RK Motors Charlotte has gotten their hands on a 1964.5 Mustang Convertible modified by Holman Moody for pace car duty at the 1964 Indy 500– they want $1.1 million for it .

According to the eBay listing, this is one of three pre-production Mustangs made in the first hour of Mustang production, they were cobbled together using the Falcon’s parts bin– Lee Iaccocca made the last minute decision to send Ford’s new little pony car to pace the Great American Race instead of the Falcons they were expecting.

In order to allow the little Mustang to cruise comfortably and safely at 140 mph, its stock 260 V8 was swapped shortly after birth for a detuned 289 V8 being developed for the GT40, along with a lowered and stiffened suspension. Lastly chrome flag stanchions out back and marine grab handles inside.
Holman Moody was only able to complete two of the three cars in time, however when the cars arrived at the Brickyard car #2 suffered a catastrophic mechanical failure, leaving this Mustang as the sole pace car for the 1964 Indianapolis 500.

After the big day the car was shipped back to Ford, who subsequently sent it to Sebring International Raceway where it would live for 11 years as a parade car before it was locked away in one of Sebring’s storage facilities and left to sit for nearly 20 years.

In the early 90s a Mustang Club of America official who lived in Florida learned that a long forgotten piece of Mustang history was stored just 120 miles from his home. After approaching Sebring’s owner he became the first and still the only private owner of the first Mustang pace car.
In 1991 a fully documented, NOS restoration was begun on the car that would eventually restore the Mustang to its former 1964 glory. 95% of the car remained original, the unsalvageable five percent were replaced with NOS or custom fabricated parts.

The windshield is original from 1964, as are the wipers. It also received a NOS canvas top which the owner claims has never been folded.
This thing is truly a one-of-a-kind Mustang, the “experimental” 289 V8 from the GT40 is the first and only time the factory graced the Mustang’s engine bay with its presence. Behind the 289 sits an “experimental” Toploader 4-speed, which wears a familiar C3 bellhousing, which links up with a narrowed ’59 Galaxie limited-slip diff.
Inside you’ll find a time capsule–the factory seats wear NOS covers and the correct red lap belts; the dash has been fully restored and painted, with rebuilt gauges and a proper Motorola 2-way radio. The blue carpet is also NOS, the door panels are original, as is the ’63 Ford Falcon clutch pedal.

The Mustang was recently appraised at $1.25 million, it’s provenance is clear, this is one of Ford’s most storied muscle cars.