New York (CNN Business)The first 2020 model year 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.
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 Barrawas at the event andintroduced 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.