We've been wondering when the first Mustang would be auctioned off, and now we know: next month's Barrett-Jackson auction in Scottsdale, AZ. As is par for the course, the proceeds will be donated to a charity. In this case, it's JDRF, and organizations that promoted type 1 diabetes research.
Ford press release says "For five decades, the Ford Mustang has symbolized freedom and independence for millions of people around the world. That makes it fitting that Ford Motor Company will auction off a new Mustang to help advance the goal of providing more independence to people whose lives are affected by diabetes" because they had to link the 'stang to diabetes somehow.
The winner won't get the car on the spot, because it won't have been built yet, but he or she will be offered a choice of transmission and color when the car is ready.