An affordable, economical, and attractive automobile offered just as the Great Depression was taking hold: This was the idea behind American Austin, which began producing cars based on the successful, British-market Austin 7 in 1930.

On paper, it made perfect sense, but the concept failed to find footing with the American public; by 1935, the Butler, Pennsylvania-based concern was defunct.

Undeterred, entrepreneur Roy Evans acquired American Austin’s assets, and American Bantam was born.

Working with a limited budget, the new marque retained the Austin’s basic engineering and 75-inch wheelbase, but its small-displacement four-cylinder engine was pepped up somewhat with the able assistance of famed racing engineer Harry Miller.

Meanwhile, Count Alexis de Sakhnoffsky—praised for his work on far larger and costlier Auburns and Cords—skillfully updated the Bantam line with a streamlined design very much of the moment, earning the princely sum of $300 for his services.

Finished in two-...