American entrepreneur Don Panoz and his son Dan founded Panoz Auto Development in 1989 and released their first production car, the Roadster, in 1992. In the early 1990s, Panoz wanted to build an exciting open road car and was looking for a base for their new model. They purchased the rights to Irish sports car company TMC Costin and soon had Freeman Thomas design a new aluminum body around its frame. The drivetrain from a Mustang was used, and although it initially was to be based on the frame design of the TMC Costin, early-production Roadsters had stainless-steel tube frames. The combination of the stiff, lightweight chassis and body with Mustang running gear made the Roadster a seriously fun sports car.

In 1994 the improved AIV Roadster was released with a new, fully aluminum chassis which significantly reduced weight and increased performance. For 1996, further improvements were made with the introduction of the Mustang SVT Cobra all-aluminum V-8. The SVT engine made 305 hp, and total weight was kept to approximately 2,500 pounds, resulting in impressive performance figures. Total production for the Panoz Roadster was only 176 examples before the Panoz Esperante replaced the model in 2000.

This AIV Roadster is a single-owner example with just 267 miles at the time of cataloguing. It was one of the last examples built in late 1999, so it has the powerful SVT Cobra engine mated to the five-speed manual transmission. It was optioned with wind wings, floor mats, and the aluminum accent package. Weather protection is provided by a two-bow soft top and side curtains stored in a Panoz case. Included with the sale is the original window sticker, copy of Certificate of Origin, owner’s manuals, color samples, and additional literature.