Unlike its predecessor — a "Corvette" in name only — the C5-R was built around a production-derived platform to demonstrate the performance credentials of the fifth-generation road car. The chassis shared basic structural elements with the street Corvette but featured extensive modifications: a rear firewall that removed internal rearward visibility, a large rear diffuser and wing, and fixed headlights in place of the road car's pop-up units. Early development assistance came from Riley & Scott.
The car was initially powered by a Katech-built 6.0-litre LS1 V8. During the 1999 season that engine was replaced by a 7.0-litre (427 cubic inch) V8, also built by Katech, producing 610 horsepower at 6,200 rpm and 570 lb-ft of torque at 5,600 rpm. Transmission was a 5-speed manual from 1999 to 2001, upgraded to a 6-speed manual for 2002, and replaced by an Xtrac 6-speed sequential unit for the 2004 season. The car weighs 2,815 lb and ran on Goodyear tyres from 1999 to 2003, switching to Michelin for 2004. Brakes are AP Racing carbon ceramic units.
Eleven C5-R chassis were constructed for factory use; a twelfth frame was used as a test mule during development of the succeeding C6.R.
Corvette Racing debuted the C5-R at the 1999 Daytona 24 Hours, finishing 18th in the GTS class in difficult early-season trim. The programme's first outright class win came in 2000 at the Grand Prix of Texas, marking the start of sustained competitiveness. Regular factory drivers included Ron Fellows, Chris Kneifel, Justin Bell, and Andy Pilgrim.
The breakthrough year arrived in 2001. At the Daytona 24 Hours the factory C5-R achieved an overall victory — the first Corvette overall win at Daytona in decades. The race also featured the first Corvette outings for Dale Earnhardt and Dale Earnhardt Jr., both driving C5-Rs in the event before Earnhardt Sr.'s death later that weekend. At Le Mans, Oliver Gavin, Olivier Beretta, and Kelly Collins took the first GTS class win at the French endurance classic, finishing eighth overall and an extraordinary 34 laps ahead of the second-placed GTS car.
The 2002 ALMS season saw the C5-R win nine of ten events, including a first class victory at the 12 Hours of Sebring. Jan Magnussen and Johnny O'Connell anchored the second car alongside the established pairings. Le Mans yielded a second consecutive GTS class win.
For 2003, Prodrive arrived in the ALMS with Ferrari 550 GTSs, breaking the Corvette stranglehold on the calendar. The championship went to the final round, with Corvette winning it by four points. Ferrari's entry won the last four ALMS events of the season and also ended the Corvette Le Mans winning streak.
With Prodrive absent from the 2004 ALMS, Corvette swept every event. A third Le Mans GTS class victory completed the factory programme. At season's end the C5-R was retired from the factory effort in favour of the C6.R, which debuted in 2005.
After the factory's switch to the C6.R, customer teams continued racing C5-Rs in various championships. The Selleslagh Racing Team of Belgium won the 2005 BelCar championship and took four additional victories including the 24 Hours of Zolder. GLPK-Carsport, a Belgian-Dutch operation, won twice in the 2005 FIA GT Championship at Imola and Zhuhai. PSI Experience, also Belgian, won at Lédenon in 2006 and Nogaro in 2007, fielding a squad that included French singer David Hallyday. Luc Alphand Aventures ran a C5-R to third place in the GT class at the 2006 Le Mans 24 Hours. In the United States, Pacific Coast Motorsports ran the car in ALMS competition in 2005.
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