The Panoz AIV Roadster was a variant of the original Panoz Roadster, released in 1996, which consisted of an entirely aluminium construction and used the engine from the fouth-gen Ford Mustang. By 1999, 176 AIV Roadsters had been made. Since then, Panoz has focussed on its development of the Esperante road car, on which the Panoz GTR-1 is based.
The Panoz Roadster is a default car unlocked from the very first time you play Midtown Madness 2 or Midtown Madness Chicago Edition. It is the second fastest standard vehicle on the game (behind the Panoz GTR-1), and the fastest that is unlocked by default. In HQTM Team's Classic Madness mod, it is replaced by the Polish Syrena Sport prototype sports car.
- Top Speed: 178 mph
- Horsepower: 305bhp
- Mass: 2595 lbs
- Durability: Very Low
- Purple (originally cut from the game, but made available through use of MM2 Revisited)
- Green (originally cut from the game, but made available through use of MM2 Revisited)
- In the game the Panoz Roadster is a hard top, despite being an open top in real life.
- It has new engine sounds in Midtown Madness 2, however the older ones can be used through modding.
- In the default game, the Panoz Roadster has the incorrect drivetrain. It is a front wheel drive instead of being a rear wheel drive.
- The front and rear bumpers float in front of each side of the car.
- Unlike in the original Midtown Madness, the Panoz Roadster's front fenders are not visible in dashboard view.
- Although the old description said the car had responsive handling, the Panoz Roadster in Midtown Madness 2 has poor handling.
- The Panoz Roadster and the London Cab suffer severe oversteer from turning sharply.