1962 Gulf Oil 327/360 FI Race Car

Tuesday, 30 September 2008 16:00 Written by  Thomas Glatch
Published in Corvette

Grady Davis’s Gulf Oil Racing Team purchased this Corvette in 1962 from Yenko Chevrolet, and the car was campaigned by the “Flying Dentist,” Dr. Dick Thompson, in the 1962 SCCA A-Production Class.   The Corvette was sold at the end of the 1962 season to Tony Denman, who successfully raced the car through 1963, finishing second in class at Daytona while battling newer Corvettes, Ferrari GTOs, and Porsches. At the end of the 1963 season, Denman removed most of the high-performance racing parts in order to sell the car as a typical street Corvette. Almost 20 years later, the Corvette was discovered by the Rev. Mike Ernst, who found the Corvette, now painted red, being driven by a college student who was using it as a daily driver. In researching the Corvette, Ernst found the car came with the rare and highly sought-after RPO 687 package, which includes the heavy duty brakes, suspension, and steering. Ernst began restoration of the car in the early 1980s. The disassembly and paint-stripping process revealed the car to be none other than Dick Thompson’s 1962 Gulf Oil Corvette. Ernst was able to track down Tony Denman, who had stored most of the high-performance racing parts in his parents’ garage before selling them in 1982. With Denman’s assistance, Ernst tracked down the buyer of the parts and bought them back, reuniting them with the Corvette in May 1985. Among the list of parts were Stewart Warner gauges, a roll bar, some of the Yenko extra-heavy-duty suspension pieces, aluminum bell housing, separate scatter shield, engine block, cylinder heads, exhaust manifolds, Positraction units, ring and pinions, and various hardware. After these racing parts were reassembled, the Corvette was painted its original Ermine White and blue livery and became the first recipient of the NCRS American Heritage Award.   The 1962 Gulf Oil Corvette returned to the track and raced at Laguna Seca and Palm Springs. It was shown at the Corvettes at Carlisle Race Car Reunion and in 2002 underwent a complete restoration by Doug Prince and Jerry Roman. In 2005, the car was inducted into the Bloomington Gold Hall of Fame, was displayed at the Petersen Automotive Museum, and was shown at Corvette’s 50th Anniversary Celebration. Last year, the Gulf Oil Corvette underwent another restoration by Kevin Mackay of Corvette Repair in New York. The car is comprehensivley documented in a collection of publications that featured articles about its racing career, plus an extensive collection of photos from its racing days. In addition to its NCRS and Bloomington Gold certificates, a bill of sale from Yenko Chevrolet to Grady Davis is also included.

ACC Analysis
Years Produced:1962
Number Produced:Base Corvette: 14,531 RPO 582, 360-hp, fuel-injected: 1,918 RPO 687, Heavy Duty Brakes/Suspension: 246 Note: as few as nine 37-gallon fuel tanks wer
Original List Price:$4,958.55
SCM Valuation:$76,000–$134,000 (fuel-injected, non-competition); $1,485,000 (this car, on this day)
Tune Up Cost:$150
Distributor Caps:$19.99
Chassis Number Location:VIN plate on steering column
Engine Number Location:Pad on front of block below right cylinder head
Club Info:National Corvette Restorers Society 6291 Day Road Cincinnati, OH 45252-1334
Website:www.​ncrs.​org
Alternatives:1962 Jaguar XKE Factory Lightweight 1965 Shelby Cobra 289 FIA 1966 Porsche 906
Investment Grade:A
This car sold for $1,485,000 at Gooding & Company’s auction in Pebble Beach, California, on August 17, 2008. Was it divine intervention that brought Mike Ernst to that Ohio used car lot in 1980, or was it just dumb luck? We’ll never know, but considering that Ernst is both a Lutheran minister and one of the world’s foremost 1962 Corvette experts, it could be the former. If Rev. Ernst hadn’t heard of the rare “Big Brake” Corvette from a friend, one of the most storied racing Corvettes might have been forever lost. Ernst paid just $3,500 for the car, only to discover later that this was no ordinary “Big Brake” Corvette. That he found all of the original racing equipment, including the original engine and a set of Goodyear racing tires that were mounted for the 1962 Sebring race but never used, is all the more miraculous. After displaying the race car at three Bloomington Gold Special Collections and earning numerous other accolades, health issues forced Ernst to sell the Corvette in January 2002 to Vic Preisler. The historic value of this Corvette cannot be overstated. Grady Davis was executive vice-president of Gulf Oil in Pittsburgh and would later be associated with John Wyer’s successful Ford GT40 program in the late 1960s, including three victories at Le Mans. But for 1962, “Hi Grade Grady” bought two Corvettes from Don Yenko’s dealership, 200 miles down the Pennsylvania Turnpike in Mechanicsburg.

The cars were prepared by the Yenko shop

They were ordered with the best factory racing options available (and one unavailable—the ultra-rare 37-gallon fuel tanks went to only a chosen few), and were prepared by the Yenko shop. The Corvettes were also equipped with Motorola two-way radios, possibly the first use of radio communication in a race car.  The first race for car #2 was the Daytona Continental in February 1962, which resulted in a class victory and 7th overall. The 12 Hours of Sebring in March saw M.J.R. Wylie and Duncan Black finish 2nd in the Production Class and 18th overall, the highest placed Corvette. A month later, with the hard top, windshield, and night lighting removed, the “Flying Dentist” began tearing through SCCA A-Production competition, scoring eight victories on his way to another SCCA National Championship (he was champion in C-Production in 1956 and B-Production in 1957 and 1961). My first encounter with this car came in 1994, in Mike Ernst’s barn full of ’62 Corvettes, and it’s as genuine as any vintage racing Corvette.  What happened to the sister 1962 Gulf Oil Corvette? Driven by Don Yenko and Ed Lowther, it finished 3rd in the 12 Hours of Sebring behind the #2 car.  Then it seems to have disappeared. One of the two 1961 Grady Davis Corvettes still exist, as do both ’63 racers. Possibly, the second ’62 was sold as a street car, then lost to history—as the #2 Corvette easily could have been had Mike Ernst not discovered it in 1980. Corvette race cars have commanded top dollar in recent years. Even a 1959 Corvette with only regional racing history (CM Summer 2008, p. 20) brought higher-than-expected results when it sold at $275k. But bidders for the Grady Davis ’62 clearly understood the historic provenance and exceptional originality of this car. Gooding & Company anticipated a sale in the $950,000 to $1,250,000 range, which would have made it the highest priced racing Corvette sold at auction. Yet at $1,485,000, it smashed all records. For its history, the Gulf Oil ’62 Corvette is worth every penny.

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