Lurking in a back-corner stall of Billups Classic Cars’ shop in Colcord, Okla., awaiting its turn for a total makeover, was a Wimbledon White 1970 Shelby GT500 convertible. Its older siblings, the green 1968 Shelby GT500 coupe known as “The Green Hornet” and its older brother, the red 1967 GT500 coupe known as “Little Red,” were both undergoing concours restorations at Billups’ shop. The importance of these two Shelby coupes and the logical efficiency of simultaneously restoring them forced the ’70 GT500 convertible to take a back seat at Billups’ shop, but the ’70 GT500 was no less of an important car in the Shelby story. Having been built on June 20, 1969, for delivery to Wilmington, Mass., this was the very last of the original Shelby GT500 convertibles to roll off the line at Shelby Automotive, Inc. in Southfield, Mich.
Things started getting more interesting at Billups Classic Cars for the 1970 GT500 convertible when, one day, a carrier arrived with the one-of-one Candy Apple Red 1967 Shelby GT500 convertible after making the trip from Florida. The ’67 GT500 convertible found its way to Billups Classic Cars for hood replacement, engine bay detailing and cosmetic enhancements. Billups Classic Cars had restored it prior, but new documentation acquired by its owner indicated the improved vented Shelby hood design had appeared on this GT500 early in its history, so the upgrade was made to install a correct version. This Shelby on the only ’67 GT500 convertible Carroll Shelby and his team produced at Shelby American. With these two cars under the same roof, the first and last Shelby GT500 convertibles were united.
Could it get any better for a Shelby fan? It did. After a long trip from Colorado, the first 1967 Shelby GT500 ever built and sold to the public also found its way into Billups Classic Cars. It joined the other historic Shelbys for performance and cosmetic enhancements. So under its roof at one time, Billups Classic Cars corralled the first three GT500s ever produced by Carroll Shelby and his team at Shelby American, and the very last GT500 convertible.
Unfortunately, the restoration of the last 1970 GT500 convertible was delayed until the work and fanfare on the first GT500 cars had run their course. Yet, the history making didn’t end there. It’s believed this was the first time the 1967 GT500 convertible — the first and only 1967 GT500 convertible — and the last 1970 GT500 convertible ever shared a location.
As you read this, you’re probably shaking your head in disbelief. I would be, too, if it weren’t for the fact that I witnessed this history while at Billups Classic Cars to film and document the restorations of the Green Hornet and Little Red in 2018 and 2019. Arguably, there’s never been a collection of such historic Shelby GT500s in one facility at one time, from so many firsts to the last.
A crowning Super Cobra Jet touch
Owner Clint Falk acquired the last 1970 Shelby GT500 convertible in June 2015 after receiving a lead and doing a rigorous internet search. He found its location was in Houston, Texas, relatively close to his home near Amarillo. When Clint showed up to inspect the car, the seller confirmed it had the highly desirable factory Drag Pack option, and was the last Shelby GT500 convertible produced. To say Clint was excited is an understatement. He, his brother, Kenny, and his father, Dennis, have a soft spot for Ford Cobra Jets, but especially Drag Pack (Super Cobra Jet) cars.
“Kenny and I, our father, Dennis, have an addiction to cars, especially the ones with the Drag Pack close-ratio rear axle option,” Falk said. “When we get one on our radar, we go on the hunt to find it, much like the way I found the 1970 Shelby GT500 convertible sitting there in Houston, right under my nose.”
The Shelby GT500 was in relatively good condition, and Clint and the seller struck a deal. Soon afterward, the GT500 convertible was headed to Colcord for a concours restoration at Billups Classic Cars. The historic GT500 would be brought to showroom condition under the watchful eye of owner Jason Billups and his team of highly skilled technicians.
The end of the line for Shelbys
Clint’s 1970 Shelby GT500 convertible is a well-optioned example with the optional Drag Pack packing a 3.91 gear ratio plus the Tilt-Away steering wheel, AM/FM stereo radio, tinted glass and Goodyear F60x15 tires.
