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The car now resides in the GM Heritage Collection. The car was retroactively dubbed the Mako Shark I when the Mako Shark II debuted.

The car also lost the distinctive "double-bubble" canopy. The hood and front facia were modified and the interior was updated. Like many show cars, the Mako Shark underwent styling and detail changes over time. With many of the Mako's design elements making into production on future Corvettes, it was successful in building hype for the forthcoming next generation of Corvette. The Mako Shark debuted at the New York Coliseum at the 1962 6th International Automobile Show, and the car was a success on the auto show circuit. The concept was also inspired by Bill Mitchell's 1959 Stingray racer XP-87 which also influenced the 1963 Corvette Sting Ray. The '61 Corvette tail was given two additional tail lights (six total) for the concept car. In keeping with the name, the streamlining, pointed snout, and other detailing was partly inspired by the sleek, fast-moving shortfin mako shark. Building on the design of the 1958 XP-700 "double bubble", the XP-755 added design elements of the soon to be released C2 Corvette. With the 1963 Corvette C2 design locked down, in 1961 as a concept for future Chevrolet Corvette the groundwork for the XP-755 was laid down. The XP-755 concept car, also known as the Mako Shark, was designed by Larry Shinoda under the direction of General Motors Styling and Design head Bill Mitchell.