We spoke with Will Farmer, the owner of the car in question, and according to him, getting the Z06 to lay down such a quick run was a matter of maximizing tire air pressure along with the car's launch RPM and the track mode. In an email, Farmer also said that the ambient conditions, including density altitude and air pressure, were optimal that day.
As far as reliability goes, Farmer said he had a minor electrical issue that's since been fixed, but other than that, his car hasn't had any other problems at about 1800 miles. Farmer also noted that the car keeps getting faster since he started racing it at 500 miles, so this might not be the last time we hear from him, either.
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