Of all the Pierce-Arrow model's made, the Silver Arrow is the most sought-after example. Only five of this limited-edition fastback were produced, making it one of the rarest luxury cars of the 30's.

Special attention was focused on aerodynamics, down to the wide-angle V12 which allowed for a lower engine bay.  To minimize wind resistance the headlight mouldings sweep back over the doors and the v-shaped inclined grille theme is repeated in the windshield and repeated in reverse in the tiny rear window. Fully skirted rear fenders reduce drag, spare tires are concealed in hinged panels behind the front wheels, and the door handles are recessed.

Five V-12 limousine chassis were shipped from Buffalo, New York to Pierce-Arrow’s parent company, Studebaker Corporation, in South Bend, Indiana. No wooden structural parts were used in the construction of the car; the broad roof panel was hammered from a single sheet of steel, and all of the body panels were welded together.