Goodwood Festival of Speed founder, Lord March, will open this year’s event by driving up the hillclimb course formed by his driveway in a beautiful 1957 BMW 507 sportscar.

BMW is this year’s Honoured Marque and the central theme of the 2016 edition of the Festival of Speed will celebrate the German manufacturer’s centenary.

Lord March will complete the very first run up the 1.16-mile hillclimb at the start of the Moving Motor Show, part of the new Press & Preview day on Thursday, June 23.

The 3.2-litre V8-engined BMW 507 was driven by Hollywood stars Frank Sinatra and Elvis Presley in its heyday but only 252 were ever built.

With a top speed of 122mph, the 507 was beautifully hand-built and, while it was priced £3,200 when it was first built in ’57, the rarity of the model now means that the example Lord March will drive up the hill is estimated to be worth around £2 million.

Lord March said: “I’m delighted that BMW has chosen to mark its centenary with us. Our magnificent central feature sculpture outside Goodwood House will celebrate BMW’s sporting success and I will be honoured to drive one of the rarest, and most beautiful, BMWs ever built to open what promises to be a terrific show.”

The BMW 507 and Lord March will take to the hillclimb track to open this year’s Festival of Speed at 9am on Thursday, June 23.