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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.
The 1992 Stingray III / California Stingray Concept was developed by John Schinella (and team) at GM's Advance Concept Center in Los Angeles. The 1992 concept is a world away from the C4. But the dominant motifs of a smooth rounded Corvette did come to production on the C5. This prototype looks distinctly upmarket, the rear shares a shocking similarity to the Jaguar XK8, without a flat surface in sight.