18/06/2010. The BMW 507 made its debut at the Waldorf-Astoria Hotel in New York in the summer of 1955 and production began in November 1956. Despite attracting celebrity buyers including Hans Stuck and Georg “Schorsch” Meier, the car never once reached more than 10% of the sales volumes achieved by its Stuttgart rival, the Mercedes-Benz 300SL. By 1959 only 252 had been built.

Intended to revive BMW’s sporting image, the 507 instead took BMW to the edge of bankruptcy — the company’s losses for 1959 were DM 15 million. The company lost money on each 507 built, and production was terminated in late 1959. Only 252 were built, plus two prototypes.

The BMW 507 remains a milestone model for its attractive styling, which attracted some famous buyers. American icon Elvis Presley was the most noteworthy purchaser. The one pictured here is one Elvis leased while on duty with the US Army in Germany he paid $ 3750 a fortune at the time to lease the car while on duty in Germany.

Of the 254 produced, 202 507s are known to survive, a tribute to the car’s appeal. Bernie Ecclestone’s 507 fetched £430,238 ($904,000) at an auction in London in October 2007. By 2009 the prices for 507s had reached €900,000!

The styling of the 507 later influenced the Z3, Z4, and Z8.

Groovy word of the day: milestone