Until now, niche sports car manufacturer Panoz built one car in two body styles and two trim levels. Called Esperante and offered in both coupe and roadster format, this hand-built American performance machine is now offered in a third variation called GT-LM, which was shown to the press and public for the first time at the 2005 Los Angeles Auto Show.

Equipped with a Ford SVT-sourced, 420-horsepower, supercharged 4.6-liter V8 engine and weighing less than 3,400 pounds thanks to the extensive use of aluminum and carbon fiber to construct its chassis, the new six-speed manual Esperante GT-LM accelerates to 60 mph in about 4.1 seconds, according to Panoz. The company also claims a quarter-mile trap speed of 109.4 mph in 12.8 seconds, and says that the Esperante GT-LM's PBR brake calipers chomp down on vented Brembo discs to bring the car to halt from 60 mph in less than 120 feet.

Styling tweaks for the Esperante GT-LM include a revised rear spoiler and elongated front and rear fascias to smooth aerodynamics. Up front is a unique grille, and the rear is capped with a special valence panel. Both ends of the car receive improved lighting systems over the regular Esperante and Esperante GT. The GT-LM rides on BBS RK wheels wearing 255/45 tires front and rear.

Inside, the Panoz Esperante GT-LM gets special sport bucket seats and hand-trimmed billet aluminum trim. Unfortunately, the gigantic centrally mounted gauge cluster remains.

Panoz ownership is for those who desire exclusivity, those who want to buy an American exotic, and those who appreciate hand-built craftsmanship. If that describes you, the new 2005 Panoz Esperante GT-LM is the best car of its kind on the market today. Instead, we'll take a mass-produced Chevrolet Corvette Z06 or Dodge Viper SRT-10 Coupe, thank you very much.

By Christian J. Wardlaw