If you thought only Americans went batshit batty over well-preserved muscle cars, you haven't met the Australians. A Ford Falcon XY GTHO Phase 3 recently sold for nearly US$570,000 at auction. Now, a pair of GTHOs are expected to fetch upward of US$700,000 each. When they hit the outback in 1971, the XY GTHO Phase 3 was the fastest sedan in the world. It sported a 351 Cleveland V8 with a four-barrel Holley 780 cfm carburettor and a higher compression ratio of 11.5:1. Power output was a high, by Aussie standards of the time, 370 hp at 5400 rpm. "HO" stood for "Homologation Option," which meant bigger brakes, stiffer suspension, a front spoiler, a choice of three differential setups and an optional close-ratio gearbox. Get Barrett-Jackson on the phone; they'll have these things at over a mill inside of a month. [Car Update]