Remember the Torino GT convertible that guided the pack back in 1970? Well, for 40 years, Chevrolet’s Camaro SS has served as the iconic Indianapolis 500 pace car. This year,  2011 Ford Mustang GT is used to lead the grid around the oval on February 14th. The 412 HP 21st century 5.0 will be the first Ford to serve as the pace car for NASCAR’s biggest race since that Torino.

The Mustang GT Daytona 500 Pace Car will feature a special Daytona 500 Race Red livery with American inspired racing stripes in white and blue. Underneath the new sheet metal, the new GT will have a the all new 32 valve 5.0 Liter V8 that makes over 400 HP on low octane and 390 lb-ft of torque while returning 25 MPG. In order to handle repeated trips around the high banking, the Mustang will be equipped with a Ford Racing suspension and strut tower brace to keep the car tracking straight while unique color matching wheels wrapped in high performance rubber and a set of loud pipes so that the fans will hear it coming.

After the big race, the Mustang pace car will roll across the auction block on January 23rd at the Barrett-Jackson Collector Car Auction to benefit the Juvenile Diabetes Research Foundation with its special interior adornments, lit sill plates and all. Not to mention that this will be one of the first 5.0s to have a VIN stamped on it which will only increase the pony car’s collectibility.