After 1956 production, the Packard engine and transmission factory was leased to the Curtiss-Wright Corporation while the assembly plant on Detroit's East Grand Boulevard was sold, ending the line of Packard-built cars.
However, Studebaker-Packard executives hoped to keep the Packard name alive until a fully restyled model could be funded, developed, and produced.
These cars were built in hopes that enough would be sold to enable the company to design and build a completely new luxury Packard.
Carryover parts from earlier Packard models included taillights, wheel covers, block letters on hood, instruments and radios.
A stamped overlay for the lower rear fenders also gave them a body crease line suggestive of the side trim of the 1956 Caribbean.
In the rear, McRae attempted to follow the tailfin craze established by Chrysler's 1957 "Forward Look" by crafting outward-canted steel fin extensions that were mounted to the tops of the existing vertical rear fenders, they were very reminiscent of the 1957 Dodge Custom Royal in styling.
This same trick of adding fins was used by Studebaker on the 1957 Hawks and the Raymond Loewy designed Rootes group cars of 1957.
Only 2,034 of the three standard models (sedan, hardtop and station wagon) were produced; an additional 588 Packard Hawks were built as well.