Initially intended to be exported to the United States at a rate of thousands per year, it ended up being too expensive, resulting in a total production figure of 252 cars and heavy financial losses for BMW.

[8] Series II and later 507s had fuel tanks of 66 litres (17.4 US gal) capacity under the boot, shaped around the space for the spare tyre.

The rear suspension has a live axle, also sprung by torsion bars, and located by a Panhard rod and a central, transverse A-arm to control acceleration and braking forces.

It has two Zenith 32NDIX two-barrel carburetors, a chain-driven oil pump, high-lift cams, a different spark advance curve, polished combustion chamber surfaces, and a compression ratio of 7.8:1,[7] yielding 150 PS (110 kW) DIN at 5,000 rpm.

[15] Some of the prominent buyers were John Derek, Elvis Presley who owned two, Hans Stuck, and Georg "Schorsch" Meier.

[12][18] The styling of the 507 later influenced the Z3,[19] the Z4,[citation needed] and, most noticeably, the Z8,[20][21] with its chromed side vents and horizontal front grilles.

[citation needed] Elvis Presley, while stationed in Germany on duty with the US Army, bought his first 507, a 1957 model (chassis #70079 and colored feather white), which had been raced by Hans Stuck, used as a press demonstrator by BMW, and appeared in a German musical comedy entitled Hula-Hopp, Conny (released in March 1959).

Because many of Presley's fans left lipstick marks on the car, mainly while parked outside his home at 14 Goethestrasse, in Bad Nauheim, he had it painted red.

It was imported into the United States in 1960 and was bought by Alabama disc jockey Tommy Charles, who had it extensively modified, including having the engine replaced with a Chevrolet V8.

[23] In 1963, Presley reportedly bought and gave a 1958 model (chassis #70192) to Ursula Andress, who starred with him that year in Fun in Acapulco.

[note 2] Andress's husband, John Derek, who had owned another 507 and just sold it to entertainer Fred Astaire, then had the 507 that Elvis gave his wife specially customized, which included changing its color from white to light blue, as well as having the engine replaced with a Ford 289 V8.

[30] On 1 December 2018, a 507 owned by BMW 507 and 503 designer Albrecht von Goertz was sold for £2,367,000 plus commission, also at Bonhams.