Holden is building and giving away one last Monaro, and it's gonna be a pretty cool one for the lucky winner.

No, they aren't resurrecting the model that came here as the Pontiac GTO. Instead, they've bought and are refurbishing an older one to show off AC Delco parts and service.

Project Monaro started as a 2004 car they purchased with 132,000 miles on the odometer. But that was before they rebuilt the entire car, loading it with performance parts and accessories.

First on the list is the LS1 V8 that's been completely rebuilt by Maurice Fabietti, head of the AC Delco Pro Slammer Monaro drag race team. Australia's version of the Funny Car. The team used Holden parts, but did fit it with a hotter cam from Chevrolet Performance and accompanied that with Brembo brakes.

The car was repainted from the original black to a special Panorama Blue Suede. Custom hood scoops and fuel door were fitted, with a 3D printed front splitter and rear spoiler. Inside, it got special new leather and suede trim.

So Holden is giving it away through AC Delco, though if you're reading this you probably aren't able to buy any of those parts from a dealer down under. But they've filmed the whole build to show off what they've done. So instead watch this video as they put Project Monaro through its paces on the Holden test track.