GM design boss Ed Welburn will introduce the car at the Barrett-Jackson auction on Saturday in Scottsdale, Ariz. The automaker will donate the money from the sale to the American Red Cross to fund its work in earthquake-devastated Haiti. The GM Foundation earlier donated $100,000 to the Red Cross for Haitian relief efforts.

The Corvette 427 up for auction is the last of the 427 cars built for North America and the only 2008 Z06 painted red metallic. The 427 is a reference to the big-block engines of the late 1960s and the displacement of the 7.0-liter V8 that pumps out 505 hp. The sports car is fitted with spider-designed Z06 wheels, a stinger-style hood stripe, chrome exterior badging and a rear spoiler. Inside is dark titanium leather and a red center trim plate.

All of the 427 limited-run Vettes were signed by Corvette plant manager Will Cooksey, who retired in 2006 after leading the Bowling Green, Ky., facility for 15 years.