Demand for the mid-engine C8 Corvette Stingray is (and has been) through the roof, with long waiting lists and limited supply. As a result, some dealers are charging substantial artificial markups. While markups are a relatively common practice for hugely popular models like the new Corvette, some dealers are charging $5,000, $20,000, or even $100,000 over MSRP. We covered this topic earlier in the week, but now, according to Chevrolet’s Director of Car and Crossover Marketing, Tony Johnson, GM isn’t all that concerned about the ongoing Corvette markups.
GM Authority Executive Editor Alex Luft recently spoke with Johnson about the latest Corvette markups, asking if Chevrolet or GM were concerned that dealers were raising the price for the popular new sports car.
“Dealers are the interface with the customers, so customers make the deal with the dealer, so we leave that side of the business to our great dealer partners, who I think do a fantastic job, honestly, meeting customer needs and helping them through the journey,” Johnson told GM Authority.
After asking if there was anything GM or Chevy could do (or would want to do) to encourage dealers not to charge tens of thousands of dollars over MSRP, Johnson responded by saying:
“Well, it’s supply and demand. We supply them, the dealers meet the demand.”
So far, this line of thinking seems to be working out quite well. Despite the considerable C8 Corvette markup, sales have soared, with 21,626 units sold in the U.S. throughout the 2020 calendar year, and 14,582 units sold in the U.S. through the first half of the 2021 calendar year.
Corvette Sales - 2020 - USA
|MODEL||YTD 20 / YTD 19||YTD 20||YTD 19|
Corvette Sales - 2021 - USA
|MODEL||YTD 21 / YTD 20||YTD 21||YTD 20|
These figures must also be considered in light of numerous production delays, which limited supplies of the new eighth-generation Corvette from the get-go. Production of the next-generation Vette was originally set to begin December of 2019, but was later pushed back to February of 2020 as a result of the UAW labor strike. Plant shutdowns stemming from the COVID-19 pandemic also severely impacted supply.