In the early 1900's Eugene Panunzio immigrated to the U.S. from Italy and became a champion boxer. Like other immigrants, he shortened his last name and 'Panoz' stuck. The family settled in Morgantown, West Virginia and in 1960 his son, Donald, invested monies from members of the World Champion Pittsburgh Pirates baseball team to start Mylan Laboratories, the first of two pharmaceutical companies that would go public.

By 1969 Donald had moved his wife and family to Athlone, Ireland to start Élan Pharmaceuticals. Élan is most noted for developing the time-release and transdermal delivery technology found in the nicotine patch and heart medications such as Cardizem.

In 1988 Donald's 26-year old son, Daniel, applied for a job with the Thompson Motor Company (TMC), a small Irish car builder. When he found the company was being liquidated he saw an opportunity and instead purchased the rights to one of its chassis designed by Frank Costin. Costin was well known for building racecar chassis for Maserati, Lotus and Lister.

The following year Panoz started the Panoz Automotive Development Company. Using Costin's chassis as a philosophical starting point, Daniel and two former TMC engineers began work in their new workshops; a converted 2,000 square-foot Department of Transportation salt storage shed located about 50 miles northeast of Atlanta, Georgia.