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Why the first twin-turbo Chevrolet Corvette ZR1 sold for $6 million

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The first production Chevrolet Corvette ZR1 will also likely be the most expensive, after it sold for an eye-watering US$3.7 million (A$5.92 million) at a US auction.

Chevrolet’s new flagship sports car hasn’t reached showrooms yet, but NASCAR’s most successful team owner and car collector Rick Hendrick paid the exorbitant sum for the right to own ZR1 VIN 001 at the annual Barrett-Jackson auction in Scottsdale, Arizona.

The black ZR1 displayed at Barrett-Jackson was a pre-production placeholder, so Mr Hendrick will have the opportunity to spec the first production ZR1 to his liking before taking delivery.

Mr Hendrick is an avid follower of the Corvette nameplate with more than 150 examples in his collection, including the first production C8 Z06, Stingray, and E-Ray.

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A pretty premium was paid for each, Mr Hendrick forking out a combined US$5.7 million (A$9.1 million) to secure the trio of fresh models – and that’s before he bid on the ZR1.

As was the case with those previous purchases, all proceeds from the sale of the first ZR1 will be donated to charity – this time the American Red Cross.

“We’ve been very fortunate to help a lot of charities, and I really respect (Craig Jackson, chairman and CEO of Barrett-Jackson) a lot because he’s about the only guy I know that has an auction that gives all the money to the charities that we represent,” said Mr Hendrick.

“North Carolina was basically destroyed in the western part of the state and now the fires in California, it’s been something we’ve tried to support all these years.

“There’s a lot of need in the western part of our state and I’m a Chevrolet guy and a Corvette guy, so it’ll be good to have that one in the collection.”

The C8 ZR1 is not only the most powerful Corvette ever made, it also packs the most powerful production V8 ever from an American carmaker.

Under the bonnet sits a twin-turbocharged 5.5-litre flat-plane crank V8 engine coined the ‘LT7’, producing up to 783kW at 7000rpm and 1123Nm of torque at 6000rpm. Chevrolet claims it will pull all the way to 346km/h.

The ZR1 will enter production in 2025, though Australia isn’t in line to receive it. Pricing starts from US$175,000 (AU$280,000), 21 times less than the sum paid for VIN 001.

MORE: Everything Chevrolet Corvette
MORE: 2025 Chevrolet Corvette ZR1 is the quickest, most powerful ‘Vette ever

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