1968 Shelby GT500 Fastback
1 of just 1,140 1968 GT500 Fastbacks produced

Registration No: FNE 776F
Chassis No: 8T02S17362601919
MOT: Exempt

• Highly desirable GT500, which is known to the SAAC Shelby Registry
• Extensively recommissioned in 2024 and 2025 at a cost of over £30,000, including a full engine overhaul
• Fitted with power steering, power disc brakes, air-conditioning and several other factory options
• Supplied with a Marti Auto Works Report
• 1 of just 1,140 Shelby GT500 Fastbacks produced during the 1968 model year

PLEASE NOTE: This lot has been freshly serviced and had some brake work completed in preparation for the sale, to the sum of c.£1,100.

Ford’s 1967 model-year revamp of the Mustang allowed the pony car to host a ‘big block’ 390ci V8 for the first time. Never one to miss an opportunity, Carroll Shelby was quick to engineer and launch his GT500 version complete with enhanced brakes and suspension, bespoke lightweight fibreglass panels (bonnet, boot, front end, side scoops, etc.), integral rollover bar and 428ci ‘Police Interceptor’ V8 engine, allied to either a four-speed manual or three-speed automatic transmission. Conservatively rated at 335bhp and 420lb. ft. of torque, the seven-litre powerplant endowed the Fastback with tyre-smoking performance; 0-60mph in 6.1secs. and 132mph. For several reasons, manufacturers sometimes chose to downplay their power figures, and it has been suggested that the GT500's actual output was closer to 400bhp. Just 1,140 Shelby GT500 Fastbacks were made during the 1968 model year with a good proportion falling foul of overly exuberant drivers!

With larger ‘nostrils’ on its bonnet than the ’67, the ’68 Shelby GT500 was perhaps the most aggressive-looking Mustang of them all, an effect even further enhanced by this example’s Raven Black paint. The interior, though, remained a very comfortable environment, little differing from a standard Mustang except for the inclusion of a Stewart-Warner oil pressure gauge and ammeter on the centre console. This extremely good-looking and very correct GT500 was first registered with the DVLA in 2018 and has had only two British owners, the present acquiring it in 2023 and undertaking a major programme of recommissioning through Brads Classic & Specialist Cars of Yeovil, Somerset.

The work started in February, 2024, with a thorough overhaul of the gearbox, which had been selecting poorly due to hardened grease. After cleaning, regreasing and reassembly, it was found to operate just as it should. The engine, however, was running poorly and did not respond to carburettor tuning, so the carburettors ended up being entirely stripped down, ultrasonically cleaned and generally refurbished. With the carburettors replaced, the spark plugs were renewed and the ignition timing was reset. The front shock absorbers were replaced, and then attention turned to the brakes as the servo was failing and the master cylinder sticking, so both were replaced with upgraded units.

In July, 2024, the Shelby received further attention as the engine was again running poorly on account of a worn-out distributor, so that was replaced, and so was a faulty PCV valve. A new battery was fitted and, despite the earlier gearbox overhaul, the decision was taken to haul the ’box out and undertake a five-speed conversion with a Tremec TKX. The gearbox work eventually reached completion in the autumn, and included some modifications such as the relocation of the floor crossmember and the fabrication of a new transmission tunnel top panel. A 12in. Kevlar clutch was used with the gearbox. The engine was then partially disassembled for an inspection of the cam, and it was discovered that a drag-racing camshaft had been fitted but with no vernier pulley. Further disassembly of the heads led to the discovery of a +0.030in. rebore, with standard-size valves retained.

The vendor then decided that the engine should be taken out and thoroughly overhauled. Once dismantled, the cylinder block, heads, water pump, timing cover, exhaust manifolds, sump pan and rocker covers were repainted. Then the engine was reassembled with a new camshaft and followers, a new timing chain and gears, and new exhaust valves and valve springs. Most of the engine reassembly was then a straightforward process, but some additional engineering still had to be undertaken to complete the gearbox conversion. A custom propeller shaft had to be made, and the exhaust system had to be modified and extended two inches in order to clear the gearbox mounting. The handbrake mechanism also required some revisions for the gearbox’s sake. Since the interior had obviously come out for the gearbox work, the floor was covered with Dynamat insulation before it was refitted, with some partial retrimming required to suit the altered gearbox tunnel.

Entering January, 2025, the Shelby received its final preparation for the road, including the spraying of the underside with a protective stone-chip coating, and the spraying of cavity wax in all cavities as required. The engine was set up and the camshaft was broken in to the manufacturer’s instructions, and then attention turned to some faulty electrical items, for which the wiring was repaired as required. Following that, the Shelby had its first road test and the faulty alternator was replaced.

The final stage of works was completed by the end of March, 2025, with the four new tyres fitted and the replacement of the incorrect 427 flywheel with the correct 428 item. The carburettors were set up again and the Shelby underwent a period of road-testing before being submitted for an MOT, which it passed with no advisories. Altogether, expenditure with Brads Classic & Specialist Cars during this period exceeded £30,000, and the vendor is very satisfied with their work, rating the engine, transmission and electrics as “excellent.” The bodywork and paintwork were not touched, and he describes them as “good,” with the interior “very good.”

For the next owner, there must surely be a strong temptation to go out and use the newly-recommissioned Shelby as it embarks on a new chapter in its life. It is already a well-known car in Shelby circles—it is known to the Shelby American Automobile Club and has been issued with a Marti Report which details its original specification and date of sale as taken from the original Ford factory records, providing the starting point of what the vendor describes as a “fantastic history.” Now, it just deserves to be driven and seen. Of course, the United Kingdom has a thriving American car scene and some very active clubs including the Mustang Owners’ Club of Great Britain and the British Isles chapter of Team Shelby, so there should be very many opportunities for use. The vendor advises that it will be supplied with a full year’s MOT, and is accompanied by some original spare parts.

For more information, please contact:
Paul Cheetham
paul.cheetham@handh.co.uk
07538 667452