An Italian magazine in the '60's stated that the Italian word camaro means "to back up, to retreat." It also said that the word means crawfish...
CAMARO is short for:
Cannot Actually Move And Ricers Own
Heard any others that are funnier? email@example.com
Dictionary.com has nothing on the word, and Wikipedia says this... "Automotive press asked Chevrolet product managers "What is a Camaro?", and were told it was "a small, vicious animal that eats Mustangs".
The name conveniently fit Chevrolet's "C" naming structure that included Caprice, Corvair, Chevelle, Chevy II and Corvette." http://en.wikipedia.org/wiki/Camaro
From http://www.conceptcarz.com/vehicle/z169/Chevrolet-Camaro-RS.aspx I read that Camaro in French is slang for "friend"