By Jennifer Lilonsky ( | First Posted: Jan 21, 2013 12:17 PM EST

The first 2014 Corvette Stingray sold at auction for $1.1 million.

The new GM hot rod, with VIN ending in "0001," came in at more than 20 times the projected cost at the Barrett-Jackson collector car event in Scottsdale, Ariz. on Saturday.

The first retail production model, in sumptuous red, was sold to NASCAR team owner Rick Hendrick. The proceeds are being donated to the College for Creative Studies in Detroit-a school that is known for its automotive design program.

"The new Stingray features a modern, dramatic design that will inspire a new generation of Corvette enthusiasts," General Motors vice president of global design Ed Welburn said. "With the proceeds of the new Stingray going to the CCS, the new Corvette will also help cultivate the next generation of designers who may work on modern, dramatic Chevrolets in the future. In fact, more than 170 CCS alumni work in the GM design studios."

This isn't the first time Hendrick swiped a first production GM model from a Barrett-Jackson auction.

The NASCAR team owner had the winning bid of $350,000 on the first 2010 Chevrolet Camaro SS at a 2009 Las Vegas auction, as well as the first convertible version of the car the next year, according to Fox News. Hendrick also grabbed the first 2011 Corvette Z06 Carbon edition.

The auction comes just a week after the Corvette Stingray was introduced to the world from the Detroit Auto Show, preceding a rush of acclaim and praise from car enthusiasts everywhere.

'It's a beautiful car. It's a real statement about the new GM, today's GM," CEO of General Motors Dan Akerson said. "It's a statement about Chevrolet and our prospects.

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