Produced from 1956 to 1962, the BMW 503 made its debut alongside the BMW 507 at the 1955 Frankfurt Motor Show.

It received an update in 1957, with the earlier cars referred to as Series I and the later cars Series II; the former were distinguished by a column gear shift, hydraulic window lifts, and for the convertible, a hydraulic-operated hood.

All were powered by a 3.2-litre V-8 engine that the factory rated at 140 horsepower.

Manufactured on 7 December 1956, this BMW 503 Series I Cabriolet was one of just 78 such examples constructed.

Rolling off the factory floor with Steingrau paintwork and Red upholstery, chassis 69091 was sent to Hoffman Motors in New York and arrived on 14 January 1957.

Thought to be one of 13 units of the first series BMW 503 Convertible sold new to the USA, this 503 was delivered to its first owner, Fred B.

Phillips, in Topanga, California.

Mr.

Phillips retained the BMW for 25 years, before parting ways with the car and selling it to the second owner,...