Following the second World War BMW recommenced car production in 1952 with the introduction of the 501 luxury saloon.

The 501 had been announced in 1951 and first appeared with a development of the company's pre-war six-cylinder engine before gaining a performance boost, in the form of a 2.6-litre V8, in 1954.

Towards the end of 1955 a 3.2-litre version was introduced and the big saloon's model designation changed to '502'.

Clearly, this new state-of-the-art V8 had considerable potential as a sports car engine and Count Albrecht von Goertz was commissioned by BMW to produce two different designs.

The more conservative of the two – the 503 – retained the 502 saloon's 2,834mm wheelbase chassis, suspension and centrally mounted, column-change gearbox, while the 507 was built on a much shorter wheelbase.

The Series II 503 - introduced in 1957 - used the 507-type engine/transmission arrangement complete with floor-mounted change.

The 3.2-litre V8 produced 140bhp, which was good enough...