The air duct from the front bumper dumps into the wheel well. The brake rotor only has a partial heat shield to protect the ball end joints of the steering and suspension components. The rest of the rotor is unshrouded to allow the air from the brake duct to cool the rotor. The louvered wheel well liner vents the hot air coming from the corner mounted oil cooler.
The rear of the front wheel well features these louvers.
Those louvers should guide air to these vents in the front fender. Yup, actual functional vents on the Mustang.
To keep the rear differential happy during track use, an oil cooler is mounted in the rear bumper. The rear under tray uses this integrated air channel to feed air to the cooler. Again, this is track day car stuff straight off the showroom floor!
Yes, quiet while cruising and throaty when you mean business.
The lower rear bumper openings vents the hot air coming off the rear differential cooler.