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A successor to the ZR-1 made its debut in 2001 as the Z06, giving a nod to the high-performance Z06 version of the C2 Corvette of the 1960s. The Z06 uses a tuned version of the standard LS1 engine (designated the LS6), with a higher power output of 385 hp (390 PS; 287 kW), later bumped to 405 hp (411 PS; 302 kW) starting in 2002.
For 50 years, Chevrolet Corvette has represented American performance. In 2002, Corvette also led the pack at two important racing venues: the Indy Racing League (IRL) and the 86th running of the Indianapolis 500. In its IRL pace duties, Corvette wore a two-tone white and Millennium Yellow paint scheme with checkered-flags graphics forming a V for victory.
Corvette GT3 C6 Z06-R
During the summer of 2005, a decision was made to transform selected Z06 road cars into a new breed of racer to compete in the world's top GT3 championships. The first series to introduce this new GT3 class was the SRO and FIA's GT3 Championship. Based on their racetrack test results, Team Carsport saw instant potential in the car. Hezemans contracted Callaway Competition in conjunction with Koos Pettinga, manager at Corvette Europe, to convert the street Z06 into a Z06R GT3.
In 2006, the company behind the Corvette C6.R pulled out all the stops and developed a Corvette (based on a Z06 donor car and a lot of amazing engineering) that featured an unprecedented amount of horsepower and torque under its hood while packing ultimate luxury inside its ultra-wide carbon-fiber body. The car, which was revealed at the SEMA show in 2007, was called the C6RS Corvette.
One special-edition Corvette was introduced in 2007 was based on the Corvette Pace Car that was used at the 91st running of the Indianapolis 500 driven by actor/racer Patrick Dempsey.  The significance of this car was the fact that GM had not produced a pace car replica since the 1998 model year, even though the Corvette had paced the prestigious event a bunch of times since then.
2008 marks the 15th time that Chevrolet has paced the Alstate 400 at the Brickyard and the fourth consecutive time Corvette has led the pack. Chevrolet's pacing tration at the Indianapolis Motor Speedway also extends to the Indianapolis 500 where Chevrolet has paced that esteemed race 19 times with Corvette leading the field 10 times.
The Z06 arrived for the 2006 model year as a homologation vehicle in the third quarter of 2005 and is the lightest of all Corvette models. The Z06 was equipped with the largest-displacement small-block engine ever produced, a new 7,011 cc (7.0 L; 427.8 cu in) V8 engine codenamed the LS7. The engine has a power output of 505 hp and 470 lb⋅ft.
2006 Chevrolet Corvette Z06 Daytona 500 Pace Car
The Corvette Z06 that served as the Daytona 500 pace car was mechanically identical to those available at Chevrolet dealerships. It was the fastest vehicle ever offered by Chevrolet and General Motors. With 505 horsepower (377 kw) and 470 lb.-ft. of torque (637 Nm) from its 7.0L all-aluminum, racing-inspired engine, the Corvette Z06 leaps from 0-60 mph in 3.7 seconds and has a top speed of 198 mph. The Corvette Z06 Daytona 500 wears a unique paint scheme.