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Mustang 'Bullitt' by Steve McQueen, ready for auction 1:02
New York (CNN Business) - The first 2020 Corvette model available for sale to a customer was auctioned on Saturday night for $ 3 million. The redesigned model is the first Corvette with its engine mounted behind the seats, rather than in the lower front of the hood.
The car was donated by General Motors and all auction proceeds went to charities. The car was sold at the Barrett-Jackson auction in Scottsdale, Arizona, an annual event with the tradition of offering first editions of high-performance cars for charities.
Charity auctions like this often result in millionaire sales. It is even known that bidders outdo themselves to make their donation more generous. The final sale price does not necessarily reflect the inherent market value of the car.
LOOK: Corvette is the North American car of the year
In the same event, the first Lexus LC 500 convertible sold for $ 2 million for charities. At last year's auction, the first new Toyota Supra sold for $ 2.1 million.
However, the “VIN 001” of any car is really worth more than others in the same car, says Jonathan Klinger, a spokesman for Hagerty, an insurance and lifestyle company for collectible cars.
The CEO of General Motors, Mary Barra, was at the event and presented the Corvette auction. The $ 3 million of the sale went to the Detroit Children's Fund, a nonprofit agency that supports Detroit schools.
The winning bidder was the owner of the NASCAR team, 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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