øÀÓThe most significant historic Mustang in the worldøÀÓ is a tall claim but, once you hear this convertibleøÀÓs incredible story, youøÀÓll whole-heartedly agree. In 1964, Lee Iacocca was preparing a massive marketing blitz for FordøÀÓs newly revealed pony car. Since the companyøÀÓs Falcon compact had already secured pace car duties for the 1964 Indy 500, Iacocca made his newest muse a last minute substitution. During the first hour of Mustang production, three convertibles were assembled with a combination of Falcon and 1963-coded Ford parts. And, as soon as those cars rolled off the Dearborn assembly line, they were shipped to legendary Charlotte tuner Holman Moody. In order to pace øÀÓthe great raceøÀÓ the cars needed to safely travel 140 miles per hour. So, the first thing Holman Moody did was, with FordøÀÓs blessing, replace the carsøÀÓ stock 260 powerplants with detuned 289s that were being developed for the GT40 Le Mans racer. Next came a lowered and stiffened suspension. And finally, chrome marine handles were, along with custom flag stanchions, added for both form and function.

Unfortunately, IacoccaøÀÓs grand but hasty plan encountered one major problem: Holman Moody only had time to complete two of the cars. When this Mustang and its counterpart were shipped to Indy, Mustang number three, being essentially a prototype, was scrapped. And when the two completed cars arrived at the brickyard, one immediately experienced mechanical failure. That meant the convertible you see here is the sole Mustang to, at the hands of Benson Ford, pace the 1964 Indianapolis 500. After a big day of speed and photo ops, the drop-top was unceremoniously returned to Ford. Ford, ever the supporter of motorsports, passed it to FloridaøÀÓs Sebring International Raceway. Sebring made good use of the Mustang as a parade car and driver loaner for a solid 11 seasons. Then, in 1974, this significant piece of Dearborn history was locked in a raceway storage facility and all but forgotten.