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Here's an interesting blurb from the Features Bulletin that Ken Fichtner is making available.
Transport Mode
The Corvette MAY be shipped in transport mode. To remove the car from transport mode, turn ON the four way flasher and place the driver’s foot on the brake AND on the clutch if it is a manual transmission. Press and hold the Start button for approximately 15 seconds. At this point the engine will START, but CONTINUE to hold the start button for approximately 15 seconds. Information will display on the center of the cluster that will indicate when transport mode has been turned OFF. Transport mode can be entered using the same procedure.
My guess is that it firms up the mag shocks so the cars don't bounce around in shipping. May be why we've seen some of the cars on the showroom floor looking like 4x4s.
I found this online. It's been in place on GM vehicles since 2010.
Transport Mode is a relatively new feature that reduces the electrical load on the battery when the vehicle is parked, which prolongs the battery stand time. This feature is used on vehicles being shipped outside of the United States and Canada, including 2010-2013 SRX, Camaro; 2011-2013 Cruze, Volt; 2012-2013 Verano, Orlando (Canada), Sonic; 2013 ATS and Spark. For the 2013 model year, some models will be shipped from the assembly plant with the Transport Mode on.
When Transport Mode is enabled, the red battery indicator light on the instrument cluster will be flashing and the Driver Information Center (if equipped) will display a Transport Mode On message. (Fig. 4)
When Transport Mode is on and the vehicle is not running, the Remote Keyless Entry (RKE) transmitter (key fob) is disabled and the content theft deterrent and exit lighting timers are reduced. When Transport Mode is on and the vehicle is running, there is no difference in operation.
Another guess would be turning off various electrical sub systems and circuits to reduce parasitic drain on the battery while the car is sitting idle. Not all cars have the magnetic shocks!?
When I first heard about this, I wondered if it would be useful to put the car in transport mode for winter storage to reduce some battery drain that a maintainer would have to cover. Maybe not worth it.
I've done it two or three times when I had three weeks or so to sit, it just lets the battery drain a bit less.....it's not a big deal, many new cars have it.....
Listen to steve above on the c7 batt, he has done it for 6 weeks!