Was This Elvis' Best Birthday Present Ever?

Perhaps you have seen this photo on the internet. I run into it from time to time, but nobody has ever included a caption or text explaining the story of Elvis and this old car.

Source: http://www.elvisblog.net/blog/_archives/2012/1/6/4972671.html

BOSSA NOVA BABY BRIDGE OVER TROUBLED WATER BRINGING IT BACK BRITCHES