It’s a time where auto shows are seen more as unnecessary expenses instead of sales (or at least brand interest) generators. With automakers backing out of auto shows left and right, the shows are left wanting for stars to draw the crowds. The Melbourne Auto Show, to be held on February 27 through March 9, just may have found its star: The BMW M1 Homage.

The M1 Homage, developed to commemorate the 30th year of the M1, concept car will banner BMW’s showcase at Melbourne. The design is a throwback to the original M1, from the low-roof and wide-bodied styling to the ‘liquid orange’ color scheme.

“The BMW M1 Homage is a sensational looking car that highlights both the strong dynamic motorsport heritage of BMW, but also the talent and skill of our current designers, who created a 21st century look at how a new generation BMW M1 could look,” said Guenther Seemann, managing director of BMW Group Australia.

Last April, the car made its official debut at the Concours d’Elegance in Italy. At Melbourne, the M1 will share the BMW centerstage with the new 7-series sedan.

Source: GoAuto

There has yet to be a definitive green supercar to be built (IMHO). Sure, the Tesla Roadster and the Lightning GT hope to get supercar figures from electric motors and some groups have experimented on using alternative fuels for their current lines (Ferari made a bio-fuel F430, and some group made a 200+ hp Audi A4 also running on bio-gas).

BMW hopes that they do make one as they are now exploring a “breakthrough green supercar” which they hope to be finished by 2012. The car is set to rival the Audi R8 (but wouldn’t there be an R8 replacement by then?) and the upcoming Mercedes SLC.

The car is set to feature BMW’s green technology like the Efficient Dynamics program that combines direct-injection, regenerative braking and stop-start. The car will be powere by a 3.0L twin-turbo straight-six. The car might even take hints from the M1 Homage (pictured) concept they’ve showcased earlier this year.

Source: Autocar

There is really a lot of hype with the BMW M1 Tribute Concept, and I guess it’s quite due. Just take a look at the M1 Concept alongside the classic M1 and you’d see how they took the old one’s personality and created something with just about the same look but just a tad more sexier.

View the other video after the cut.

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Car revivals have been attempted before and again, they go both ways. Either they spit on the heritage of their predecessor or they totally redefine what it means to pay tribute to a classic. Take the new Beetle for example. I never really got to liking the new one compared to the novelty of the old. And the MINI with the new one riding on film appearances rather than the appeal of the classic.

Back in the late 70s, Lambo and BMW decided to tie-up and create the M1. And it wasn’t without praise that the M1’s run ended in 1981, garnering awards and running races (though never enjoyed much success). To commemorate the M1, BMW decided to bring it back with this – the M1 Concept. It still sports the stylings reminiscent of the old M1 but shaped to be more modern looking.

Too bad no numbers yet on this thing. The old M1 had a 3.5L 6-cylinder gasoline engine that generated 273 horses. Its RMR layout also proved to be a great production sports car that had great handling.

The Concept will be seen at the Concorso Villa d’Eleganza at Villa d’Este on Lake Como in Italy.