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While it was not the rarest Corvette Pace Car Replica ever manufactured by GM, the 1998 Chevrolet Corvette Pace Car Replica was – and remains – one of the most desirable pace car replicas ever made. This is primarily due to the fact that this replica is nearly identical to the actual pace cars that were used during the 1998 Indianapolis 500. It was fitting given that 1998 also marked the brand's 20th anniversary as "Official Pace Car" of this momentous race.
1978 was significant because it marked the cars 25th anniversary of production. Recognizing the achievement of manufacturing a car for a quarter-century, Chevrolet commemorated this accomplishment by introducing two special-edition Corvette that year.  The first of these was known as the "Silver Anniversary" edition Corvette.  It featured a two-tone silver over gray exterior with special pin-striping and special "25th Anniversary" badging.
The actual Corvette Pace Car that served at the 79th running of the Indianapolis 500 was a near-stock LT1 Corvette Convertible, except for the mandatory safety features that were required by the Indianapolis Motor Speedway.  The Official Pace Car cam equipped with strobe lights, a special roll-bar, five-point safety harnesses for the driver and passenger and an on-board fire suppression system. Chevrolet built just three of the actual pace cars.