Like all manufacturers during the late ’60s and early ’70s, Chevrolet faced increasing pressure from the insurance industry, government regulators, and safety advocates. Suddenly, bigger (in terms of motor) was not better. When the big block, 454-cubic inch V-8 became available, the 1970 model year also offered a new solid-lifter, 350-cubic inch small block LT-1 option for Corvette. With 370 horsepower, the LT-1 had numbers more commonly associated with big block motors but without the additional nose-heavy weight of the larger powerplant.

Compression ratios were reduced in 1971 to allow for the use of unleaded fuels, and horsepower was reduced to 330. Car & Driver quoted 0–60 mph in 6.0 seconds, completion of the quarter-mile in 14.57 seconds, and a top speed of 137 mph from the four-speed-equipped Corvette they tested. The LT-1 engine option made its final appearance in 1972. Horsepower was now quoted at 255 in SAE net terms, and engines were detuned to meet new Federal emission control standards, yet performance remained excellent. Sales totaled 27,004, with 20,496 coupes and only 6,508 convertibles. Chevrolet proudly proclaimed the Corvette “America’s only true production sports car.”

This remarkable LT-1 Convertible is one of just fifty-seven produced for 1972 with factory air conditioning, and it is one of just five finished in vibrant Mille Miglia Red. It was assembled in St. Louis on May 10, 1972, and then it was delivered to Sales Zone 33, Chevrolet Dealer 457. It shows just 42,000 actual miles and has never been damaged, although it has been repainted once in its factory color. The body has never been off the frame, nor has the engine been out of the car, affording the integrity of an original automobile. This Mille Miglia Red Corvette is also equipped with a white soft-top, making for a very handsome color combination. According to the consigner, it retains both is original engine and components, a black leather interior, a spare tire, and a jack. Additionally, it retains the factory A.I.R. smog equipment, as well as the proper hoses and clamps.

While most LT-1s were sparsely optioned, this prime example has 21 factory options, including the aforementioned factory air conditioning, along with power steering and brakes, soft-ray tinted glass, an AM-FM radio, a tilt and telescopic steering wheel, raised white letter tires, a heavy-duty battery, shoulder belts, and leather interior trim. Most unusual of the options are the factory hardtop, which has an optional vinyl covering, and the electric rear-window defogger.

Although the car is currently equipped with attractive rallye wheels, the original PO2-finned wheel covers specified from the factory are included in the sale. Equipment on the car is verified by page two of the tank sticker. In addition to the car’s known history from about 1980, it comes with such documentation as the blue mylar emission/VIN door sticker, the NCRS shipping destination data report, and the owner’s original paperwork for the car.

For the past five years, this Corvette has been in the care of a former GM powertrain engineer and avid Corvette enthusiast. Most recently, in the spring of 2012, it scored 97.7 points in Ohio and received an NCRS Top Flight Award, assuring both its integrity and originality.

This is one of the finest, best-equipped small block Corvettes extant.