2020 Chevrolet C8 Corvette Stingray Coupe sells for $3 million at Arizona auction

A 2020 Chevrolet Corvette Stingray, the first-ever mid-engine Corvette, sold for $3 million in an auction to raise money for Detroit children.

It is the top seller so far this week at the Barrett-Jackson car auction in Scottsdale, Arizona.

The proceeds will benefit the Detroit Children's Fund, a nonprofit organization that works to grow the number of quality schools in Detroit. 

Auction shot up to $1 million in less than a minute

The auction started at $250,000 but shot up to $1 million in less than a minute.

The crowd got on its feet as the bidding war continued, with the price reaching $2 million in about two minutes.

Rick Hendrick, owner of NASCAR team Hendrick Motorsports and an avid car collector, made the winning bid. 

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The money will be put toward educational purposes, Tonya Allen, president and CEO of Detroit Children’s Fund, told Barrett-Jackson after the sale. 

The sale marks the most expensive charity car sold this week at Barrett-Jackson. 

A 2021 Lexus LC 500 Convertible Inspiration Series VIN 100001 sold for $2 million on Friday. All proceeds benefit the Boys & Girls Clubs of America and the Bob Woodruff Foundation.

Other cars sold this week that benefited charities included a 1974 Ford Bronco that was commissioned by NASCAR driver Ryan Blaney and built by Gateway Bronco as a tribute to his late grandfather, race car driver Lou Blaney.

In total, the charity cars raised about $7.6 million for various causes during the auction. 

But the Corvette's sale was extra special for Barrett-Jackson CEO Craig Jackson. 

Jackson told The Arizona Republic that he was born in Pontiac, Michigan, and both of his parents worked for General Motors. 

Education is one of the auction’s and Jackson's biggest causes, he said.

“Being the greatest nation, we should have the number one education system, and unfortunately we don’t, so … this falls right in line with our mission," he said. 

First retail production of the Stingray

The new 2020 C8 Corvette Coupe is also the first-ever mid-engine Corvette. 

This Corvette has an all-new 8-cylinder, 6.2-liter LT2 V8 engine, backed by an 8-speed dual-clutch automatic transmission.

The car has a black exterior, black seats with red trim, red seat belts, GT2 seats, a removable roof panel, rear spoiler and a performance data recorder.

Mary Barra, CEO of General Motors, said this car is "taking Corvette to the next level."

She said General Motors has raised more than $21 million for charity over the last 20 years at Barrett-Jackson.