The Panoz LMP-1 Roadster-S emerged from the elimination of the GT1 category in both the FIA GT Championship and the United States Road Racing Championship at the end of 1998. This left Panoz’s Esperante GTR-1 cars without a competitive outlet, prompting consideration of conversion to a Le Mans Prototype. Panoz opted instead for an all-new car to compete against Audi and BMW in the newly founded American Le Mans Series.
Reynard Motorsport was retained as the designer, and the LMP-1 Roadster-S incorporated styling cues from the Esperante GTR-1, notably retaining the front-engine layout. While uncommon for a purpose-built prototype, Panoz insisted on maintaining this configuration. The car’s design shared similarities with the GTR-1, featuring a narrow front end with a rounded nose housing the engine, and NACA ducts feeding air intake. Radiators were positioned in front of the cockpit, and the sides were sculpted to aid airflow. The cockpit was small, with a single roll hoop protecting the driver, and the rear wing was attached directly to the rear diffuser.
The car was powered by a Ford Élan Power Products 6L8 6.0 litre V8 engine, coupled with a six-speed sequential gearbox from X-Trac.
Following the unsuccessful debut of the Panoz LMP07, Panoz reverted to the LMP-1 Roadster-S, recognizing its proven capabilities. However, to remain competitive against the dominant Audi R8, upgrades were implemented, resulting in the LMP01 Evo.
Modifications included a narrower front end, revised nose shape, and larger brake cooling ducts. The side air exhaust vents were enlarged, and the rear bodywork was extended to encompass the rear wing mounts, which were also brought closer together.
The Panoz LMP-1 Roadster-S debuted at the second race of the 1999 American Le Mans Series season, with a modified Esperante GTR-1 used alongside it. The LMP-1 Roadster-S finished fifth, only a lap behind the winner. Two chassis competed at the 24 Hours of Le Mans, finishing seventh and eleventh.
At Mosport, Panoz achieved its first victory, taking first and second place, overcoming competition from Riley & Scott-Fords and Ferrari 333 SPs. The team secured another podium at Portland before winning the Petit Le Mans endurance event. A third LMP-1 Roadster-S was sold to J&P Motorsport, allowing all three cars to finish Petit Le Mans, with the factory car taking the overall win. Johnny O'Connell and Jan Magnussen secured fourth place at the Grand Prix of Las Vegas, contributing to Panoz winning the LMP teams championship by two points over BMW.
In 2000, a former factory LMP-1 was sold to Team Den Blå Avis for the Sports Racing World Cup, while two new cars were built for the factory team. The season began poorly with a non-finish at the 12 Hours of Sebring, but the team rebounded with a second-place finish at Charlotte. At Le Mans, five Panoz LMP-1s competed—two factory cars, one from Team Den Blå Avis, and two from Team Dragon—with four finishing the race. A Panoz LMP-1 Roadster-S won at the 1000km Nürburgring, the only win of the year.
Panoz finished third in the LMP championship behind Audi and BMW. Team Den Blå Avis also finished third in their championship, behind a pair of Ferrari 333 SPs.
For 2001, Panoz began the season with a pair of LMP-1 Roadster-S before transitioning to the new LMP07. Customer teams continued to race the LMP-1s, with Westward Motorsports achieving a fifth-place finish at Donington Park. Lanesra later purchased an LMP-1, securing a third-place finish at Most and a win at Vallelunga. Following disappointing results with the LMP07, Panoz returned to the LMP-1 Roadster-S, achieving podiums at Portland and Mid-Ohio, and a win at Portland. Panoz finished second in the LMP900 championship behind Audi.
In 2002, the redesigned LMP01 Evo debuted. Although the team struggled at the 12 Hours of Sebring, they won at Sears Point. Neither car finished at the 24 Hours of Le Mans, and an older LMP-1 was used as a camera car. Panoz secured a win at the temporary street course at RFK Stadium, but failed to achieve further podium finishes. They finished third in the LMP900 championship behind Audi teams.
The LMP01 Evos continued into 2003, run by JML Team Panoz with factory support. The team achieved a string of five third-place finishes, followed by a second-place finish at Petit Le Mans. At the 24 Hours of Le Mans, JML’s entry finished fifth. The car was officially retired after the 2003 season, as Panoz shifted focus to the Esperante GT-LM in the GT2 class.
A total of eight LMP-1 Roadster-S and LMP01 Evos were built between 1999 and 2002. Their ownership and racing history include:
#01: Panoz Motor Sports (1999), Team Dragon (2000, Le Mans only), Team Den Blå Avis (2000), Lanesra (2001), Gunnar Racing (2002)
#002: Panoz Motor Sports (1999), Team Den Blå Avis (2000)
#003: J&P Motorsport (1999), DAMS (2002, Le Mans camera car)
#004: Panoz Motor Sports (2000–2001), Westward Racing (2001, Donington only)
#005 (Upgraded to LMP01 Evo): Panoz Motor Sports (2000–2002), JML Team Panoz (2003)
#006: Team Dragon (2000)
#007 (Built as LMP01 Evo): Panoz Motor Sports (2002)
#008 (Built as LMP01 Evo): Panoz Motor Sports (2002), JML Team Panoz (2003)