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The limited production of this unique racing version of the Chevrolet Corvette Rebel convertible makes it extremely rare.
The Chevrolet L88 Corvette was a race vehicle that people could license for street usage. Chevrolet designed the Corvette L88 with competitive driving in mind. They also constructed it for optimum performance. The L88 option featured an aluminum intake, a Holley 850-cfm carburetor, and a transistorized ignition system.
It also had a radical solid lifter cam, a cast-iron block with 4-bolt mains, a forged steel crank, forged rods, and 12.5:1 compression. The L88 Big-Block could easily produce 550–600 horsepower with a set of headers and some tune, making the factory rating of 430 horsepower seem ludicrous.
Air conditioning, radios, power windows, and steering weren't options on L88s. One could have L88s with heavy-duty power disc brakes, the more robust F41 Special front and back suspension, and a Positraction rear. In 1967, Chevrolet only offered the L88 with the Muncie M22 “Rock Crusher” transmission, and in 1968 and 1969, it was available with either the Muncie or a Turbo-Hydramatic three-speed automatic transmission.
Chevrolet produced only 20 units of the Corvette L88 in 1967, increasing to 80 in 1968, and 116 in 1969. The Corvette L88 was only produced for three years, making it one of the rarest Corvettes. Out of the limited bunch of Corvette L88s, only one really stood out — the 1969 Chevrolet Corvette L88 #57 “Rebel” convertible race car.
So, let’s have a look at why the 1969 Chevy Corvette “Rebel” convertible race car is worth millions.
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Chevrolet formerly kept the L88 a bit hidden. Private individuals, not factory-backed teams, took the risks since GM's leadership had forbidden Chevrolet from competing. Chevy created these top-secret Corvettes with no carpeting, magnesium wheels, and hardtop convertibles. They were scarcely comfortable by today's standards, but this was a Corvette that was only intended for racing.
Orlando Costanzo, SCCA racer, received the Rebel Corvette in Daytona Yellow paint when it was first delivered to him in 1969. This particular L88 was also shipped with prototype cylinder heads that wouldn't be commercially available for another six months.
Due to Costanzo's experience in SCCA racing and his formal affiliation with GM as the sales manager for Ferman Chevrolet in Tampa, Florida, his L88 was allegedly one of just four early versions. Chevrolet constructed these versions with open chamber cylinder heads and a dual-disc clutch.
Dave Heinz raced with this livery until 1971, when Costanzo modified the livery as a shot at the Greenwood Team and to honor the car's Florida base of operations. Costanzo eventually trimmed it with orange stripes.
Despite modest racing success for Costanzo and Heinz in the L88, the vehicle did not produce championship-winning performances. This was probably brought on by how fiercely contested the SCCA, and IMSA GTO competitions were. Midway through the 1971 campaign, Costanzo sold the vehicle to Toye English, the team's manager.
English and his son later established the Racing Engineering and Development (RED) squad. Heinz and American racing driver, Don Yenko, would handle the driving responsibilities, while Goodyear Tires would provide sponsorship to aid with expenses.
The competition between the two Corvette teams quickly earned the nickname “Tire Wars” since Greenwood competed with BFGoodrich as a sponsor. As a result, both Goodyear and BFGoodrich developed radial tire technology for both street and track.
The Rebel Corvette came in second place behind a Greenwood Corvette driven by John Greenwood and Bob Johnson in the RED Team's inaugural race at Watkins Glen in 1971. It didn't take long for Heinz and Yenko to start posting victories. The RED Team won the 1971 IMSA GTO Championship with a victory at Daytona in the season's last race. Along the road, Don Yenko set a new tri-oval speed record for the class, lapping the high banking at a speed of 201.4 mph.
The Rebel Corvette took over and maintained the GT Class lead at Sebring for the whole 12-hour race the year after, winning the class and coming in fourth overall.
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Compared to the rare ZL1 model produced in the same year, the Rebel Convertible Race vehicle sold for more than twice as much. The production of this Corvette's unique racing version was extremely limited.
According to Barrett-Jackson, a buyer paid an incredible $2.86 million at auction for this specific Rebel, previously preserved in pristine condition. It is a member of the L88 series. Corvette enthusiasts place this model high on their want lists.
If another one goes on sale, and it is in outstanding shape, you can anticipate that the bidding will push the price at least to this level and maybe even higher.
Marcus is a car enthusiast who loves writing about them. He travels frequently and always seeks out the best driving roads to really test a car's limits. His favorite cars are anything with a manual transmission, and he's been known to spend hours just shifting through all the gears.