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Well M cars aren't sold in Europe only. Also for the class it raced in it was quite somewhat dominant in what it did for as soon as it was introduced. The importance isn't what car BMW motorsports is known for but how the M cars do in motorsports, people care more about the upper class like DTM and ILMC or even 24 of Nurb more so then regional BTCC and STCC. And even if they did care that's not the point, the point is to show that a car claiming to be an "M3" won high profile races and thus should be bought by the general public who want a car that replicates that performance for the street. But as others said M is more of a marketing exercise anyways than it is an outright motorsports effort.
Err yeah, I can see this is going nowhere, and further off topic. I'm saying the E92 M3 did not dominate as much as the E90 320Si did, and in the respect, the 320 should be considered closer in terms of spirit, if not status, to the dominant E30 M3. You're saying the success of the E92 was useful in convincing people that the M3 was a race car for the road. So it sounds to me like we're talking about different things ---- in either case it's not really much to do with the F80 anymore. If you wanted to start a thread in the motorsports section for the relevant importance of various forms of motorsport to both enthusiasts and joe public, that might be an interesting discussion.