1986 marked the return of the convertible to the Corvette line-up, and was the second opportunity for Corvette to provide the Official Pace Car for the Indianapolis 500, where the car was driven by famous test pilot Chuck Yeager.

As with the first Corvette pace car in 1978, the 1986 Corvette needed no mechanical modifications to pace the race. In fact it was the first street-legal car to pace Indy since the previous Corvette.

The 1986 Corvette was introduced to the world at the Detroit Auto Show with its ABS braking system which became standard equipment with all 1986 Corvettes. The new brakes worked through a system of sensors at each wheel that transferred data to a computerized electronic control unit. A center line "High Mount" stoplight was added to the 1986 Corvette to comply with federal requirements. On the convertible, the light was inserted into the rear facia.

Test pilot and retired Air Force General Chuck Yeager was selected to drive the Indy pace car.

Chevrolet did not issue a specific pace car replica but instead designated all 7,315 1986 convertibles to be Pace Car Replicas, regardless of color, and included decal packages to be installed by the dealer or customer.

The race winner this year was Bobby Rahal, piloting his Budweiser/Truesports March / Cosworth.