Automobile Magazine has named the 2014 Chevrolet Corvette Stingray 'Automobile of the Year'.

The new Corvette has more power and better fuel economy than last year's model.

It is powered by a 6.2-liter V8 engine that can put out as much as 460 horsepower, CNN reports.

The magazine in a review of the car said that the Corvette has long been a tremendous performance value wrapped in an all-American package.

Automobile magazine editor-in-chief Jean Jennings lauded the Corvette's overall design, performance, quality and comfort.