1998 marked the fourth time the Chevrolet Corvette had been selected as the Indianapolis 500 Pace Car. Other than mandatory safety features, the Corvette needed no modifications to meet pace car specifications.

The 1998 Corvette's color-shifting Radar Blue paint and bright yellow wheels presented some of the most exciting looks for an Indy pace car and it is sure to get gazes no matter where it goes. The car is powered by the stock 5.7-liter LS1 V-8 engine and features an Active Handling chassis control system. The Corvette also has a six-speed manual transmission. The interior colors are equally exciting and complementary to the exterior finish.

1,158 limited edition pace car replicas were produced by Chevrolet. The "Z4Z" pace car option package cost $5,039, and it is loaded with equipment that includes AM/FM/CD player, air conditioning, remote rear deck lid, tilt; power windows, seats, mirrors, locks, steering and four-wheel disc brakes.

1963 Indy 500 winner and speed legend, Parnelli Jones, was selected to drive the Pace Car.