In 2005, the Shelby GT500 was revealed at the New York International Auto Show, and became available in the summer of 2006 as part of the model year 2007 lineup. It is powered by a 5.4 Liter Modular V8, with 4V per cylinder heads borrowed from the $150K Ford GT supercar, an eaton M122 roots supercharger and is rated by Ford at 500 hp (370 kW) and 480 ft·lbf (650 N·m) of torque. It boasts a Tremec T-6060 manual transmission, reworked
suspension geometry, 18-inch wheels, functional aerodynamic body kit, and still retains the solid rear axle. The GT500 starts at an MSRP of $40,930 for the coupe, and $45,755 for the convertible version.
Although Carroll Shelby had no hands-on involvement in the design of the car, he did provide Ford and SVT (Special Vehicle Team) input on what would make the car better. Most notably, he convinced Ford to enlist wider rear tires (from 255 mm wide to 285 mm wide). This car is the aftermarket's dream ... with less than $1000 in simple modifications (smaller pulley on the supercharger, cold air intake, and custom remapping of the ECU) the car's horsepower can jump to over 650 and torque over 600.
Shelby, in cooperation with the Hertz Corporation, produced a limited-edition Shelby GT-H in 2006. The GT-H is a special-edition Ford Mustang GT, available only for rental from Hertz. A Ford Racing Performance Group FR1 Power Pack boosts the GT's 4.6-liter, V-8 engine to 325 hp (242 kW). The car has a custom Shelby hood and black and gold body styling, incorporating a gold-plated "Hertz" nameplate on both sides of the car. The GT-H is limited to a run of 500 vehicles and is available for rental at major cities and airports across the United States.
A consumer version of the Shelby GT-H is available from Ford, called the Shelby GT. It has a production run limited to 6,000 vehicles for 2007 and 2300 for 2008, and features the same powerplant as the GT-H, but includes more
suspension upgrades and is available with both manual and automatic transmissions. White and black colors were available for 2007 models and grabber orange or blue are available for 2008. A convertible is available in 2008 also. Few models leaving the Shelby factory in Las Vegas with a supercharger are called Shelby GT/SC. All Shelby GT's are shipped with the Shelby serial number (CSM) on the dash board badge and in the engine compartment - such as 07SGT0001 or 08SGT0001.