Does the Panoz Roadster carry on the Shelby Cobra magic?

Yeehaw! I’m behind the wheel of a yellow Panoz Roadster sailing through midtown Chicago. Cars and pedestrians dive outta my way as I hightail it toward Lake Shore Drive. 

The V8 howls, the tach bounces off the redline and the speedometer hovers around 160 mph. I overcook a turn and spin, only to catch it and continue my chaotic charge. 

Oops, was that a red light? 

As I speed toward an intersection, the Panoz launches, carries air across the hump and slams the pavement on the other side. Suddenly, sirens. I can see half a dozen police cars circling to surround me. 

Darn, the (video) game is up.

When “Midtown Madness” hit the market in 1999, video gamers could choose to abuse a Panoz Roadster, which was touted as “one of the fastest cars in the game.” “It is so fast,” the warning reads, “that it often flips in an unmanageable way when bridge jumping.”

If the Panoz Roadster can generate buzz like that in a vintage video game, what will the real thing do? Let’s find out.

Why a Panoz?

Orlando restauranteur Steve Gunter confesses that he’s not a gamer, has never heard of “Midtown Madness” and plans no bridge jumping, but a Panoz Roadster beckoned to him anyway. He’s a top-down fanatic who’s been a car guy “since before I can remember.”

He recalls reading about the Panoz Roadster when it first hit the market back in 1992: “I thought, ‘That’s not just a cool car, that’s a cool story. It’s an American Cobra, Part Two. I wish I could afford one.’” 

As time passed, he occasionally checked the market for a Roadster, and nearly 30 years later, he spotted this 1997 AIV Roadster in an online auction. He researched prices, jumped in and won the bid. The seller had bought the car from its original owner in 1998, and it had been driven just over 4700 miles. 

After the auction, Steve contacted him. “We spent an hour and 45 minutes on the phone talking about the Panoz and cars in general,” he says. “He’s just a great guy. He knows Danny Panoz and has been to the factory many times. I’ve learned a lot from him.”

Panoz Primer

Don Panoz (say pay-nose), Danny’s father, a bigger-than-life mover and shaker, was known as a visionary, pharmaceutical magnate, serial entrepreneur, motorsports pioneer, car builder and hotel, winery and golf resort developer. He was hailed by many as the savior of U.S. sports car racing. 

At one time, he owned Road Atlanta, Sebring and Mosport. He created and owned the American Le Mans Series, for a while the sanctioning body for the 12 Hours of Sebring. His race cars won at Sebring and Le Mans. He supplied cars for Indy. The Batmobile-like DeltaWing, one of the last truly unique machines produced for a major road racing series, came from the Panoz shop; it’s been shown at The Amelia. 

Long before he plunged into car building and motorsports, Don Panoz made his fortune as the inventor of the transdermal nicotine patch, and in one of life’s you-can’t-make-this-stuff-up ironies, this man smoked Silk Cut cigarettes until the day he died in 2018.

In the late 1980s, his son Dan, then racing a 427 Shelby Cobra replica, became interested in small-volume car manufacturing and bought the rights to Thompson Manufacturing Company’s Costin. The Ireland-based builder had faded into receivership and had been building the Costin, a minimalist road and race car designed by legendary aero-engineer Frank Costin of Lotus, Maserati, Lister and Marcos fame. 

Acting on his ambitious plan to build a sporty car in the U.S., Dan shipped all the Costin’s fixtures, equipment and parts–enough for two cars–to Georgia and set up shop not far from Road Atlanta. TMC’s head fabricator and one of its designers joined Panoz’s tiny team. 

Their goal? Replicate and update the big engine/small car formula that had worked successfully for the Cobra, Allard and others. 

Aiming for bulletproof underpinnings, Dan chose the complete driveline, suspension and ancillaries from Ford’s 5.0 Mustang. Taking cues from the Costins, Panoz’s tiny team fabricated a stainless-steel chassis, widened and lengthened to accommodate the American iron.

The bodywork was designed from scratch to evoke a brutish, retro look. Cycle fenders graced the front wheels, while its bulges and curves spoke of the car’s Euro roots–suggestive of a ’50s Allard J2 or a Lotus Seven on a steroid diet. 

It was simply a V8-powered, no-frills throwback sports roadster, sold–initially as a component car until federal certification–with no radio, no top, no a/c, a primal heater/defroster system and windshield wipers. Price was about $45,000, a litle more than a new Corvette convertible. 

Panoz built 44 of these early 5.0-liter Roadsters, and they were sold directly from the factory or, after it was certified, through select Ford dealerships, which also serviced them.  

In 1994, the company introduced the Roadster’s successor, the AIV–short for aluminum intensive vehicle–featured here. This model incorporated a host of improvements, including an all-new aluminum space frame with a central backbone. 

Seeking a more civilized ride, Panoz lengthened the wheelbase, widened the track, installed new suspension front and rear–both independent–along with bigger brakes, wheels and tires. 

More horses? Sure, how about a hundred more? That bump was nicely furnished by the SVT Mustang Cobra’s 4.6-liter, 305-horsepower V8, and the Roadster’s bonnet grew a telltale bulge to provide clearance for the taller engine. 

The Panoz Roadster might have been born in the hills of Georgia more than 30 years ago, but this Ford-powered special has roots in Ireland. And the brand has since enjoyed competition success around the globe. 

Interior space grew as well, and a/c, a soft top with side curtains and a radio/stereo became standard equipment. The price increased to about $65,000–now closer to Porsche 911 money.

After building 176 copies of its AIV Roadster, Panoz moved on to more exotic and luxurious models, including the Esperante, Abruzzi and Avezzano, as well as a succession of track-only versions. As of this writing, no new models are, as least publicly, planned. According to the Panoz website, the Georgia factory remains open for parts and service. The museum is temporarily closed but may be available for special events. Head to panoz.com for the latest updates.

Panoz Ownership

Steve had never driven a Panoz before winning his auction, so he was somewhat apprehensive when his prize arrived. “It way exceeds my expectations,” he says. “I had planned to keep the Corvette, but once I understood the Panoz, I found myself driving it more and more while the Corvette sat. I ended up selling it.”

He believes the Roadster is more refined than his Vette, more comfortable to drive, and easier to idle around town. “The torque makes it a pleasure to drive politely,” he says, “but when you feel like stepping on it, it will melt your eyeballs.”

He admits it’s a fair-weather ride, adding that he installed the top only once–just to learn how it works. “It’s well engineered but certainly a manual operation,” he says. He has never attempted to plug in the side curtains. Both top and curtains reside in a large bag that just fits in the tiny trunk. 

Steve has installed an improved stereo and speakers, which are mounted high in the divider between the seats. They work fine around town, but at speed, forget the music. The a/c works reasonably well, he says. “My wife enjoys the air, which actually takes the sting out of a hot day even with the top down.”

Hayes Harris, owner of Wirewheel.com, reports selling several 5.0 and AIV Roadsters plus a dozen or so Panoz race cars. “I’m bullish on these Roadsters as an investment,” he says, “because of their alloy bodies and very limited production. They sort of transcend between sports cars and muscle cars. They had outstanding performance for the era.” Hagerty values top models at around the $60,000 mark.

Steve’s Roadster always draws a curious crowd, and he enjoys the attention. Few people have seen a Panoz, and fewer still know what it is. Often, even after a brief history lesson, folks still appear bewildered.

“Pay-nose?” they repeat. “Pay-nose? But who made it? Is it a kit car?”

No, not a kit car, but an important piece of America’s motorsports legacy–just like another famed brand long associated with Ford.

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