• Here's one of the best generations of BMW M3 in perfect spec.
• With mild upgrades from Dinan and a great color combo, it's subtle perfection.
• Plus, its first owner was a two-time Indy 500 winner.

In 2005, racer Dan Wheldon was having a very good year. He'd won the Indy 500, drunk the milk in Victory Lane, and then gone on to win the IndyCar championship outright. Getting your likeness in sterling silver on the Borg-Warner trophy is reward enough all by itself, but perhaps a little treat was also in order.

Wheldon's gift to himself just turned up on Bring a Trailer (which, like Car and Driver, is part of Hearst Autos), and it reveals him to be not just a charismatic race winner, but also a man of impeccable taste. It's a 2006 BMW M3 with the desirable combination of the Competition package and a six-speed manual transmission, finished in blue-black metallic paint over rich brown nappa leather interior. Oh, and this M3 was also fitted with the Dinan S package for a bit sharper power and handling. It's a champion's choice.

All by itself, the E46 M3 is held up as a highlight of the breed. The first-generation car was a gloriously buzzy DTM racer for the road; the second-gen was slightly watered down in U.S. spec; while the V-8-powered model that followed was a much bigger beast. This E46 generation was the Goldilocks-spec M3, and this example is from the last year they were made.

Under the hood is what you really want to find from a car company with the middle name of Motor: a smooth and revvy inline-six. No forced induction, just 3.2 liters of displacement and a redline of 8000 rpm once the oil's warmed up. Thanks to the bump from BMW tuning specialist Dinan, power here is up to 355 horsepower and 281 pound-feet of torque.

M3s of this vintage came with two transmission options: a traditional three-pedal manual or a sequential manual gearbox. This last was better than most people remember, but when dual-clutch transmissions came along, it seemed pretty clunky. Happily, this example has been turned into a proper, old-fashioned stick shift.

Even without the Indy racer provenance, this is peak spec for this generation of M3. The paint is called Carbon Black, but it's really more of a midnight blue, offering complex subtleties, especially when hit by golden hour light conditions. The Competition package upgrades include great-looking 19-inch wheels. The mileage is excellent at 78K miles, low but not can't-drive-it low.

Inside, color-matching the headliner to the seats is just that little bit special, and the controls are refreshingly no-nonsense compared to screen-cluttered modern cars. BMW said, "You'll get exactly one button on the steering wheel, and you'll like it." You can, however, still enjoy niceties like the Harman Kardon upgraded audio and navigation.

The Dinan software, intake, and exhaust package only represent a mild increase in peak power, but, more important, should uncork that inline-six soundtrack. Odds are you're going to want to drive everywhere with the windows down.

From behind the wheel, it's enough to make you feel like a Brickyard champion, even if you're only doing the weekend milk run. But then again, Indy 500 winners traditionally get to hoist the milk. With this M3, you can too.

The auction ends on July 22.