And you thought dealer markups on hot new cars were big.

The rights to the first 2020 Chevrolet Corvette Stingray off the production line were auctioned at the Barrett-Jackson event in Scottsdale, Ariz., on Saturday night for $3 million. The base price for the model is just $59,995.

As the first-ever mid-engine Corvette, the coupe is set to be one of the most historic examples of the model ever built. NASCAR team owner Rick Hendrick was the winning bidder. Hendrick has one of the largest Chevrolet sports car collections in the world and has purchased several significant examples at past charity auctions.

All of the proceeds from the sale were earmarked for the Detroit Children’s Fund, which is aimed at improving the city’s schools. A red pre-production prototype stood in for VIN001 on the auction block, while the actual car will be black with a black interior, red seat belts, GT2 performance seats, performance data recorder and outfitted with both the 3LT trim and Z51 performance packages.

The price Hendrick paid sets a record for a new Corvette sold at a charity auction, eclipsing the $2.7 million that the final front-engine Corvette went for at a Barrett-Jackson event last summer.

Production of the 2020 Corvette is expected to begin in February.

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