The North American market was sometimes something of a mystery to European manufacturers, who relied on their local importers to keep them in touch with evolving tastes and new opportunities.

Occasionally, these relationships spawned all-new models, such as the Ferrari 250 GT SWB California Spyder.

Luigi Chinetti wasn’t alone: in New York, Austrian-born automotive importer Max Hoffman—who had introduced the American public to the likes of Jaguar, Mercedes-Benz, and Porsche—hatched a plan for BMW to produce an all-new sports car, at a suggested $5,000 ticket price that would bring in new customers without affecting sales of the cheaper Porsche 356 and more expensive Mercedes-Benz 300 SL.

Unveiled in 1955 and entering production just over a year later, the 507 featured a shortened version of BMW’s 501-series chassis, with double wishbone and torsion bar front suspension, a Panhard rod-located live rear axle, and Alfin drum brakes at each corner.

At its heart lay a 3.2-litre Type M507...