1995 was the third year for Corvette to pace the Indianapolis 500 with the Pace Car, on this occasion, driven by Chevrolet General Manager Jim Perkins. His car was powered by a stock 300 bhp LT1 V8 engine with automatic transmission and painted with a dark metallic accent over an arctic white bottom half and a white convertible top. To celebrate the event, Chevrolet announced on the 3rd of January that it would be producing limited run of 527 convertible pace car replicas.

The LT1 was introduced by Chevrolet as the Corvette engine in 1992, replacing the L98. All of the road-going 1995 Pace Car replicas had the LT1 engine, with either 300 or 340 bhp ratings. Improvements were made to the strength of the engine in 1995 by changing the connecting rods to a powered metal design.

The 1995 Pace Car replicas all came complete with purple and white paint work, reflecting the Perkins Car. They also came complete with special Indy Pace Car exterior graphics and internally the black leather sport bucket seats were embroidered with the 79th Indianapolis 500 logo.