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The BMW 503 is a grand tourer developed together with the 507 roadster and produced in the years 1956-1959. It was sold as a 2-door 2+2 coupe and a 2+2 convertible with rear-wheel drive and the engine located in the front. It was a prestige model that caused the company great losses, as only 413 examples were produced, of which 139 were convertibles.

The car was powered by a 3.2-litre V8 engine with 140 hp (104 kW), mated to a 4-speed manual gearbox. This allowed it to reach speeds of up to 193 km/h (193 mph) and accelerate from 0 to 100 km/h (62 mph) in 11 to 13 seconds.