After the introduction of the 4th generation Corvette, there was a concept car introduced in 1985 to show a possible 5th generation Corvette.  Called the Corvette Indy, the first example was a silver 'pushmobile', a non-working mockup showing the mid-engine configuration preferred by Duntov (The 'father' of the Corvette).  The silver car was followed by two functional examples (white, red) that were then used to develop the CERV III (blue car).

The Chevrolet Corvette Indy Concept was constructed in 1985 and first shown at the Detroit Auto Show in 1986. It was powered by a mid-mounted twin-turbo intercooled 32 valve 2.6 litre V8 engine designed by Lotus Engineering. The engine was nicknamed for its cousin, the Chevy Indy V8 racing engine. Horsepower has never been published, but is estimated at approximately 600. The Corvette Indy concept was created to showcase Chevrolet's advanced automotive technology, and as such the car featured 4-wheel drive, 4-wheel steering, active suspension and a rear view camera with in-dash view screen. Indy incorporated many “advanced” technologies that are now standard on the 1997 Corvette, including ABS braking, electronic traction control and electronic throttle control.