Hendrick pays $1 million for first 2014 Corvette Stingray convertible

The first 2014 Chevrolet Corvette Stingray convertible sold Friday for $1 million at the Barrett-Jackson auction in Palm Beach, Fla., to car dealer and NASCAR team owner Rick Hendrick.

Hendrick now has a pair of the seventh-generation Corvette after purchasing the first coupe for $1.05 million in January.

Proceeds from the sale will benefit the Barbara Ann Karmanos Cancer Institute.

The 2014 Corvette Stingray convertible debuted at the Geneva motor show in March and uses the same 6.2-liter V8 as the coupe with at least 450 hp and 450 lb-ft of torque. A six-speed automatic is optional, a seven-speed manual is standard. Hendrick only bid on a pre-production prototype on the the stage, his car will be equipped to his preference when production begins late this year.

Chrysler Group chairman and CEO Sergio Marchionne's 2011 Dodge Challenger SRT8 392 was also sold at the Palm Beach auction. It went for $175,000.

By Jake Lingeman