The first production C8 Corvette Z06 Convertible has just sold at auction for $1 million at Barrett-Jackson’s Palm Beach Auction on April 9, with all proceeds going to charity.

The Z06 features the most powerful naturally aspirated V8 ever installed in a production car, and is a completely new ground-up design that doesn’t share any parts with the brand’s previous V8s. The 5.5-liter LT6 V8 produces 670 horsepower at an incredible 8,600rpm, as well as 460 lb-ft of torque. The engine is connected to the rear wheels via a Tremec-made 8-speed dual-clutch transaxle.

The auction was won by Rick Hendrick, chairman and CEO of Hendrick Automotive Group. What Hendrick actually purchased was the build slot for the first vehicle, meaning that he will have the opportunity to choose every option for the sports car, from the body color to the interior, and even the brake caliper color.

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Hendrick and his team at Hendrick Motorsports have won 14 NASCAR Cup Series championships and are also leading the Garage 54 effort to bring the next generation Camaro to LeMans in 2023.

Hendrick also purchased the first 2023 Corvette Z06 70th anniversary edition coupe back in January for a staggering $3.6 million, surpassing the previous record for a charity vehicle donated by a manufacturer held by the 2020 Corvette C8, which sold for $3 million. Proceeds from that 2020 sale went toward Operation Homefront.

100 percent of this winning bid will go towards the Thurgood Marshall College Fund’s Teacher Quality & Retention Program. TMCF is the nation’s largest organization exclusively representing Historically Black Colleges and Universities and Predominantly Black Institutions, and the TQRP initiative ensures that aspiring K-12 educators develop the necessary skills for success.

“General Motors and Chevrolet are honored to support the Thurgood Marshall College Fund on its mission to empower students and educators for success,” said Scott Bell, Chevrolet global vice president. “The proceeds from this sale of the first retail production Corvette Z06 convertible will support high-caliber training for future educators studying at HBCUs and PBIs across the nation.”

In total, charity sales of the C8 Corvette have brought $4.6 million at Barrett-Jackson auctions to date.