The body of the Allante was designed and built in Italy by the famed design studio of Pininfarina. The completed bodies were shipped to the United States in specially equipped 747's (56 at a time) at Cadillac's assembly plant in Michigan. Here the bodies were mated with the chassis and powertrain which led to a few interesting nicknames, such as 'The Flying Italian Cadillac' and 'the longest assembly line in the world.' A total of 21,430 Allantes were built between 1987 through 1993.

The Allante was initially priced at $54,000, far above the price of any other contemporary Cadillac, but in line with the Mercedes 560SL, its main competitor.

The car's front-wheel drive (FWD) powertrain is unique in its class and is rare among high-priced sports cars. Power is generated by the 4.5-liter HT-4500 V8 which produces 200 horsepower at 4300 RPM and 270 ft-lb at 3200 RPM and gives it a 0-60 mph time of 7.9 seconds. It is equipped with a speed sensitive damper system which firms up the suspension at 25 MPH and again at 60 MPH, a variable-assist steering system, and a 4-speed automatic transmission. The Allante's curb weight is 3720 lbs.