The BMW E38 model was the basis for the 1995 through 2001.
Features of the E38 7 Series included high-pressure headlight washers, auto-leveling xenon HID headlamps, power moonroof, a sound system with 14 speakers and four subwoofers as well as 6-disc CD changer, onboard satellite navigation and rain-sensing wipers.
The 735 and 740 models receive an improved M62TU V8 engine with single VANOS variable valve timing. The 4.4 engine gets a marked increase in torque from 310 to 324 lb·ft (439 N·m) Horsepower remains at 282 hp (210 kW).
A Sport Package becomes available for the 740i which includes: blacked-out exterior "shadowline" trim, Vavona redwood interior trim, 18-way adjustable sport seats, staggered 18-inch (460 mm) alloy wheels, a stiffer M inspired suspension with thicker front and rear anti-sway bars, Steptronic Transmission with higher stall-speed torque converter, and a higher 3.15 final drive ratio (versus 2.92).
Source: Wikipedia, 2012