Shocking Reality
Thread Starter
Instructor
Joined: Oct 2006
Posts: 104
Likes: 1
From: Sea Girt NJ
Shocking Reality
According to Jeff Hardy there are currently 7,903 Corvettes on dealer lots as of today.
2009 - 4974
2008 - 2771
2707 - 158
Total 7,903
If you figure that an average dealer cost of $50,000 per car that is
$395,150,000 worth of Corvettes.
GM's Market Cap at the end of the day today is $2,690,000,000
Which indicates that the current Corvette inventory is worth as much as 14.68% of all of GM.
This is a very bad thing even if the average dealer cost per Corvette is less as Corvettes are a side line for GM.
My guess is the entire dealer inventory is worth many times more than GM is now worth.
2009 - 4974
2008 - 2771
2707 - 158
Total 7,903
If you figure that an average dealer cost of $50,000 per car that is
$395,150,000 worth of Corvettes.
GM's Market Cap at the end of the day today is $2,690,000,000
Which indicates that the current Corvette inventory is worth as much as 14.68% of all of GM.
This is a very bad thing even if the average dealer cost per Corvette is less as Corvettes are a side line for GM.
My guess is the entire dealer inventory is worth many times more than GM is now worth.
Le Mans Master
Joined: Oct 2006
Posts: 5,277
Likes: 6
From: (d/fw) tx
Thread Starter
Instructor
Joined: Oct 2006
Posts: 104
Likes: 1
From: Sea Girt NJ
The point I was trying to make is you could buy all of GM for 6.8 times for what the Corvette inventory is worth and spin off Corvette and maybe all of Chevy minus all of GM's problems and leave the rest of GM to die a slow death.
Le Mans Master
Joined: Oct 2006
Posts: 5,277
Likes: 6
From: (d/fw) tx
Burning Brakes
Joined: Feb 2006
Posts: 782
Likes: 0
According to Jeff Hardy there are currently 7,903 Corvettes on dealer lots as of today.
2009 - 4974
2008 - 2771
2707 - 158
Total 7,903
If you figure that an average dealer cost of $50,000 per car that is
$395,150,000 worth of Corvettes.
GM's Market Cap at the end of the day today is $2,690,000,000
Which indicates that the current Corvette inventory is worth as much as 14.68% of all of GM.
This is a very bad thing even if the average dealer cost per Corvette is less as Corvettes are a side line for GM.
My guess is the entire dealer inventory is worth many times more than GM is now worth.
2009 - 4974
2008 - 2771
2707 - 158
Total 7,903
If you figure that an average dealer cost of $50,000 per car that is
$395,150,000 worth of Corvettes.
GM's Market Cap at the end of the day today is $2,690,000,000
Which indicates that the current Corvette inventory is worth as much as 14.68% of all of GM.
This is a very bad thing even if the average dealer cost per Corvette is less as Corvettes are a side line for GM.
My guess is the entire dealer inventory is worth many times more than GM is now worth.
Melting Slicks
Joined: Jul 2008
Posts: 3,402
Likes: 5
From: Long Island NY
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Melting Slicks
Joined: Feb 2005
Posts: 3,380
Likes: 103
From: Visalia CA
there are better ways to go about it, simple supply and demand principles
Le Mans Master
Joined: Nov 2005
Posts: 5,835
Likes: 6
It's been interesting to watch the inventory for the past several months. All the promos on the 08s have resulted in that inventory going down a lot from what was probably a high condition.
Problem was that as the 08 inventory was dropping the 09 inventory was rising. So the total inventory has remained almost the same as the swap out took place.
So now we hear about a slowdown in production no doubt to avoid the 09 inventory building to even higher levels than the 08.
Using their logic I expect another msrp increase about November with another one in mid January. Pretty soon the base LT1 will be $65,000 and they can run promos with $20,000 off msrp and still get more than they do today for the car.
Some dealers just don't seem to be able to sell a vette for msrp. They have to get that or even more. I'm sure many still have $ over on Z06 stickers. It's all just a game.
Problem was that as the 08 inventory was dropping the 09 inventory was rising. So the total inventory has remained almost the same as the swap out took place.
So now we hear about a slowdown in production no doubt to avoid the 09 inventory building to even higher levels than the 08.
Using their logic I expect another msrp increase about November with another one in mid January. Pretty soon the base LT1 will be $65,000 and they can run promos with $20,000 off msrp and still get more than they do today for the car.
Some dealers just don't seem to be able to sell a vette for msrp. They have to get that or even more. I'm sure many still have $ over on Z06 stickers. It's all just a game.
Race Director
Joined: Jun 2000
Posts: 13,733
Likes: 66
From: Hurst, TX USA
It's not just Corvettes. I had to sit in the dealer's showroom for 3 hours while some service was done and if I saw 3 people in there looking at cars I'd be surprised. I expressed an interest is a nice fully loaded 2009 and I had 4 salesmen and the sales manager talking to me in 10 minutes. 
No I didn't buy but I was close. They offered $30K for my 2005 (OK but not great) but would only come down $2K off MSRP on a $62k car... I didn't need $30K more debt right now.
No I didn't buy but I was close. They offered $30K for my 2005 (OK but not great) but would only come down $2K off MSRP on a $62k car... I didn't need $30K more debt right now.
Le Mans Master
Joined: Dec 2004
Posts: 5,365
Likes: 7
From: Parkland Florida
St. Jude Co-Organizer
St. Jude Donor '05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16
It's not just Corvettes. I had to sit in the dealer's showroom for 3 hours while some service was done and if I saw 3 people in there looking at cars I'd be surprised. I expressed an interest is a nice fully loaded 2009 and I had 4 salesmen and the sales manager talking to me in 10 minutes. No I didn't buy but I was close. They offered $30K for my 2005 (OK but not great) but would only come down $2K off MSRP on a $62k car... I didn't need $30K more debt right now.
No I didn't buy but I was close. They offered $30K for my 2005 (OK but not great) but would only come down $2K off MSRP on a $62k car... I didn't need $30K more debt right now.30K for an 05 is really good! It's the 2K off that brings the 05 down to it's true value. (no offense meant)
Racer
Joined: Jun 2008
Posts: 353
Likes: 0
From: South Florida
Someone should tell the dealers how close to oblivion they are.
They try to make up their deficits by wacking everyone horribly, further degrading the market.
I emailed for quotes on Corvettes and a new Jet-Ski. All emailed back MSRP quotes!
They can bite me.
They try to make up their deficits by wacking everyone horribly, further degrading the market.
I emailed for quotes on Corvettes and a new Jet-Ski. All emailed back MSRP quotes!
They can bite me.
Last edited by 2009 C6; Oct 10, 2008 at 12:23 AM.
Race Director
Joined: Oct 2004
Posts: 10,089
Likes: 13
Supply and demand dictates that price has to fall until enough demand is generated to move the supply sitting on the lots. Some dealers don't understand that. That's how you get 2 year old "new" cars still sitting at the back of the lot gathering dust and bird crap on their +$10k "market adjustment" stickers.
Pro
Joined: Apr 2008
Posts: 643
Likes: 1
From: LONG ISLAND NEW YORK
!!!
Racer
Joined: Sep 2007
Posts: 396
Likes: 0
From: Brookfield Wisconsin
...better get used to it! Buyers Market baby!
Racer
Joined: Nov 2007
Posts: 310
Likes: 0
From: NC
Well, I offered a South Dakota dealer the price I received from a forum dealer in the dead of winter. They refused me. I visited their website for the next six months and the car was still there... They even admitted there was no demand for corvettes in S. Dakota in the winter ???