Keeping with the same 1953-54 styling, Chevrolet  marked the Corvette with a gold “V” in the Corvette bodyside name script to identify the new V-8, equipped to most all of the 700 cars built for 1955 model year. As sales fell to just 700 units GM began a push to end the Corvette. However, Zora Arkus-Duntov, a fromer European road racer and engineer on the Corvette team since 1953, was determined to save the Corvette and make it a contender. By offering the two things the Corvette was lacking the most, more power and better handling.

By mid-1955, additional horse power was added with the addition of the Turbo-Fire 265 V8 rated at 195 hp as well as the option of a 3-speed manual transmission. Meanwhile, Duntov drove a prototype V8 powered Corvette to a new record in the Daytona "Measured Mile" at just over 150 mph which helped gain some much needed recognition for the Corvette.