There’s certainly no shortage of fans or potential owners when it comes to the 2023 Corvette Z06, with hordes of folks clamoring to park the mid-engine sports car in their driveway. That said, two examples recently went up for auction and failed to sell.
As initially spotted by Corvette Blogger, the two 2023 Corvette Z06 auctions in question were held at Bring a Trailer and Cars and Bids. Over in the Bring a Trailer camp, Blasius Chevrolet Cadillac in Connecticut was offering up a 2023 Chevy Corvette Z06 3LZ 70th Anniversary Edition Convertible with just 15 miles on the clock. The exterior is covered in White Pearl Metallic, while the interior presents Ceramic White Leather upholstery. A set of staggered 20-inch and 21-inch Spider Graphite Forged wheels ride in the corners, while Carbon Flash was applied to the nacelles and sideview mirrors. The body also rocks a pair of full-length Satin Matrix Gray racing stripes, which complement the White Pearl Metallic with a subtle dash of extra customization.
Critically, because the car was offered direct from a dealer, the buyer would enjoy the full warranty, unlike those buyers who opt to purchase a new Z06 sold prior to completion of the six-month ownership requirement. The final bid placed was set at $222,000, a whopping $75,660 over the sticker price of $146,340. Nevertheless, the bid failed to meet reserve, and the car did not sell.
Meanwhile, over at Cars and Bids, seller Automarketinggroup1975 offered up a 2023 Chevy Corvette Z06 Coupe with just 250 miles on the clock. The exterior is covered in Black paint, which is matched to an Adrenaline Red / Black interior. The cabin space also boasts heated and ventilated power-adjustable GT2 seats. Notably, this particular would not include the warranty, as it would not meet the six-month ownership requirement. The final high bid was $178,569, or $47,314 over MSRP, but again, the sale didn’t follow through.
Notably, Corvette Blogger later posted a story about a new 2023 Corvette Z06 that sold on Bring a Trailer for about $99,000 over MSRP, so clearly there’s still plenty of demand, even with the current sky-high prices.
As a reminder, the 2023 Chevy Corvette draws motivation from the naturally aspirated 5.5L V8 LT6 gasoline engine, which is rated at 670 horsepower and 460 pound-feet of torque. Under the skin, the C8 Corvette Z06 rides on the same Y2 platform as the C8 Corvette Stingray, with production taking place at the GM Bowling Green plant in Kentucky.
Subscribe to GM Authority for more mid-engine Corvette news, Corvette C8 news, Corvette news, Chevy news, and around-the-clock GM news coverage.
Comments
GM TELLS THEM NOT TO SELL THEM OVER STICKER AND THEY STILL DO…
GM never said anything such thing, you should re-read the letter and pay attention to the wording. In the retail business model, the retailer owns the merchandise and can price it however they choose, the manufacturer has already made their money when they sold it to the retailer and therefore has very little concern after that point. For better or for worse, that’s how it is.
The letter reminds dealers of their obligation to sell lawfully and ethically…and that does not harm the reputation of the dealer or GM, etc. I think many ppl think massive amounts over sticker is harmful to reputation and potentially unethical…and I wouldn’t disagree.
That said, the letter was too vague, but no matter how many they sell, GM massively screwed up the Z06 launch, and showed what amateurs they are in the supercar space. Also, screwing future owners on the warranty for a resale is potentially unethical…and GM chose to do that.
I posted on this back when the letter came out…the better way would have been to have customers sign a retention agreement…similar to what Ford, Ferrari and others have done with certain models…if you have to sell it before the agreement is up, it goes back to a dealer. There’s no supply & demand discussion until the retention period is over…and the dealer and GM brands are protected. Chevy benchmarked Ferrari…they should have benchmarked and followed the Ferrari sales model too.
Lastly, I think the people (other than Rick Hendrick) willing to pay $200k for these cars are insane.
Excellent points, AEZ. GM should have copied the Ferrari sales model and a lot of the scalping would have been eliminated. I believe in capitalism, but I also believe in karma.
