OPEN HOUSE INSPECTION ON THIS VEHICLE: The owner will move the car to our auction center in Alabaster, Alabama on Friday morning for those interested in seeing it in person. Open house 10am - 4pm.
This car is sold with an Alabama bill of sale and a current 2025/26 Alabama registration. Alabama does not title vehicles 35 years and older.
"PEGASUS" by Goolsby Customs. An award winning, 1971 Ford Mustang Fastback "custom". One of a kind incredible show car. A pro build car by Goolsby Customs. About the builder...
Goolsby Customs has earned numerous high-profile awards and industry recognition. For example, the shop’s 1969 Fastback Mustang won the Goodguys Rod & Custom Association “Street Machine of the Year” in 2016. Other honors include the 2015 SEMA Ford Design Award and the 2015 SEMA Mothers Shine Award. The shop won the Goodguys D’Elegance Award for a 1940 Ford Convertible and in 2019 the SEMA BASF Best Paint award for a 1932 Ford Tudor.
Jonathan’s connection with Goodguys goes beyond simply winning their awards: he serves as one of the “celebrity” builders who selects Goodguys Builder’s Choice awards at national events. Furthermore, the “Goodguys Next Generation Award” is presented by Goolsby Customs and helps recognize young builders aged 18-30 in the hot-rod community. In short, Jonathan Goolsby plus Goolsby Customs represent a blend of craftsmanship, show-quality builds, and community involvement within the custom car and hot rod world.
About the car "PEGASUS: Completely modified 1971 Ford Mustang Fastback body. Shortened front end 5", 3" shortened on rear. Total redo of the rear of the car including pass through spoiler and laid down back glass. Roadster Shop fast track chassis. Coyote 5.0 engine and 6 speed automatic transmission by Sean Ryland Motorsports. 19" & 20" Nutek Wheels and Pirelli Tires. All custom interior by M&M interiors.
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The aim was to take a 1971 Mustang Fastback (a body style often overlooked) and re-imagine what Ford might have done in 2011 with that chassis.
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The build involved extensive modifications: shortening the wheelbase by 1″, removing 6″ ahead of the front wheels from the front fenders to reduce front overhang, and reshaping the rear quarters with a pass-through wing integrated into the design.
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Chassis, Suspension & Underpinning
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The original floor and structure were removed; a full custom floor was fabricated to integrate a new chassis system from Roadster Shop (“Fast Track chassis”) designed for the Mustang.
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The chassis uses Corvette C6 spindles up front and a 9-inch rear end located by a four-link plus Panhard bar. Coil-over suspension from AFCO and Wilwood six-piston brakes (14″ rotors front / 13″ rear) were selected.
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A full-length bellypan was fabricated to smooth airflow beneath the car.
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Powertrain & Drivetrain
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The engine is a Ford Coyote 5.0L V8 — apparently acquired even before it was publicly available in the 2011 Mustang chassis.
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Transmission is a 6-speed automatic (6R80) as used in modern Mustangs, integrated with a controller setup that accommodates the anti-theft / engine management system.
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Accessories such as power steering were updated via aftermarket kits (e.g., from Turn Key Engine Supply) to integrate modern systems.
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Bodywork & Exterior Design
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The body was heavily massaged: besides fender and overhang changes, the rear glass was laid down, quarters reshaped, and the integrated wing added for a distinctive profile.
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All glass was flush-mounted for a clean, seamless appearance.
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Wheels: 19″ front / 20″ rear (Nutek brand) fitted with high-performance Pirelli tires to match the stance and performance goals.
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Interior & Finish
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Interior was custom-designed via M&M Interiors to reflect a modern reinterpretation — reminiscent of a 2011 Mustang but with bespoke touches.
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Instrumentation includes a dual-round gauge system with Dakota Digital VHX instruments, fitted into custom hexagonal recesses with show-chrome bezels finished to spec.
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Build Significance & Impact
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The build was featured in Hot Rod magazine under the title “Goolsby Customs 1971 to 1973 Mustang – Pegasus”, which explained how the build transformed a much-maligned body style into a standout show car.
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The project illustrates the concept of taking a non-traditional model (1971 Mustang rather than the more popular ’65-’70 years) and elevating it via modern engineering, custom bodywork and high-end finishes.
Here are the awards won by the 1971 Ford Mustang “Pegasus” built by Goolsby Customs:
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ISCA Best Street Machine – Pegasus.
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ISCA Best Interior – Pegasus.
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ISCA Best Engine – Pegasus.
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Top 25 Shades of the Past – Pegasus.
