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First new 2020 Corvette auctioned for $3 million

Jan 20, 2020, 9:18 AM

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TUSTIN, CA - JULY 18: The 2020 mid-engine C8 Corvette Stingray by General Motors is unveiled during a news conference on July 18, 2019 in Tustin, California. (Photo by Kevork Djansezian/Getty Images)

(Photo by Kevork Djansezian/Getty Images)

(CNN) — The first 2020 Corvette available for sale to a customer was auctioned off Saturday night for $3 million. The redesigned model is the first Corvette with its engine mounted behind the seats, rather than in the front under the hood.

The car was donated by General Motors and all proceeds from the auction went to charity. The car was sold at Barrett-Jackson’s Scottsdale, Arizona auction, an annual event with a tradition of offering first editions of new performance cars for charity.

Charity auctions like this often result in high dollar-figure sales. Bidders have even been known to outbid themselves in order to make their donation more generous. The final selling price does not necessarily reflect the inherent market value of the car.

At the same event, the first Lexus LC 500 convertible was sold for $2 million for charity. At last year’s auction, the first new Toyota Supra was sold for $2.1 million.

“VIN 001” of any car is genuinely worth more than others of that same car, though, notes Jonathan Klinger, a spokesman for Hagerty, a collector car lifestyle and insurance company.

General Motors CEO Mary Barra was at the event and introduced the Corvette sale. The $3 million from the sale went to the Detroit Children’s Fund, a nonprofit agency that supports Detroit’s schools.

The winning bidder was NASCAR team owner Rick Hendrick. Last year, Hendrick paid $2.5 million for a 2019 Ford GT Heritage Edition.

The new Corvette was recently named the North American Car of the Year by a jury of automotive journalists. It was also named the Motor Trend Car of the Year in November.

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First new 2020 Corvette auctioned for $3 million