Back in the Sixties, the Ford-powered Shelby Cobra was just beginning to dominate road-course racing. In retaliation, GM engineer Zora Arkus-Duntov took the then-new Corvette Sting Ray and whacked 1,000 pounds off the car, throwing everything that didn't contribute to speed into the dumpster. Actually, the Grand Sport was only a Stingray lookalike, because of the tubular chassis with aluminum reinforcements that was employed. Over it, there was an ultra thin body. This Corvette quickly proved to be a Mongoose capable of eating a Cobra alive. Even though there were plans for 100 more Grand Sports to homologate it as a production car with the FIA, GM management scrapped the program, and the five original cars that were built disappeared from the track, melting into private hands.

Five original cars were made by GM. Then GM discontinued the line and shipped the molds to an Ohio Corvette Company, who made 12 more from the roadster molds. The Grand Sports only superficially resembled production Corvettes. The back window shape was different and a functional trunk lid was fitted. The scoop on the rear deck was for the differential cooler.

The original plan called for a 377ci, twin plug, alloy block V8, but when forced to dispose of the cars quickly, Duntov shipped the cars without engines.