A 30-year-old Holden car that's never been registered has set a new benchmark for car collectors after it fetched $340,000 at auction over the weekend.

The 1988 VL Commodore Walkinshaw Group A SS was the subject of a hotly-contested bidding war, with 66 separate attempts made by enthusiasts to buy the car.

With just 1308km on the odometer, the Walkinshaw Group A is number 333 of 500 vehicles ever made.

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(Burns and Co)

(The 1988 Walkinshaw Group A SS was the star of the Burns and Co auction. Image: Burns and Co)

Ashley Burns, Principal of auction house Burns & Co where the vehicle was sold, told 9Finance that interest in the vehicle was unprecedented.

"The demand for these cars is out of this world," said Burns.

"This auction will become a benchmark for these group A cars. I'm not sure if we've seen the top of the market – the vintage car collectors market has been buoyant for some time and keeps on improving."

In pristine condition, the Commodore features a five-litre V8 engine, a five-speed manual gearbox and comes in "Panorama Silver".

Burns believes the sheer demand for the car was based upon a belief that there are no other variants in as good of condition as this example.

(Burns and Co)

(The aerodynamic body kit of the "Walky" divided opinion but was said to reduce drag by 25 percent. Image: Burns and Co)

"It's a really significant car. When you think of motorsport in Australia, you think of Peter Brock and Walkinshaw. I think it's the best example of this vehicle on the planet," said Burns.

"Given that this is a vehicle that's never been registered, with just over 1300 kilometres on the clock, it's barely gone the distance between Sydney and Melbourne and back."

The vehicle was originally bought wholesale by the D'Alberto family, who owned a number of car dealerships throughout Victoria and NSW.

Aware of the vehicle's rarity at the time, the D'Albertos amassed an enviable collection of limited edition Holden muscle cars and displayed them on the showroom floors.

Burns says now, 30 years on since the vehicle was released to the public, many collectors have finally found a position in life where they can afford their childhood motoring dreams.

(Burns and Co)

(The vehicle had never been registered, and had sat on a dealership showroom floor for 30 years. Image: Burns and Co)

"A lot of collectors were kids when these cars came out, and now they're in their late forties with good disposable income or maybe a business that is doing well, and these cars bring all of those memories and nostalgia flooding back," said Burns.

When the VL Commodore Walkinshaw Group A SS was first revealed, it was given the moniker of

"the plastic pig" or "the Batmobile" thanks to its aerodynamic body kit.

The body panels – sometimes referred to a "Walky kit" – divided public opinion over its aggressive, squared-off styling.

At the time, Australian motorsport was operating under a process of homologation, which meant manufacturers had to release a minimum of 5,000 base variant cars and a minimum of 500 "evolved" cars from which the track racers were built.