counted down and the anti-climactic ending showed the car failed to reach the reserve price. Loehmann Blasius Chevrolet of Waterbury, CT. could have walked away with a sale after pocketing $75,660 but that apparently wasn’t enough, or perhaps they had a higher offer for the car as a backup if the auction’s high bid didn’t reach the reserve.

We’re all for letting the market work, but I also hope that past and present customers of Loehmann Blasius Chevrolet let them know what they can do with this Z06 now that the market has spoken. Even the well-heeled buyers at BaT decided that an ADM of $75,660 was just too excessive, even if the C8Z did come with a warranty.

Black 2023 Corvette Z06


The second Z06 auction that closed today was over at Cars and Bids, and it featured a 2023 Corvette Z06 Coupe in Black with an Adrenaline Red Interior. The window sticker shows the MSRP on this Corvette was $131,255. The Z06 was originally sold new by Mike Castrucci Chevrolet in Milford, OH and the original owner consigned the car to be resold by “Automarketinggroup1975” with 250 miles on the odometer. This sale was a flip and no warranty would be transferred to the new owner.

We tuned into this auction as well to watch for any final bidding action and also came away disappointed. The high bid for the Black Z06 was $178,569 which was placed three days ago by a Cars and Bids regular, and it still wasn’t enough to close the deal. The difference between the high bid and MSRP was $47,314, and there would have been some additional commissions due to the seller using a consignor to sell the car on his behalf.

So two different auctions for America’s newest supercar, and both were a no sale due to the reserves not being met. The market has spoken, and I don’t feel bad about it at all…How about you?


Source:
Bring a Trailer and Cars and Bids

Related:
Corvettes for Sale: Cars and Bids Offering a Black 2023 Corvette Z06
Corvettes for Sale: First 2023 Corvette Z06 Hits Bring a Trailer
Bring Home a 70th Anniversary Corvette Z06 with Z07 and $25K!

 



-

RELATED ARTICLESMORE FROM AUTHOR

33 COMMENTS

  1. The wisdom of the market versus the speculators’ greed.

    Glad to see that both were NO SALE

  2. I won’t be as kind as other comments….

    Shame on those sellers for being such greedy #&$^s. Even though the resale prices are skyrocketing, seller like this are fueling the fire and ruining the market. Shame on them…

  4. I know the saying “there’s an azz for every seat” but in this case the dealer and individual seller must be on crack. Glad to see that both auctions failed. Report the dealer to GM (although I’m sure one or more of the senior execs are reading your post). Realistically, GM won’t do sh*t against this or any other dealer trying to sell these cars at overinflated prices.

  6. Had one presented to me by a dealer for well over 80k over msrp. I politely declined but some one came right after n allegedly bout a sticker price 136k zo6 vert well over 90k. Smh

  8. The bubble has busted! The market will continue to adjust. Supply will increase with more new and used c8s, zo6s, and introduction of eray.

  11. Well, just goes to show you what kind of dealership it truly is. The people have spoken. If these Corvettes had sold the buyer would have been out big bucks on a resale 5 years down the road. Chevrolet should be ashamed to let this go on in the first place. Look at all 2020-2023 that are advertised, they are all coming down in price, also everyone who purchased them to flip them will also get there just dues. Total greed no difference between flippers and dealerships. What goes around comes around.

  12. This tells me that the got-to-have-it-now at any price buyers are few and far between. Face it the C8 is already awesome and a Z06 with its bespoke engine that can sing with the Italians is probably worth $50k over a base Vette, not $100k plus. GM put enough delta into the price of the new Z06 already. I am on a wait list for a Z06, but might cancel as I am not sure it’s money well spent even if my lucky number comes up.

  13. The seller of the black car I can almost stomach, He’s being forced to sell w/o the warrantee and that could end up biting him on the ass (hopefully). But that dealer with the white car deserves to get a phone-call from his attorney or his doctor telling him something he doesn’t want to hear. GM should put a stop to that kind of crap right now.

