The Indianapolis 500 has lost most of its storied luster, but some excitement is still generated by marketeers eager to align with the historic value of the event.

On Memorial Day weekend in 2008, General Motors is taking their ethanol promotional campaign to the Indianapolis Motor Speedway. For the tenth time, a Chevrolet Corvette will be leading the open wheel field around the track for the Indy 500.

This time around, however, the ‘Vette won’t have only gasoline in the tank. Instead, the bright green car will be running on E85. The ethanol-fueled Corvette Z06 pace car will be driven on race day by two-time World Champion and two-time Indy 500 champ Emerson Fittipaldi.

In addition to the E85 Corvette, Chevrolet will be providing a special black and silver Corvette commemorating the 30th anniversary of the first pace car ‘Vette. Chevy will build 500 replicas of the anniversary pace car for sale in both coupe and convertible forms. Each car will be signed personally by Emerson Fittipaldi at the Corvette’s Bowling Green, Ky., assembly plant.

As mentioned, the 2008 edition of the Indianapolis 500 represents Corvette’s 10th time as the official pace car, and a record fifth-consecutive year in a row. Some others luminaries who have piloted Corvettes in its pacing chores have included – Morgan Freeman, Patrick Dempsey, Lance Armstrong and Colin Powell.