Spec E46 is a road racing class based on BMW’s E46 chassis that emphasizes high performance, vehicle consistency, reasonable cost, and ease of entry in order to provide a highly competitive on-track racing experience between a large field of cars.
Spec racing is a proven recipe for high levels of competition as demonstrated by popular road racing series such as Spec Miata and Spec E30.
There is a gap between “entry-level” classes and faster, more unrestricted classes.  Spec E46 seeks to fill this gap by applying the spec formula to a modern platform utilizing high quality components resulting in a light, fast, nimble car.
Spec E46 also provides for suspension adjustments so drivers can develop their ability to dial in a car to suit their driving style and maximize performance, something non-adjustable cars don’t permit.
The E46 chassis is ideally suited to Spec Racing. It is new enough that most cars are still in good condition, was produced in sufficient quantity that used cars and parts are readily available, can withstand race track use without extensive modification, and is inexpensive to acquire.
The E46 has all the characteristics that make an excellent rear wheel drive platform on which to build a road racing car.  
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