Automatic transmission in my 75 Camaro has three gears, what type is this?

John T

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I recently acquired. The previous owner built racing engines and the engine sounded great. The first drive home on the highway it felt/drove like it was stuck in third, I did not want to floor it and risk damage. An acquaintance told me it is a type of transmission that does this and if I were more aggresive it would "kick in".
 
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