The Ford GT name may have gained new meaning with the introduction of the second-generation, V-6 powered supercar for the 2017 model year, but enthusiasts will never forget the Le Mans-winning GT40 of the 1960s and the first-gen GT, the car that basically revived the legend between 2004 and 2006. Ford is among those who haven't forgotten about the previous GT sports car and brings the V-8-powered coupe back into the spotlight by announcing that the first functional prototype, a unique car with exclusive components, will be auctioned in January 2017.

Completed in 2003, a few months before production of the first-gen GT began, the prototype seen here was named CP-1 (for Confirmation Prototype 1) and was the first fully functional GT. Assigned VIN 004, it was also the first GT to be equipped with a drivetrain and full interior, in contrast to the red, white, and blue Ford Centennial prototypes which were non-runners and for exhibition purposes only.

Different from other prototypes, the CP-1 also has a few extra features compared to the production model. It comes with air bags from the fourth-generation Mustang, a steering column from a Ford Windsor van, and various items that were axed before production. Specifically, it includes the silver trim rings on the seats (just like the original GT40), the all-aluminum headliner, and a note on the center console that instructs drivers to "push red button to start" the V-8 engine.

Other goodies include quick-release valves for the fuel tank on the right quarter panel, a set of experimental exhaust pipes, and a carbon-fiber rear clamshell. The later was replaced by an aluminum unit in order to save costs. Unlike the production model, the prototype features a black supercharger and valve cover. However, the V-8 engine features a chip that limits top speed to only five mph for display use only. Finally, the body is adorned by the autographs of 13 members of the original Ford GT development team, including Bill Ford, Camillo Pardo, and Carroll Shelby.

In 2008, CP-1 was purchased from Ford by “GT Joey” Limongelli, a famous GT collector and author of “Ford GT 2005-2006: The Complete Owners Experience,” considered the ultimate Ford GT book. The black-painted supercar will go under the hammer at the 17th annual Scottsdale auction in Arizona, which takes place between January 18 and 22, 2017. There's no word as to how much it's expected to fetch, but it should change owners for at least $1 million.

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Why it matters

The first-generation GT might not be as iconic as the original GT40, but it's definitely one of the most important sports car developed in the U.S. and the quickest road-going Ford until the mid-2000s. As a result, it's a highly coveted vehicle, with enthusiasts paying big bucks for well-maintained, low-mileage examples. The Heritage Edition cars are usually the most expensive at public auctions, but the CP-1 will likely set a new record for the nameplate.