Closed Cell Foam lining the spare tire well.
Nice and clean, good job!!
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[URL=http://www.stangnet.com/mustang-forums/gallery/photos/spare-tire-well.10575/]Spare Tire Well[/URL] by [URL=http://www.stangnet.com/mustang-forums/gallery/authors/audiophile.194840/]Audiophile[/URL] on Mustang Forums at StangNet