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The PTM setting is one of the options on the Z mode screen (assuming you have a Z51 and magnetic ride control). If you set it to one of the available PTM settings it will also crank up your engine/shift settings to Track and maybe the suspension settings too. One advantage to doing this is that you can then press the Z mode button twice to put the car in launch control mode.
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.