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Automatics in performance cars come into their own when you approach very high HP to weight ratios. For straight line acceleration, they are easier to launch consistently and easier on the rest of the drivetrain. Road courses are another matter, unless the automatic would permit you to predictably choose each gear. Purists (myself included) would never have one in a Cobra, or any other sports car.
A number of original Cobras were converted to automatics for drag racing, including at least one 427 SC that belonged to a friend in the 70s.
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