These cars failed to sell – either individually at $350,000 apiece, or as a pair for $775,000 – during Dana Mecum’s Original Spring Classic auction in Indianapolis, Indiana on May 21, 2010.
Considering the millions that Chevrolet invested in developing the C5-R, the idea that the cars that finished second and third in class at the Circuit de la Sarthe during Corvette’s 50th Anniversary year would, only seven years later, end up at an Indiana auction seems nothing short of preposterous. So is the notion that the cars would escape GM’s control in the first place. But to paraphrase the late Jerry Garcia, what a long strange trip it’s been for GM.
Since a good measure of comfort can be found in truth, here is how it happened: After grinding through a troublesome Le Mans and losing to Ferrari in the GTS class, the twins made a handful of appearances before segueing to other duties. Serial number C5R-008, the second-place No. 50 GTS at Le Mans, became a pit-crew trainer for Pratt & Miller.
C5R-009, the No. 53 car, was repainted in Corvette Racing’s trademark Millennium Yellow and black, and returned to active duty as the No. 8 car for Boris Said and Dale Earnhardt, Jr. during the 2004 ALMS season. It then became even more famous – though not admirably so. Dale Jr. had just come out of the pits at Infineon Raceway when he spun in a corner and crashed. Freshly refueled, the car still had some race gas in its filler neck, which splashed out and ignited the bodywork. Junior insists to this day that his late father – only three years gone at that point – carried him out of the car. After the shunt, s/n 009 was relegated to a corner of Pratt & Miller’s shop.
The big wheels turn slowly at GM
Initially, our Mecum consignor wanted only C5R-009 (or what was left of it), and sent a formal offer to GM. But he soon heard that s/n 008 might also be available. After all, GM had already sold other C5-Rs to American and European teams by this time. And with the launch of the C6 platform imminent, the company was actually looking for a short list of collectors who would be worthy owners for some of the remaining C5-Rs. As something of a self-admitted “groupie” of Corvette Racing – among his involvement in other aspects of the Corvette community – our consigner made the list.
GM considered both cars “physical assets,” and assigned them asset ID numbers 261098 and 219909 – not unlike machine tooling or assembly plant machinery – with GM’s Global Asset Recovery Program set to handle their liquidation. Once our consignor became registered as part of the bidding process (mostly by signing a plethora of GM’s “as is, where is” contracts), he then waited for the cars to be put through one of the closed online auctions. Amazingly, these irreplaceable icons were listed together as one lot of used race car parts.
Days of waiting turned into weeks and months, but the good news with the bureaucratic delay was that Pratt & Miller was busy restoring the cars in the meantime, getting them fully assembled with bodywork in primer by the auction. The time span ultimately stretched from September 2004 until May 9, 2005, when the consignor was informed he was the winning bidder.
Two period-correct and track-ready cars
Surprisingly, the sales agreement from GM was barely over a page long – less than most of the cars GM sold through several recent Barrett-Jackson auctions. Predictably, the sales agreement allowed on-track use but prohibited operation on public roads.
Upon buying the cars, our consignor had them painted and detailed to match their Le Mans appearance, right down to the decals, European-spec taillights, and unique drivers’ seats. Since then, he has shown them as static exhibits at a handful of events. They have only been on a public track once – during the Brian Redman International Challenge at Road America in 2007.
The reasoning behind consigning them at Mecum Indy was that the seller had accomplished what he wanted, which was to get them away from GM, restore them to their former glory, and exhibit them as such. With that done, he’s now focusing on fine-tuning his collection. He’s keeping “Cars I love to look at” – ranging from 1953 Corvette number 103 through a 1969 L88 – and “Cars I love to drive,” meaning one of each Corvette model from a 2001 C5 convertible to a 2009 ZR1.
The window may still be open Since the C5-Rs were a no-sale at Mecum Indy, perhaps someone else will soon have a chance to enjoy one of the most stirring Corvette drives available to mortal man. With a fresh Pratt & Miller race tune-up on their authentic Katech engines, they are ready to compete not only in current ALMS or FIA events, but also in historical classes as well. But while they would be competitive anywhere – and the occasional track exhibition would at least keep them limber – it would be a shame to put them back into combat.
Instead, these two cars should have spaces reserved for them at the National Corvette Museum. They served their tour of duty with honor and made America proud at Le Mans, and even NASCAR types have an attraction to C5R-009 with the short-lived (although admittedly fiery) Dale Jr. affiliation. But cars cost money, and these days that’s in short supply for donation-supported museums.
Which leaves continued private ownership as the next logical step for this pair. So if you’re a serious Corvette collector who wants to preserve the history of America’s most beloved sports car, it’s time to step up. We’re all counting on you.
As the cosignor’s purchase price from GM is confidential, we can only speculate on the his break-even point. In my opinion, the asking price of $750,000 for the pair may reflect more what the seller has invested than what the market will pay. At this point, he’s determined to wait out the market, but I wouldn’t be surprised if something else comes along that catches his eye, and the C5Rs get turned into a somewhat smaller pile of money so he can move on
