 The original Ford Mustang was a product of the Fairlane Group, a committee of Ford managers led by Lee Iacocca.The Fairlane Group worked on new product needs and, in the summer of 1962, the Group laid out the framework of a new sports car.The automaker made a "tentative bid to fill a vacuum between Go-Karts and the Corvette" as well as to compete in FIA category 9 (SCCA Class G)."