General Motors bought back its 1959 CERV I prototype race car at the Barrett-Jackson classic car auctions mid-January, via a bid of $1.32 million USD, inclusive of fees, reports Hemmings.

The CERV I remained in the American automaker’s collection until it donated the car to the Briggs Cunningham Museum in 1972; after that the vehicle traded hands among car collectors before finally being offered up for sale at this year’s Barrett-Jackson Scottsdale auction.

The CERV I – which stands for Corvette Engineering Research Vehicle I – was used to develop key materials and technologies for the production Chevrolet Corvette, including suspension components and fibreglass body enhancements.

The car was far more than a rolling shell—indeed it was powered by a twin-turbo small-block V8, which once pushed the car to a 331 km/h (206 mph) top-speed run at GM’s Milford Proving Grounds.

The car will now find refuge in GM’s North American Heritage Collection, a 7,525-square-meter (81,000-square-foot) complex in Sterling Heights, Michigan which houses many of the company’s most memorable vehicles.

(Hemmings Daily)