Two of the cars are the original S197 Mustang concept cars - the Tungsten Silver coupe and the Redline Red convertible - that were originally shown at the 2003 North American International Auto Show in Detroit.

The third auction will be for rights to the first production 2010 Shelby GT500 Mustang, featuring a color scheme and equipment personally chosen by Carroll Shelby. Clad in Kona Blue with white stripes, this GT500 has world-class handling, aggressive styling, and extreme levels of horsepower and torque that are unparalleled in its segment.

The GT convertible concept features a distinct "showbar" with a rim of billet-aluminum trim picking up where the instrument panel and console trim leave off. The dazzling red car is pure muscle from its 20-inch wheels and cross-drilled Brembo brakes to the sharp accent line that runs the length of the body and culminates in a "C-scoop" behind the door cutline.

The convertible's interior, awash in supple red and charcoal leather, includes perforated surfaces on the seat backs, as well as a billet-aluminum shifter for the 5-speed automatic transmission, 4-point racing-style seatbelts and unique instrument gauges that resemble a fine watch with its face removed.

The GT coupe concept car has a glass roof and lush red and charcoal leather interior accented by billet-aluminum hardware. Its upward rake angle makes the car appear to be in motion even while at a standstill. The styling matches its convertible sibling. The functional hood scoops help the supercharged engine breathe as it churns out nearly 400 horsepower.

All proceeds above MSRP from the sale of the Shelby GT500 will be donated to The Carroll Shelby Children’s Foundation. The two Mustang concepts will be auctioned to benefit the Juvenile Diabetes Research Foundation.