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Habitat For Humanity To Benefit From GM’s CEO Auctioning Off 1958 Corvette

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GM CEO to auction his personal '58 "Vette for charity

Dan Akerson with his rare '58 "Vette. Photo courtesy Detroit branch MSN

Dan Akerson, CEO of Chevrolet’s parent company, General Motors, has decided to put his personal car on auction to raise funds for the Habitat for Humanity organization and it’s not just any car either. The car hitting the auction blocks at the Barrett-Jackson Auction in Scottsdale, Ariz., on Friday a rare 1958 ‘Vette.

The proceeds from the sale are being set aside specifically for the restoration of the Morningside Commons neighborhood which is located in close proximity to the FM headquarters. In addition to the car proceeds, Akerson has reportedly donated more than $1 million to Habitat over the course of the last year.

The following day, a new 2014 Corvette will also be auctioned with those proceeds also going to the Habitat for Humanity. The seventh generation Corvette is known as the C-7 and its proceeds are earmarked for Detroit’s College for Creative Studies.

Though Akerson professes his love for the car, he realizes it could serve better in this capacity. It is a first generation model that featured a V-8 245 horse power engine. Only 9,168 Corvettes were built in 1958 and of those, just 510 were painted Regal Turquoise. Akerson’s is a hardtop convertible and considered rare within the remaining 1958 model. analyzed the auctions of 173 1958 Corvettes and has determined the average sale price was $92,796. Some estimates have the value of the car going as high as $346, 500.

In the hands of the experienced Barrett-Jackson Auction house which is adept at building interest and bidding frenzy, the car is expected to fetch a tidy sum. Last year they auctioned the 2013 Corvette 427 Convertible for an astounding $600,000. That money went to help the AARP’s Drive to End Hunger program.

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