The list of performance and handling items includes the 428-4V Super Cobra Jet V-8 engine, power front disc brakes, power steering, Competition Suspension, tachometer and trip odometer. According to its Marti Report, it is one of ten factory-produced with the close-ratio four-speed manual transmission and the only 1970 GT500 convertible painted Wimbledon White. It’s further equipped with a power convertible top in white and with a glass backlite.
Unbeknownst to many at the time, all 1970 Shelby GT500s were simply re-numbered units from the prior 1969 production year. By this time, much had changed in the world of the Shelby series Mustang. Carroll Shelby had terminated his contract with Ford the prior summer, and production of all Mustang cars that bore his name had ground to a halt.
Ford Motor Co. had already switched much of its attention toward marketing its Boss lineup of Mustangs, which had been released in 1969, and it appeared that, for Ford, the Shelby GT350 and GT500 had become little more than an afterthought.
In actuality, Ford had little intention of marketing either of the Shelby models for the 1970 model year. However, less-than-impressive sales during the 1969 model year had left Ford with 788 unsold units that needed to be liquidated.
Ford was determined to find some way of differentiating the 1970 GT500 from Shelbys sold in 1969, even though all were essentially 1969s. Its answer came in the form of a newly added chin spoiler, cleverly placed hood stripes and revised VINs.
The front-mounted, under-chin spoiler of the 1970 GT500 was similar to that found on the 1969 Boss 302 Mustang. These spoilers were originally designed by Ford Motor Co. designer Larry Shinoda and were intended to improve the aerodynamic characteristics of the Boss 302 and 429 Mustangs.
Twin hood stripes were also implemented when prepping Shelby GT500s that were tagged for sale during 1970. These stripes ran the length of the Shelby’s hood, just to each side of its center margin, encompassing two of the GT500’s three hood scoops.
In order to “officially” differentiate one model year of Shelby GT500 from the next, Ford deleted all VIN numbers associated with the remaining 1969 Shelby GT500s that were prepared for the market in 1970. These VINs were subsequently replaced with distinctive numbers that denoted 1970 year model lineage. This, of course, was done with proper governmental oversight to avoid legal issues.
Outside of the above-mentioned modifications, the 1970 Shelby GT500 was identical to cars sold the year prior, both inside and out. The 1970 GT500 once again used Mustang’s Deluxe interior package and was fitted with a padded two-point roll bar, as well as a wood-rimmed steering wheel. The 1970 GT500 interior was available in black, white or red. Clint’s GT500 was assembled with the Black Clarion Knit/Corinthian Vinyl H-Back Bucket Seats.
Aside from its newly acquired hood stripes and chin spoiler, the GT500’s exterior remained unchanged for the 1970 model year. The GT500’s hood once again featured three forward-facing air scoops, as well as front and rear body-side scoops on the fenders. The GT500 also retained its signature reflective side stripes, which ran the vehicle’s length.
Under the hood, the GT500 was powered by Ford’s Cobra Jet four-venturi 428 V-8 engine, which delivered power through a C6 automatic transmission or optional four-speed transmission to a Traction-Lok limited-slip rear axle.
The 1970 Shelby GT500 was available in Candy Apple Red, Black Jade, Gulfstream Aqua, Acapulco Blue Metallic, Royal Maroon, Silver Jade, Pastel Gray, Wimbledon White or Competition Red. There were also four specialty colors that weren’t given names. They were known as Grabber Orange, Grabber Yellow, Grabber Green and Grabber Blue.
As 1970 ended, so did the Shelby GT500’s legendary run. Though gone from Ford’s sales brochures the following year, Carroll Shelby’s GT series offerings served their intended purpose by lending substantial performance credibility to the Mustang line and to Shelby himself. By 1970, Carroll Shelby and the Shelby Mustang were household names.
Without the Shelby GT350 and GT500, the Mustang name would likely have been unceremoniously associated with commuter cars instead of high-performance machines. Instead, the Mustang name is now indelibly branded with an air of unrelenting bravado.
Today, the last Shelby GT500 convertible wears an award-winning Billups Classic Cars restoration and has joined Falk’s stable of Cobra Jet-powered Fords near Amarillo. It can occasionally be seen galloping on roads around Amarillo.
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