Car of the Week: This 1968 Shelby Mustang Is a Rare King of the Road That’s Now up for Grabs

Ford Mustangs with the Shelby logo on them are a special breed of American muscle car. The fact that they’re still being made today is a testament to the almost universal allure of the Shelby name, and the string of competition victories that began with Shelby’s invention of the AC Cobra in 1962. Three years later, the first G.T.350 was let out of the chute, and by 1966, the souped-up Mustang had cemented its reputation in Sports Car Club of America (SCCA) racing.

Meanwhile, Carroll Shelby and his team focused their attention on winning the 24 Hours of Le Mans for Ford with the GT40. Back home, Ford wasn’t standing still either, and in 1967, the Mustang morphed from what Shelby himself initially referred to as a “secretary’s car” to a larger, more well-appointed sports GT. A choice of two V-8 engines—the original 289 ci and a 428 ci—powered the G.T.350 and G.T.500.

For the 1968 Shelby model year, Ford took over engineering, and production moved from Shelby’s facility in Los Angeles, where stock Mustangs were modified, to a new headquarters in Livonia, Mich. All 1968 Shelby Mustangs were built at Ford’s assembly plant in Metuchen, N.J., and shipped by rail to Livonia, minus a number of fiberglass pieces unique to the Shelby, including the front end, hood, rear tail-lamp panel, deck lid, quarter-panel extension, and side scoops.

The visual transformation was dramatic, and the performance matched. Engine choices included a larger 302 ci V-8 to replace the stalwart 289 ci in the G.T.350, and by April of 1968, the 428 ci Cobra Jet Ram-Air V-8 engine was fitted to the GT500KR (the last part of the nomenclature being short for “King of the Road”). Despite the extra weight, the big-block V-8 was a powerhouse, underrated by Ford at 355 hp, and developing 440 ft lbs of torque. Out of the 4,451 Shelby examples made for 1968, just 1,452 were of the KR model variant (933 Fastbacks and 318 Convertibles).

Nine available colors were offered for that year, including Shelby’s signature Wimbledon White. What wasn’t standard was anything approaching orange. However, according to Marti Report (the recognized Ford authenticators), two cars were painted by the factory in Special Light Orange (not to be confused with Ford’s Grabber Orange used on the 1969 Ford and Shelby Mustangs). One of these near-unicorns comes to Mecum Auctions’ Indy Sale in Indianapolis, Ind., on May 17.

Shelby No. 03397 was built on June 4, 1968, and shipped to Courtesy Motors in Littleton, Colo. Its orange twin was sent to England, likely for promotional duties, where it reportedly remains today. Originality is key for Shelby collectors, and this example retains its original drivetrain. Remarkably, the original smog equipment on the Cobra Jet engine is intact, a rarity considering that most emissions plumbing was promptly jettisoned by performance-minded owners in the day.

The four-speed manual gearbox and 3.50:1 Traction Lok rear end are a plus, as are the retrofitted Shelby 10-spoke aluminum wheels with period-correct BF Goodrich Radial TA tires. The original hubcaps, restored as new, remain with the car. Compared to the first Shelby G.T.350, the 1968 Shelby GT500KR Fastback was a creampuff, with a tilt-away steering wheel, power steering, and power front disc brakes.

The interior features Deluxe Mustang vinyl bucket seats in black, a center console, and wood-grain accents. After considerable research, the consignor, likely the car’s fourth owner, believes it to have resided in Colorado for most (or all) of the time prior to his purchase. He even speculates that its rare color scheme may have been chosen by its original owner in reference to the colors of the NFL’s Denver Broncos.

Listed in the Shelby Registry and accompanied by a Marti Report and a copy of the Shelby invoice, the car also gifts the new owner with an original orange Shelby jacket from the time when real Kings of the Road wore polyester with pride. Although no estimate has been given, this period model can fetch in the neighborhood of $200,000 for a concours-quality example.  

Click here for more photos of this 1968 Shelby GT500KR Fastback.