After a long break of about 40 years, Ford has reacquired the honours to lead the ‘The Great American Race‘ at the Daytona International Speedway. The new 2011 Ford Mustang GT is the new official pace car of this year’s Daytona 500. The Mustang GT is the first Ford vehicle to be named the official Daytona 500 pace car since the Ford Torino GT in 1970. This year’s Daytona 500 kicks off at the Daytona International Speedway on February 14th.

To celebrate the momentous announcement, the Ford Motor Company is planning to build a limited edition of Mustang GT replicating the car to be used in Daytona. Only a total of fifty individual pace car units of the 2011 Mustang GT will be built and sold to the public. The actual Mustang GT pace car will be auctioned off for charity at the 39th Barrett-Jackson Scottsdale Collector Car Auction on January 23rd. All proceeds over Ford’s suggested retail price from the auction will be donated to research the cure to childhood diabetes at the Juvenile Diabetes Research Foundation. Seven-time Daytona 500 champion and newest member of the Ford Racing family, Richard Petty will hand over the Mustang to the winning bidder.

“Having the opportunity to pace America’s biggest auto race with a Ford icon like the 2011 Mustang GT is truly an honor,” said Ford North America Motorsports director, Jamie Allison. “And to have the new 5.0 L engine powering the car will be a great way to demonstrate its power and class-leading fuel economy.”

At the heart of the new 2011 Mustang GT is the all-new 412 HP 5.0 L V8 engine linked to a six-speed transmission. The car boasts an excellent mileage of 25 mpg on the highway. For the NASCAR season-opening race, the Mustang GT will be painted in Race Red and sport a glass roof and specially painted wheels. Other features include a Ford Racing suspension, a strut tower brace, mufflers, and some notable interior touches including branded lit sill plates.