When it comes to crazy prices at car auctions, Ferrari takes the cake for classic machines. Lately though there has been a big push to put all-new cars on the auction block for charity, and the new Corvette has been setting the auction hammer alight. GM offered up the first production Corvette Stingray and Stingray Convertibles to auction where they went for $1.05 million and $1 million respectively. With the release of the new Z06, GM once again turned to a charity auction to sell the first one off the line. Again, it sold for an eye-popping $1 million dollars. Now with the topless Z06 models rolling through Bowling Green, GM decided to go four for four with auctions and sent this one to Barret-Jackson. While this latest model didn’t break the seven-figure mark that the previous three Corvettes did, this Z06 still managed to climb to $800,000 before the gavel fell.

While that is a lot of scratch to pay for a car with an MSRP below $100k, don’t forget that all proceeds go to charity, which in this particular case, was United Way.

Click past the jump to read more about the Chevrolet Corvette Z06 Convertible.

Why it matters

While it is a great way to raise some extra money for charity while drumming up a bit of extra press coverage, auctions like this serve a much bigger purpose. Auctions can be a great way to gauge actual interest in a new car beyond sales numbers. If someone is willing to pay ten times the retail price, that speaks volumes about how the market values the car. As a future collectible model, the buyer will certainly expect this machine to be an investment that will return a profit. It may not seem like it, but that could be a more important metric for model success than the number of units that roll of the lot this year.

Chevrolet Corvette Z06 Convertible

2015 Chevrolet Corvette Z06 Convertible High Resolution Exterior Wallpaper quality
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The Corvette Z06 Convertible is the soft-top version of the new American supercar from GM. With a supercharged, 6.2-liter V-8, this mighty machine produces 650 horsepower and 650 pound-feet of torque. This represents the first Z06 model to make use of forced induction, and also the first Z06 to be sold with a convertible. Transmission options include a seven-speed manual or an eight-speed automatic.

Source: Barrett Jackson

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