The fender stripes are known as FIA stripes. They were first used on a Cobra (CSX2128) at the 1963 Sebring FIA race. The stripes were painted on 2128 to distinguish it form the other team Cobras (all black painted body's) that were racing. The color chosen for 2128 was yellow. Although most people think that they are a Chevy thing because they are most recognized on the Corvette grand sports from 96.
I did it to add a little character to that car, and make it stand out a little. Carrol Shelby used them on his mustangs.