You can now apply to purchase Ford's new GT supercar

Ford is now accepting applications for its GT supercar, a 600-plus horsepower machine that took the Detroit Auto Show by storm in 2015 and is expected to be priced at over $400,000.

Over the two-year production cycle, only 500 GTs will be produced, so Ford is preparing itself for a deluge of demand for the mid-engined sports car, which evokes the legendary Ford GTs of the 1960s.

In 1966, three cars finished 1-2-3 at the 24 Hours of Le Mans endurance race in France; a quartet of new GTs is currently competing on the international racing circuit, with the aim of repeating history.

"We're prepared to receive a lot of applications," said Henry Ford III, great-great-grandson of Henry Ford, who founded the company. "This is a once-in-a-lifetime opportunity for Ford Motor Company. We expect to have to make some tough decisions."

Ford explained that once the applications are received - and they will come in from global markets - regional management will conduct early reviews, then pass their recommendations on the Ford's senior leadership to make the final calls.

"The owners will be true ambassadors for the Ford brand," Henry Ford III said.

In a statement, Ford said that "if approved, [GT owners] will complete their purchase with the help of their dealer and the new Ford GT Concierge Service."

The company added: "Accepted applicants from around the world will be contacted by the concierge and provided a tailored experience - not only through the ordering and delivery but through years of ownership."

On the FordGT.com site, prospective owners will be able to use a "configurator that allows anyone to build a virtual GT and easily share their dream combinations ... through social media," Ford said.

And there will be plenty of dream combinations: eight exterior colors and seven stripe colors will be part of the the configuration process, as well as wheel and interior options. And no one will be getting any special consideration: all applicants will start with a level playing field.

"It really has been a highlight of my career work side-by-side with designers and engineers," Henry Ford II said. "They've created a masterpiece. Every time I see the car take a step back."