Pegaso was an established company noted for its trucks and motor coaches, but also produced sports cars for seven years.

In supercharged trim the Z-102 could reach a top speed of 151 mph (243 km/h), making it one of the world's fastest production car at that time.

[5] The main beams of the car's frame had large lightening holes, and the wheel wells under the body were used as stressed members.

The rear suspension was De Dion, with the unusual feature that to restrain the tube from side-to-side movement, its tube had a small wheel at its midpoint that rolled in a vertical channel on the front of the differential (which in a De Dion system is bolted to the chassis) instead of using a Watt's linkage or a Panhard rod.

ENASA registered two Pegaso Z-102s in the 1952 Monaco Grand Prix, which was exceptionally held for sports racing cars.

Three Z-102s were entered by Pegaso in the 1953 24 Hours of Le Mans (some sources claim the number was 4,[6] and others claim only 2 entered),[7] but during the race driver Juan Jover misjudged the speed of his approach to the corner after the Dunlop bridge, causing him to crash his Z-102 Spyder into the barriers at more than 200 km/h (120 mph).

They competed also in the 1954 Carrera Panamericana, driven by Joaquin Palacio, achieving promising results in the first stages, but an accident prevented an excellent final position.On September 25, 1953, in Jabbeke (Belgium), a Z-102 Touring BS/2.8 (the old Barchetta used at Le Mans, 2.8 litre single supercharger), driven by Celso Fernández, broke four official R.A.C.B.

The original Z-102 BSS/2.5 Bisiluro Especial Competición (2.5 litre twin supercharged) built to take on the records couldn't be used because of a blown engine.

A Pegaso Z-102 coupé with coachwork by Saoutchik, owned by Baron Thyssen-Bornemisza, wearing leopard skin upholstered seats and gold controls won the 1953 Enghien-les-Bains (France) Grand Prix d'Elegance.

[citation needed] with alloy block and cylinder heads rear wheel drive, axle ratio: 4,18:1 to 5,2:1