This 1968 Shelby Mustang GT500KR is one of 518 convertibles produced for the model year, and it was first sold in Minnesota and was shortly thereafter relocated to California, where it was registered through the mid 1990s. The car was specified in Candyapple Red with black Luxury upholstery, a powered black soft top, the Interior Décor, Visibility, and GT Equipment groups, power steering and front disc brakes, shoulder harnesses, a tilt-away steering wheel, an AM radio, and a tachometer. It is powered by a 428ci Cobra Jet V8 linked with a three-speed automatic transmission and a Traction-Lok limited-slip differential, and modifications consist of ceramic-coated headers, an MSD billet distributor, an Edelbrock Performer RPM intake manifold, an Edelbrock water pump, and a Holley 770-cfm carburetor. The car was imported to Canada and purchased by its previous owner in 2001, with whom it remained until acquired by the selling dealer in 2025, and the engine was rebuilt in 2015. This GT500KR is now offered with a Deluxe Marti Report, the owner’s manual, service records, spare parts, and Ontario registration.
The GT500KR was added to the Shelby American lineup mid-way through the 1968 model year and shared its styling with the GT500 but was fitted with a higher-powered 428ci Cobra Jet engine.
Exterior design elements include an SMC fiberglass hood with a functional scoop, grille-mounted Lucas lights, a rear spoiler, sequential taillights, and air scoops on the quarter panels.
The car was specified in Candyapple Red (T) with a powered black soft top. According to the seller, the car was repainted prior to 2001, though no replacement body panels are believed to have been installed. The rear window in the convertible top was replaced in July 2002. The seller notes chips behind the rear wheels and a repaired tear in the driver’s side of the soft top.
Steel 15″ wheels with mag-style covers have Goodyear Eagle GT II tires measuring 235/60R15 mounted at all four corners. The car is equipped with power steering and power-assisted front disc brakes with rear drums. The power-steering control valve was replaced in June 2003, and the power-steering pump was changed in August 2004.
The front bucket seats are upholstered in black Luxury vinyl and are complemented by matching door panels. Interior appointments include an AM radio, front shoulder harnesses, and the Interior Décor and Visibility Groups, the latter adding courtesy lighting beneath the dashboard and illumination for the glovebox and trunk. A roll bar with inertia-reel seatbelts is also fitted.
The woodgrain Tilt-Away steering wheel fronts a 140-mph speedometer, an 8k-rpm tachometer, and gauges for fuel level and coolant temperature. Stewart-Warner oil pressure and ammeter gauges are mounted in the center stack. The five-digit odometer shows 62k miles, though it is believed to be inaccurate, and total mileage is unknown.
The 428ci Cobra Jet V8 was factory rated at 335 horsepower and 440 lb-ft of torque. Modifications include ceramic-coated headers, an MSD billet distributor, an Edelbrock Performer RPM intake manifold, an Edelbrock water pump, and a 770-cfm Holley carburetor. Seller-reported serviced included installation of a new fuel tank, fuel-level sending unit, battery, Holley fuel pump, and the Holley 770-cfm carburetor in July 2015, replacement of the rear main seal in July 2018, a long-block rebuild with replacement of the distributor cap, rotor, spark plugs, and gaskets in June 2022, and an engine oil and filter change in October 2024.
The engine block stamping is pictured above.
Power is sent to the rear wheels through a three-speed automatic transmission and a Traction-Lok limited-slip differential. The pinion seal was replaced in July 2004.
The accompanying Deluxe Marti Report documents the car’s production date, factory colors, equipment, and production statistics.
A build sheet is shown in the gallery below, along with photos of removed components included in the sale.
The car is registered using VIN 8T03R213222. The registration acts as proof of ownership in Canada.