Surveillance video aired by KNBC-TV showed the Corvette colliding at high speed with a Honda Accord and then hurtling into the parking lot of a mini-mall.
Police estimated that the sports car was doing 90 mph to 100 mph at the time.
The Honda was heavily damaged and wound up on its roof while the Corvette's front end was torn away.
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A Corvette was speeding 100 mph when the driver crashed into another car, killing two and injuring one other. (Fox News)
The Honda driver died at the scene. Two people in the Corvette were taken to the hospital, where the driver died, police said. The passenger was listed in critical condition.
The identities of the victims weren't officially released.
But Michelle Matsuo, who said she was a longtime friend, stopped by the crash site with her daughter to leave flowers and balloons and identified the woman to reporters as a mother of four and a grandmother.
She was on her way to her job at a post office, Matsuo told KTLA-TV.