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This car was created by Doug Rippie. His claim to fame was the Corvette Challenge Series. Rippie loved racing Corvettes in the US, but, his life-long dream was to take on the world-class marques at Le Mans. So, when Chevy introduced the C4 ZR1 the opportunity was opened up. Via his collaboration with MerCruiser and Lotus Engineering, all with Chevy’s blessing, the "Black Widow" program created special street and race versions of the LT5 engine. This engine made 525hp.
The early C4's had their problems, what with the 1984 Cross-Fire Injection and its unusual 4+3 manual transmission. By the late 1980's, the fourth-generation Corvette had evolved into a more desirable automobile, thanks in part to the arrival of the ZR-1. 
1971 ZR2 Convertible
Finally in 1971, both the ZR1 and ZR2 packages were offered side by side as initially intended. The solid lifter, 350 cubic-inch LT-1 found under the hood of the ZR1 featured a ‘178’ high-performance camshaft and a 780 CFM Holley four-barrel carburetor, which resided atop a specialized aluminum intake. The LT-1 featured a reduced compression ratio of 9.0:1 for the 1971 production year, relative to 11.0:1 specified the year prior.