Jay Leno takes Ford Executive Chairman Bill Ford's One of One 1965 Mustang Indy 500 Pace Car for a Spin

Bill Ford, the Executive Chairman of the Ford Motor Company - yes that Bill Ford - paid a visit to Jay Leno's Garage one day to show off his fully restored 1964.5 (early 1965) Mustang convertible. Mind you, this isn't just any Mustang drop top. She was the 1964 Indianapolis 500 Official Pace Car - the very one that paced the race in 1964.

There's a 289 Ford GT40 Mk I Mill Inside Bill's Indy 500 Pace Car - 1964.5 Mustang Convertible - Truth!

There is so much that is so cool about Mr. Ford's Guardsman Blue racing stripe over Wimbledon White early 1965 Mustang convertible. According to Mr. Ford, the Mustang is the 241st pony car built, and she was produced on the first day of production. What's even more magical about this particular Mustang is the fact that she is the only Indianapolis 500 Pace Car to actually pace the 1964 Indianapolis 500 race. To accomplish this feat, she had to be heavily modified to get up to 140 miles per hour. A stock 260- or stock 289- or even a K-code, 271-horsepower high performance, solid-lifter 289-cubic inch V8 powered Mustang convertible wouldn't be able to giddy up to 140 mph in stock form.

With time of the essence, the Ford Motor Company simply hired the Holman & Moody 24 Hours of Le Mans Ford GT40 Mk I racing team to provide one of its 289 K-code racing engines. H&M detuned the engine, so it only made about 450-horsepower. That would be sufficient to get the Mustang up to 140 mph without even breaking a sweat. The Borg Warner four-speed manual transmission also had to be beefed up to accommodate all of that torque and horsepower.

A Motorola two-way walkie talkie radio also had to be installed, so that the pace car's pilot could take and give direction from the Indianapolis 500 track officials.

Above: What a timeless design. Will the world's first pony car go down as the greatest car ever designed, engineered, and built? Time will tell.

Above: "Go west young man." Do you remember that slogan? Back in the swingin' '60's the notion that all the great ideas and all the trends and indeed most successful entrepreneurial endeavors all emanated from the left coast or the west coast of the U.S.A.. Therefore, Ford's marketing mavens made the pony gallop towards the west coast.

Above: Bill & Jay fasten their red hued lap seatbelts right before the joy ride. Yes, you guessed correctly. This pony car is Red, White, and Blue and worthy of a salute or two!

Above: The video never mentions where these pony car exhibitions of speed and beauty took place. A safe bet would be the Burbank Airport, which is close to where Mr. Jay Leno stores his extensive car collection.

Video: Jay Leno Takes Some Hot Laps in Bill Ford's 1964.5 Mustang Convertible Indianapolis 500 Pace Car

Parts Unlimited Interiors - Great Place for Pony Car Interior Items

Parts Unlimited Interiors has been manufacturing and providing American made interior items for American muscle cars for well over 40 years. Should your Mustang's cockpit need a makeover, take a gander on the PUI site and get your horse out of the paddock and running free once again.