DETROIT -

A classic American car owned by the CEO of General Motors will soon help pave the way for several new homes for struggling families in Detroit.

GM Chairman and CEO Dan Akerson’s will auction off his personal 1958 Chevrolet Corvette at Barrett-Jackson Auction Company in Scottsdale, Ariz. 

All proceeds will be donated to Habitat for Humanity in Detroit to help with the efforts to rebuild the Morningside Commons neighborhood located just east of GM’s world headquarters in the city.

Chevrolet built 9,168 Corvettes during the 1958 model year, but only 510 were painted Regal Turquoise, like Akerson’s.

The Corvette is also a hardtop convertible and it is considered scarce among remaining 1958 models.

"The 1958 Corvette is pure American ingenuity and creativity and the free spirit that Chevrolet represents to me.  I love the car – but I think it’s probably better purposed somewhere else," Akerson said.  "The need for Habitat for Humanity is so great that I thought, 'Wow, maybe I could really make a difference in a whole different way.'"

Akerson’s and wife, Karin, previously made a donation of $1 million to launch "Leaders to Rebuild Detroit."

The three-year, $25 million initiative hopes to serve at least 500 families in Morningside Commons.

"The fact that Dan is giving up a car that I know must mean an awful lot to him is very humbling," said Vincent Tilford, executive director of Habitat for Humanity Detroit.  "For whoever buys this classic car, not only are they going to give it a new home, but they’re also going to give new, better and healthier homes to families in this neighborhood – and actually help rebuild an entire community."

The vette has a 245-horsepower V-8 and includes new body and instrument panels and new upholstery. 

The auction will be held of Friday, Jan. 18th.

"I hope the new owner will feel like their money is going to a good place," Akerson said. "It will help families become more rooted in our community. At the same time, they’re going to have new memories and new fun of their own.  It’s not often you can get all of it packaged into a great car, great fun, great memories and that you’re doing something good at the same time."

For more details on the auction call 480-421-6694.