- WILL BE AVAILABLE FOR INSPECTION ON FRIDAY, NOVEMBER 14TH
COLLECTOR CAR AUCTION By Chip Pearce Collector Car Auctions
This auction features a private owners collection of vintage Mercedes Benz & Avanti's. More than 25 cars from this amazing collection will be sold without reserve!
BIDDING ENDS FRIDAY, NOVEMBER 14th starting at 7pm
Location - Pearce Auction Center - 720 Fulton Springs Rd. Alabaster, AL 35007
Inspection - Weekdays from 9am - 4 pm
General Auction Information:
- This auction features a staggered ending. Each lot displays the time remaining. Please note: Bidding does NOT end on ALL of the items at 7:00.
- This auction also features the 5 minute bid extension. If a bid is placed within the last 5 minutes of the auction, it extends that item another 5 minutes and continues extending every time a bid is placed within the 5 minute countdown.
Auction Terms: Please read the terms carefully as they are a legal binding contract between you and Pearce & Associates Auctioneers.All disputes will be settled in Shelby County, Alabama.We encourage you to inspect the items in person.If purchases are not settled within 3 business days of the close of the auction,it is in default. Upon default the bidder will be black listed on Pearce &Associates Auctioneers auctions as well as MarkNet auctions andwill be charged for the merchandise. Defaulted items will be forfeited back tothe owner or Pearce & Associates.No refunds will be given.Please check back and review these terms as every time you use this site you are agreeing to the terms as they are written at that time.Pearce & Associates Auctioneers reserves the right to cancel any auction at any time for any reason.Payment for auction purchases by Cash, Certified Funds made payable to Pearce & Associates, Bank Wire or credit cards up to $2500 max. A 3.5% credit card fee will be charged on your transaction for credit card payment. Amounts over $2500 must be paid by another form of payment. All accounts must be paid for within 4 days of the auctions ending unless special terms are posted on a specific auction.There will be a 10% buyer’s premium added to final bid price. Sales tax collected unless you provide Pearce with a copy of your tax resale certificate.Vehicle Titles: Pearce & Associates is a licensed Alabama Automobile Dealer and Designated Agent. Any vehicle purchased will require that Pearce & Associates prepare the title work for the purchaser. Pearce & Associates collects a total of $65 for title work, dealer prep and documentation fee. ($15 title, $50 dealer prep/doc) which the purchaser pays. NOTE: Pearce & Associates does not own vehicles consigned to our auctions. The seller understands that any claims from descriptions, condition, miles, etc are between the owner (seller) and the purchaser. The auctioneer does not guarantee year, make, model, miles, hours, running condition, physical condition of any item in our auctions. You, the purchaser are responsible for inspecting the assets in person and making your own determination as to the condition of the item you are bidding on. The description is NOT guaranteed by the auctioneer nor the seller. AS IS, WHERE IS. The only exemption is non Alabama residents which require an Alabama drive out form to be executed by the purchaser and licensed Alabama Automobile Dealers. Pearce & Associates shall require a copy of the buyers dealer license.Pearce & Associates shall handle title work and provide a copy to the purchaser within 14 business days of payment. Dealer titles and out of state buyers shall be mailed (certified) the actual title within 14 business days from final payment.The State of Alabama (auction company residence) does not title vehicles 35 years old and older. Vehicles 35 years and older will come with an Alabama Bill of Sale only and a letter from the State of Alabama stating our title laws exempting these vehicles. Boat trailers are also exempt from titles in Alabama.Bidding info- When you bid your max the current bid price doesn't automatically go toyour max bid. Someone else has to bid to increase the current price and thecomputer will automatically bid up to your max in the increments specified.This auction has what is called an auto extend feature, meaning the auction will not close until all bidding parties are satisfied. If any bids are placed within the last 5 minutes of the auction, the bid on lot(s) will extend for 5 minutes. The bidding will extendin 5 minute increments from the time the last bid is placed until there areno more bids, and the lot sits idle for 5 minutes. Pearce & Associates Auctioneers have put forth every effort to make accuratedescription of the items. Printed or verbal statements made by staff arematters of opinion and are made in good faith. However, all items are sold AsIs Where IS. You are responsible for your own inspection during inspectionperiods.No allowance will be made for errors in cataloging, genuineness, defects, or imperfections not noted.Pearce & Associates reserve the right to reject any and all bids for any reason.By Alabama State Law, all auctions are considered with reserve unless they are titled absolute. This is an auction with reserve. The seller, owner, auctioneer, bank or lien holder, or any government agency having an interest in the items in this auction reserve the right to bid on behalf of the seller up to their reserve amount.Bidder responsibilities include, but are not limited to:Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their account.When using the web site you must obey any and all local state and federal laws. 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