sellers

Bidding hit $3.6M for first edition 2023 Corvette Z06 at Barrett-Jackson auction Saturday. See other top sellers, too

The first 2023 Corvette Z06 70th anniversary edition to roll off the retail production line went for $3.6 million on Saturday at Barrett-Jackson.

The weekends are always big for the annual auction in Scottsdale, but the chance to own the first 70th-anniversary edition of America’s sports car was sure to draw crowds. And have bidders reaching deep into their pockets for VIN 001.

The corvette was auctioned for charity, with all the proceeds benefitting Operation Homefront. Another $100,000 was donated to the cause, taking the total raised to $3.7 million for the charity that supports military families.

Rapper and singer Pitbull auctioned a car for charity. His 2022 Karma GS-6 went for $500,000 to benefit the SLAM Foundation and Selfless Love Foundation, two charities that help underserved youth. Plus, another $200,000 was donated to the charities.

Saturday’s top non-charity sale was a 2004 Porsche Carrera GT that went for $1.98

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New Automobiles, Used Vehicles, Automotive Sellers, Costs & Critiques

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Sellers Earn Profit on Used Cars With Broken Engines, Frames

  • A lack of supply of new vehicles pushed used-car prices to record highs in May.
  • The CEO of an online marketplace told Forbes he was paying a premium price for damaged cars.
  • “We’re making money on these because auction pricing is so intense and high,” he said.
  • See more stories on Insider’s business page.

It’s no secret that the used-car market has been bonkers lately, but demand has gotten so strong and supply so tight that one dealer said he was buying cars he previously never would have considered.

“We’ve been seeing things clear at 103%, 110% to MMR (Manheim Market Report)— cars that we bring in we would never sell that are damaged, like frame damage or need massive engine rebuild,” Toby Russell, a co-CEO of the used-vehicle marketplace Shift, said in an interview with Forbes published Tuesday.

“Normally we would lose a little money on that,

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New Cars, Used Cars, Automobile Sellers, Prices & Opinions

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