It is a 1954 Oldsmobile F-88 GM Concept Car. It was sold at the 2005 Barrett Jackson Scottsdale Auction.

The XP-20 project, commonly known as F-88 was a pet project of Harley Earl (working with him was Bill Mitchell, Ken Pickering, Zora Duntov etc.). Four cars came out of the project, but only styling order #2265 (this car) survived. It was sold or given to E.L. Cord (Auburn-Cord-Duesenberg owner) in 1955. Hundreds of internal GM documents and original blue prints are still with this sole survivor.

The F-88 was built as a more powerful version of the Corvette with some similar styling features, but ended up not making it to production due to slow sales of the Vette. Three were originally created, but this example is the sole survivor. The car had been previously sold for $500,000, and had even been recently offered for as low as $200,000. When the bidding started, however, the bids quickly exceeded $1 million and kept going as everyone in the main tent erupted in cheers each time the bid was raised. The high bid eventually reached $3 million, and the final selling price was $3,240,000.

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That is the Sweetest looking Oldsmobile I've ever seen.

One or two of the Pontiac Bonneville two-seaters (also first generation Corvette-based with a straight eight) are still around.