The first example of the new 2020 Chevrolet Corvette Stingray just sold at auction for $3 million

• The very first 2020 Chevrolet Corvette Stingray just auctioned off for $3 million at Barrett-Jackson's 2020 Scottsdale auction.
• The car was sold to car collector, former NASCAR driver, and current NASCAR team owner Rick Hendrick, Motor1 reported.
• The 2020 Corvette 3LT Convertible starts at $78,945, which means the $3 million achievement is 38 times the car's MSRP.
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The first 2020 Chevrolet Corvette Stingray just auctioned off for $3 million at Barrett-Jackson's 2020 Scottsdale auction.

Only one part of the Corvette remains the same from its prior generation, according to Chevrolet, and the winner also receives a guided tour of the Corvette Museum in Bowling Green, Kentucky.

"When you completely reimagine a car as iconic as Corvette, you get a beautifully sculpted mid-engine sports car that makes a powerful statement," the automaker says.

General Motors CEO Mary Barra drove the vehicle onto the auction block, Motor Authority reported. The money achieved from the car's auction will go to benefiting the Detroit Children's Fund, a non-profit that was created to help improve Detroit school qualities.

The first car off the production line for highly anticipated models is often auctioned by the manufacturer for charity as it is prized by collectors.

"DCF investments support the expansion quality schools public schools; the improvement of lower-performing schools; the development, retention, and recruitment of educators; and city-wide initiatives that support school quality," Barrett-Jackson wrote in a statement.

The final winning bid was put down by car collector, former NASCAR driver, and current NASCAR team owner Rick Hendrick, Motor1 reported.

This isn't the auction house's most expensive and outstanding Corvette auction achievement: in 2014, a 1967 L88 Corvette Coupe achieved $3.85 million during an auction.