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Chevrolet's introduction of the LT1 in 1992 as the base engine in the Corvette phased out the L98 based Callaway Twin Turbo. Previously, Callaway Corvettes made their increased power through positive manifold pressure; now they made it through increased displacement and finesse. Initially called the CL1 or CR1, they designated the chassis they were built upon. They were based on the pushrod LT1 cars (CL1) or the 32 valve DOHC LT5 ZR-1 cars (CR1).
For the fourth generation Corvette, legendary Corvette racer John Greenwood developed the G4R. It was essentially a radical bodykit that usually followed a high level of performance upgrades. Included was a ground effects package that had integrated lights on the front valance. Furthermore the a new engine scoop and rear wing were fitted.
What you see before you is a 1982 Chevrolet Corvette that has been fitted with a rare Greenwood Daytona body kit.  The most extreme of the Greenwood brothers' kits, the Daytona body kit is a highly sought-after modification that was developed by race-winning specialists Burt and John Greenwood.