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There are different types of paddle shifters.
There are manumatics, which are manually shifted automatic transmissions and there are automanuals which are manual transmissions that have a clutch and gearshift actuated by a computer.
The Ferrari F1 transmission in the road cars is an automanual. The computer checks on engine load, throttle position and a bajillion other parameters. When you flip the paddle, the computer actuates the clutch, blips the throttle to match revs if needed and summons the gear. The F1 transmissions in racing are super special high performance versions of this tranny.
The Corvette with an auto and paddle shifters is just an electronically controlled automatic that makes a gear change when the paddle is pulled. I believe it will also blip the throttle on downshifts.
There are also new dual clutch transmissions that have two clutches and the the next gear is already selected, but the clutch is dissengaged until you pull the paddle, then it dissengages one clutch and engages the other. This makes for very fast gear changes. Porsche is coming out with this system later this year. The VW GTI has had it for a few years and it works well in that car. I believe Ferrari and BMW are working on or have versions of this type of tranny as well. Its also used in the new Mitsu EVO MR and Nissan GTR...
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