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There is about a 15% drivetrain loss. The 405 horse rating is at the flywheel. The dyno numbers you hear are at the wheel. Which is where it counts. I believe most '02 and '03 dyno 360 to the wheels which is roughly 425 to the flywheel.
The factory measures the engine output at the back of the engine with all ancilaries SAE HP(water pump, AC, Power steering, CATs, manifolds, muflers,...) or without any of the ancillaries Goss HP (not used since the late 1960's). However, that rolloing wheel dyno measures the ouptut after the clutch, transmission, drive shaft, differential, drive shafts, hub, and wheels. Each of these things looses tiny amounts of energy (that why the get warm while driving around). It is generally agreed that manual tranny drive-lines transmit 85% of the engin power to the rear wheels (15% loss) and autos loose 20%.
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.