Automotive News has selected Carroll Shelby to receive the 2011 Keith Crane | Automotive News Lifetime Achievement Award. The award is to be presented at a formal $250/plate dinner in Washington, DC, on Thursday, January 27. Keith Crain is editor-in-chief of Automotive News.

The Carroll Shelby legend began in January 1952, when the Texan drove in his first drag race behind the wheel of a flathead Ford V8-powered hot rod. Later that spring, his first experience in road racing put him on the top spot of the podium, against other MG-TCs like he was driving, as well as faster Jaguar 120s on another race. Shelby’s experience and legend continued developing through the 50s, with him running a March 1955 race at Sebring – using a special fiberglass cast and his hand taped to the steering wheel – while recovering from a shattered elbow incurred during the Carrera Pan Americana. After developing heart problems, his racing career came to an end late in 1960. He did win the USAC driving championship for that year. Shelby’s business interests had already become evident, as he had opened a Goodyear Racing Tire distributorship in February that year.

It was September of 1961 when Shelby contacted AC Cars in England with a proposal. The UK company had lost their local supply of engines and was facing an uncertain future. The following month, Shelby learned of Ford’s plans for a lightweight, 221-cid V8 engine. The small block Windsor engine had been introduced as an option for Fairlane and Meteor models.

The first AC roadster for Shelby was shipped on February 2, 1962 and very shortly after being received, Shelby had a “Rally” version of the upgraded 260 cid V8 installed in the car, along with a Borg-Warner four-speed transmission. The hotter V8 sported a higher compression ratio, hotter camshaft timing and a four-barrel carb. The resulting output was 260 HP @ 5800 rpm and 269 ft-lb torque at 4800 rpm. The car would be a Corvette-killer.

While Shelby continues to develop the Cobra line, Cobra wins the USRRC (United States Road Racing Championship) in 1963 and competes internationally the following year. In June of 1964, the Cobra finishes first in class at the 24 Hours of Le Mans race. On his return from Europe, Ford asked Shelby to develop a high-performance version of the Mustang fastback. The new car would challenge the Corvette in SCCA B-production road racing.

The first 1965 Shelby Mustang GT350 race and street cars begin shipping late in 1964. From that point on, the legend continued to grow.