The LMP07 was announced by Panoz at the 2000 Petit Le Mans, with a presentation model on display. The first working chassis would be completed in time for the final race of the season in December. Running at the Race of a Thousand Years on 31 December 2000 at the Adelaide Street Circuit in Australia, the LMP07 lasted a mere two laps before the alternator failed and the car was forced to retire. Danish driver Jan Magnussen had qualified in 5th place by, almost 2 seconds slower than 3rd placed teammate David Brabham in the LMP-1 Roadster-S, and over 3 seconds slower than Rinaldo Capello in the pole winning Audi R8.