Demand for the 2023 Corvette Z06 is through the roof, with fans champing at the bit to get the new mid-engine sports car into their garage. Now, GM Authority has learned when sold retail orders for the 2023 Corvette Z06 will officially close.
According to GM Authority sources, dealers must submit sold retail orders for the 2023 Corvette Z06 before midnight on April 4th. Meanwhile, Chevy dealers will retain the ability to place 2023 Corvette Z06 orders for inventory after the April 4th deadline.
For those readers who may be unaware, sold retail orders are orders that are made by the dealer via a customer, and sold directly to that specific customer. In contrast, dealer inventory orders are orders to get the vehicle in question into the dealer’s inventory, from which it can be sold. One of the big differences is that sold retail orders are typically (if not almost always) under contract, and the vehicles may be highly customized according to the buyer’s preferences. As GM Authority covered last September, most C8 Corvette Z06 buyers want every possible option on their new sports car.
Back in August, GM Authority reported that the 2023 Corvette Z06 would be restricted to just 10 percent of accepted orders as the result of a supplier constraint. The supplier setbacks deteriorated even further, and that following September, GM said it would no longer be accepting Corvette Z06 orders for the remainder of the 2023 model year. Luckily, GM backtracked on that a few months later, accepting some new dealer orders for the Corvette Z06 during the month of November, 2022.
As a reminder, the 2023 Corvette Z06 features the naturally aspirated 5.5L V8 LT6 gasoline engine for motivation, which churns out 670 horsepower and 460 pound-feet of torque. The GM Y2 platform provides the bones, while production takes place at the GM Bowling Green plant in Kentucky.
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Horsepower and grip take the win.
Amid a legal battle with a GM supplier.
With multiple model years recommended.
Generally following the market trend.
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So if I’m understanding what this article is stating, loyal customers like myself who have been waiting ( and have given a deposit) three years ago are being bypassed so their respective dealers can sell over MSRP. Also they’ll push those customers into the following production year where they’ll most likely be charged an increase for the new year. What a kick in the ass!
This is unbelievable. Like Frank I have been on the Z06 list for 3 years and have a GM Workbench preliminary order in hand for more than 6 months. I have owned 6 corvettes C3-C6. I sold my C6 in 2020 when I went on the reservation list. How can GM do this to loyal customers like us. It is my understanding that I could have had my order placed into production in December of 2022 except that the Carbon aero kit T0G was/is on constraint. After waiting for so long I wanted my Z06 my way. Will I ever see my car?
Excellent comments that I agree with 110 percent. But I learned after watching C8 unfold
not to sell my car in the garage, in anticipation of delivery. And after my original order was canceled, and so many individual features were constrained, I order a more basic car, avoiding features that could be added after delivery by me (cosmetic and easy to install items.
On order number 2, I got delivery. After over a year of waiting.
I met a few people who actually got to order a Z06, and got delivery, I know way more waiting on a list with a deposit. And the only Z06 I have ever seen for sale was at a dealer sponsored auction or second owner.
I am very curious in the final production numbers, how many were made?
And for Z06 money, can get a Porsche GT3, Ferrari, etc.. Maintenance costs more, but the cool factor is pretty high.
Hennesey has an option to get 700hp from a C8, and includes warranty. $35k.
But you still lack high rpm.
Magnuson 640hp option costs less, but having choices is nice.
Anyone who would allow Hennessey to touch their car is an idiot. Spend less $$ and go to a reputable shop.
Read carefully "sold retail orders are typically (if not almost always) under contract". Make SURE you have a contract! I was deceived by a dealer in Ocala Florida on this very point with an agreement for my sold order at MSRP. In May 2021 they refused to seal my deal with a contract saying 'it wasn't fair to hold a customer's deposit money for a year while waiting for the car". So guess what happened - I waited almost a year and when my turn came up on their waiting list for a Corvette to match with an allocation, they demanded it would cost MSRP plus $30,000.
I found a very reputable dealer in my home state of Michigan in April 2022 who did provide a contract at MSRP and I just found out my Corvette order is at status 3400. Two years for my quest to own a C8 took from May 2021 to April 2023. Needless to say, I will never patronize the Florida dealer again and now tell all my Florida friends and neighbors to avoid them.
And Corvette owners are the most “loyal” customers in “all the land!” We, and I include myself, many times over, are a bunch of suckers!
You left out an important piece here. Sold or stock order really doesn't matter when it comes to any C8. Chevrolet is not prioritizing sold orders on C8. This will be the same when the switch to the 2024 model happens too. Step one has to happen first and that is that the selling dealer has to receive the allocation in consensus to be able to place an order. Good luck with that. All these people out there who are on a "list" will wait and wait to get a regular C8 much less a Z06. 1100 status with an order number on a Z06 is as good as an order on a napkin until the selling dealer is allowed to actually place it. Same with 70th anniversary package. Many dealers take endless deposits for cars they will never see just to take people out of the market and make them feel like they have an "order".
Yohee knows of what he speaks. A dealer can put you “on their list” and when ordering is open enter a preliminary “1100” status order for you , but that means nothing. The only “list” that means anything is the dealers in-system tab in Order Workbench showing your order at 3000 or higher, which only happens after your dealer receives allocation for an order that is buildable within production constraints and “places” your order from “preliminary” tab into the “system”
GM needs to mandate the dealers to have them send their deposit list for their C8, Z06, and E-Ray on a monthly basis. This will give GM a monthly estimate of the outstanding potential orders which in turn can compare with their production schedule. It is obvious the demand far exceeds the production but by how much and when will this backlog be filled? GM could take their dealership deposit data and based on their estimated allocation tell the dealer when he can expect to fulfill his potential orders, x in 2023, 2023 etc. Customers are putting down deposits knowing well there is a backlog but they nor the dealer have any idea when they can actually place a real order. I know one dealer that has taken over 400 $1000 deposits for just the Z06. That's $400K sitting in the dealer's bank account just for the Z06, When you think about all the deposits that have been made just across the Corvette line is crazy. GM would benefit from knowing this data. They could either ramp up production or notify the dealers that they will be allocated x and x orders per year. In turn, dealers can give their customers a more realistic date or when they can actually expect to place the order. With today's technology, this is an easy process to implement. Again it won't be perfect but at least it would give everyone a realistic view. Dealerships should not be allowed to take deposits that they cannot fulfill in 1 year maybe 2 at the most. When GM announces a new vehicle like the E-Ray it should also announce the estimated number of units they expect to produce in that model year and then break it down by dealerships. I know it's a personal decision whether or not to place a deposit but they should be given a realistic timeframe based on real data so they can make that decision,
Production is at capacity, so no room to ramp up. It has been this way since the original launch. They could have sold twice as many C8s as they did if they could have built them.