If I remember correctly, Ford was sued by a high-profile owner for that retention policy and lost, which is probably why GM did what they did. A manufacturer can’t infringe on what you can do with a product you bought, all they can do is control what services they’ll offer to you in the future based on your actions, which is what Ferrari does with their “blacklist”, and basically what GM copied with the addition of the voidable warranty (I’m not sure if Ferrari has dabbled in that or not, but their cars are often so valuable that they may not need to).
Thanks for the additional information.
They can control what you do with the purchased product by way of the retention agmt. You are not obligated to agree, but you are obligated if you want to buy their product. It works and protects the brands.
Used Ferraris trade for more than their original msrp, but those customers that bought to keep it are happy, those that sell used cars are happy…it works for everyone. Not this silliness we’re all debating over the Z06.
Citing some lawsuit is irrelevent…I’m talking about having a sales model that works better.
Lastly, Ferrari provides a 7 year transferable warranty.
Clearly it’s not irrelevant enough to debunk your entire idea of forcing a customer to resell to a dealer instead of whoever they choose. Court already decided that for you, it can’t be done. Next best thing is exactly what GM did: blacklist the selling owner and discourage buyers by not allowing the warranty to transfer.
GM should charge $5,000 to transfer the warranty (on a premature sale) and the dealer should charge $750 for a transfer inspection and $250 for the transfer paperwork.
Cole
Did you see this article?
AS CORVETTE Z06 PRICING ANNOUNCEMENT LOOMS, GM WARNS DEALERS AGAINST PRICE GOUGING
GM To Dealers: Don’t Try Us
by Aaron Brzozowski
January 21, 2022, 10:09 pm
Read the letter, not the article or the clickbait headline.
And GM doing nothing when the dealer sells them over sticker…MORE MONEY THAN BRAINS FOR ANYONE PAYING OVER STICKER
GM Sends Stiff Warning To Dealers About Price Gouging lsx web site read it steve carlisle….and none of the dealers are paying attention to it
If they sell over sticker Gm should not fulfill any orders for them. Price gouging
I ordered one because I want to own it and drive it. There has to be a reasonable way to work out an agreement where the enthusiasts can still own the car that will discourage the flippers.
I agree with your succinct statement above, Robert… but GM is in the business to design, engineer, manufacture and SELL automobiles (among many other products). ‘That being said ~ I believe they also have an “old school” obligation to deal ethically and with fairness to all who are involved in that process.
I think price gouging reflects negatively upon all those involved in it… the manufacturer as well as the dealer. As already pointed out in comments above, there are means that GM and Chevrolet COULD potentially apply to discourage this sort of thing… But thus far, it does not appear that they have openly intervened very much.
If one has enough disposable wealth to pay a third (or more) above the sticker price (which is already pretty steep rolling off the assembly line…) for the car that they want — many would say “so be it”.
But GM is not getting any of that excess pricing above sticker… the dealerships are pocketing it.
It’s a sticky wicket, as some might say. Personally, I cannot truly imagine myself in the enviable position of comfortably being able to offer a quarter of a million dollars for a car that has a sticker price of about $100,000 BELOW that price. Supply and Demand is a powerful argument. And morality kinda takes a back seat …. but then — there’s little new about that rationale.
That’s because people are seeing this for what it is; just another way for a dealership to take advantage of customers. Wouldn’t be too surprised to find dealers doing a bunch of other work around to take advantage of people.
Is it better for the consumer to buy at sticker and resale it for a huge profit? With the market slowing down. Dealers need to make money whenever or wherever possible. Most dealers are taking a bath in their used car departments these days. They’re trying to get of vehicles purchased when the market was high.
No, it’s because the dealer simply asked too much for their product, which I’m sure they’ll revise down and try again. That’s how free markets work. The bid was still significantly over sticker price, and that’s unlikely to change, it will sell and for a hefty premium to somebody with more money and less scruples than you.
That reputation will never go away and the victims of that are those who fail to do their homework and not knowing how to negotiate those numbers in order to get the best deal for the dollar especially when it comes to extra fees and services that the customer doesn’t need when signing the paperwork.
Or, you can be a BMW buyer. “Bill Me Whatever”.