  14. Hate to be the bearer of truth here, but the ZO6 is NOT worth $40k+ over the Stingray, and that’s at MSRP. Eray price is even more ridiculous. HARD PASS.

  15. I bought my 650hp C7 Z06 New for 69k just 4 years ago. The 670hp C8 Z06 isn’t worth a penny over 100k. These markups are psychotic. Get ready to pay 300k for the C8 ZR1 an half a mil for the ZORA. Then the C9 will come out and nobody will care about C8s anymore lol.

  16. Prices will continue to go down as Chevy cranks out more Z’s and the economy trends down. All those people on the waiting list will get some sense and move on to another car, lose their job, or die. BTW, how’s your Bitcoin doing. When will it go back to $60,000?

  17. Stay the course Corvette Nation, the buyer is still in control. MSRP is what GM feels the car is worth, that’s what we will pay. We will remember who the dealers are that are trying to take advantage of this situation and not do business with them in the future.

  18. Both sellers were greedy. I believe in buyers pay what premium they want, so be it. But to turn away such enormous profit above MSRP, keep in mind readers on the 2 cars in question, there is another $13-16k profit between dealer cost and MSRP. So yes, I believe the sellers put a ‘greedy’ reserve on these 2 Z06 Corvettes.
    My take as a current and 4 time Corvette owner AND a retired 40 year dealership employee. Just dayin’.

  19. Good outcome. Hope the dealer gets his future allocations reduced. Given that the Z06 has a clean sheet engine that has a lot of technology advancements over the base engine, it IS worth $40K+ more. I guess people outside of the auto industry don’t understand what it costs to research, design, prototype, test, fix, line up suppliers, reconfigure manufacturing facilities, document and FEDERALLY certify a brand new engine design. It’s a huge investment ($100M or so). Those costs have to be recovered by selling cars – right? This is a low volume (!) engine, not an SUV or pickup truck engine sold in the millions. Chevy gives you a choice: If you don’t want to pay for higher performance, then get off the Z06 list and buy a base Stingray.

  20. I’d rather enjoy an F355, 360 Modena, or 430 for that money. No depreciation either. In 8 years these Z06s will be $80k…

  21. Gad to see that whole GM ‘no flipper warranty’ threat curbed the practice. /sarcasm

    I hope on the Zora and ZR1 they do it the Ford way; customer loyalty determines who gets one (current C8 owners with priority to anyone who has previously done R8C) and a 2 year no sale agreement. Also, for the first 2 years – no dealer inventory orders.

  22. In the GM is to blame for all this nonsense Stock orders should not be built for a dealer with 300 sold orders waiting for months. They have done nothing to identify and reduce allocations to these dealers no matter what lies they tell

  25. Let’s look past the resellers and talk about GM allowing dealers to resell and markup when there are still customers that haven’t received the cars they ordered. Shameful.

  27. Hmmm, wondering if the high bids were the actual reserves!!!! Asking for everyone who has ever owned a sports car. 😀

  28. The Euro high line mid engine cars are bringing up the price on the Corvette and…..the Corvette is not bringing down the prices of the Euro offerings.

  29. GM should handle the sales of all Corvettes and just pay the Chevrolet dealears to handle the deliveries.

  31. Good news… GM bans any flippers from buying their products angain and voids the warranty of the vehicle being flipped.

  32. Why would someone pay someone to list their car on an auction site?

    Only reason I can think of is privacy.

  33. I hope all those greedy dealer playing this game of charging $100,000 over MSRP that nobody buy them and they have to stick them where the sun don’t shine, between inflation, the economy taking a dump interest rates going up, the 2020, 21, 22 and 23 going down on price at the end the greedy dealers will have to eat their Z06 but the one to blame here is Chevrolet auto maker that allows this giving themselves a bad name and the real smart people will just move onto another and better brand of car for less money giving the greedy dealers no chance to make any profit,

Comments are closed.