NEW YORK (CNN/Money) -
The last Chevy Camaro to come off the lot was auctioned off on Sunday during a live auction by Kruse International, an eBay subsidiary that specializes in collector-car auctions.
The car that was auctioned off this weekend is a 2002 Camaro Z28 coupe with automatic transmission, 5.7 liter V8 engine and a full package of amenities including leather seats, a 12-disc CD changer, fog lamps, an alarm with shock sensor, and a Monsoon sound system.
The base model had a starting price of $23,430, but the bid reached as high as $70,500, in the range of what Dean Kruse, director of Kruse International and the Camaro's auctioneer, had expected.
|2002 Chevrolet Camaro Z28 to be auctioned Sunday
Proceeds from the auction will go to Students Against Violence Everywhere (S.A.V.E.), a non-profit that provides children with alternatives to violence.
Kruse deemed the Camaro one America's most collectable automobiles in his 2002 "Dean's List" and claimed the price could jump by 15 to 20 percent in 2002, following the discontinuation.
The first Camaro was the 1967 model.
Chevy, a unit of General Motors, decided almost a year ago to discontinue the model due to a drop in demand in the sports car market, where sales have fallen 53 percent from 1990 to 2000.
As a result of the decision to halt production of the Camaro and the Pontiac Firebird, the GM plant in Ste. Therese, Quebec, is scheduled to close this week. It had 1,065 employees and 380 on layoff status as of last September.
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As for whether GM (GM: Research, Estimates) ever will launch another Camaro line, a company spokeswoman said, "We don't have any plans now. This is the last Camaro."
Kruse said he didn't think it was the automaker's intention revive the model later, but did mention the fact that Ford recently brought back its Thunderbird, discontinued at the end of the 1997 model year.
"Two to three years from now, who knows," he said.