I think this might control.the crazy prices. Gm set up.their computers so if you have order one at this dealership. You would be blocked from buying another one. Most won’t agree with this. This would pervent so many flippers.
misleading headline and article? the cars received bids, exceeding MSRP. To say the cars did not sell sort of implies no one bid on them. not true. The sellers did not want to sell them, to the highest bidder.
Meanwhile, my local dealer auctioned and SOLD 2 Z06 to the Highest Bidder, no sqaubble.
A similar 70th 3LZ white convertible, for $204k.
Over sticker, sure, but a true auction, bidders bid, seller sold. End of story.
Another was sold next wek, with similar details.
I met a 1LZ buyer who paid 30k over sticker. Which seemed okay.
For comparison, 2019 ZR1 is $160k, if you can find one.
My 2021 Stingray, 2LT, Z51, sticker of $76k. And it still makes me smile.
Money can buy happiness.
Basic economics. Willing buyer, willing seller. That’s the marketplace. When a buyer pays a certain price for an item, any item, it means they would rather have the item, than the money used to purchase it. This applies to anything.
You’re correct in your observation about perceived value. Happens all the time with concert tickets, Super Bowl tickets, etc. Just because folks pay the price, doesn’t mean it isn’t price gouging. It also doesn’t mean they’re happy about it. There’s a special place in hell for scalpers of all types.
I look at this whole this way…I currently own a really well kept and maintained, decent low mileage 2001 C5 Corvette with some Chevy factory Z06 engine and drive train parts added to it, custom exhaust and wheels other wise an original (and still is) SoCal car, driven now on weekends, garage kept, and yes, as wonderful and fun as it’s been over the years, at this point in time should someone with a bucket full of cash make me a “stupid offer” above what these cars normally go for (I know I reaching here but bear with me for a second) and as much as I distain dealers or owners for adding a huge amount to the Corvette’s value, I’d seriously consider letting my pride and joy over the years go to a (hopefully) good home. This of course isn’t going to happen although I’ve been offered more than most might think these C5’s are worth, but then again this car has a documented history since new and is way above the average condition you might find for sale out there, it simply comes down to what the market will bear and at some point in time, I believe that everything will eventually sell, if that is your intent…the owners of these cars and potential buyers both wanting to “make a deal” will find common ground.
Everything has a value to it, no matter the age of condition and I feel that every vehicle for sale will eventually be sold and you can laugh and point fingers at those who buy or sell their vehicles at whatever price is agreed upon, but that is the way Capitalism works. Oh well, just my point of view, opposing thoughts gladly welcomed.
Hang in there boys and girls. With the way the economy is going you will be able to purchase Corvettes for MSRP or below in a year or two.
But if you Finance it be ready for a high interest rate !.
Got mind 2021C8Z51 at msrp. from the old Kerbeck dealership
$99K over MSRP. These gangbangers have too much free cash. Or, there is a sucker born every minute.
That will never happen !!
I got a 2023 brand new Z06 after getting a 2020 C8 and both are going nowhere. If you want to speculate on cars get a dealership license from GM if you can and go for it …. the results will be what you see prowlers of $$$ …. stealing from honest Corvette Lovers. Hope GM discard dealers with add up pricing on any cars.
That will never happen !!
I’m a lifetime Corvette fan. Over the past 40+ years I’ve owned every generation except the C1 and currently own a C6 Z06 and a C7 GS, but I’m saddened to see how greed and GM’s poor production planning has tarnished the rollout of this otherwise amazing car. Hopefully they will get it right with the C9.
The GREEDY dealers are killing the CORVETTE AND MY DEALER IS ONE OF THEM
My GM Chevrolet dealer in Durango, Colorado, Morehart – Murphy Motors, will not work on my Suburban that I purchased new since they do not work on vehicles 10 or more years old. Is this sustainability or what? Can’t even get a simple automatic transmission fluid change. ???
LOL!
Pigs get fat and hogs get slaughtered.
Anyone with a “red flag” list should be adding Blasius Chevrolet in Connecticut and Automarketinggroup1975 to that list. There’s no reason to do business with people like this when there are so many far more ethical dealers in the marketplace.