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About this time last month, Automotive News reported that Lexus would reintroduce their L-tuned lineup of vehicles in order to compete in the ever-growing, performance luxury marketplace. Well, it seems that the letter 'L' has been dispatched in order to make room for the real performance division of Lexus.

We can always count on Nihon Car & Bike to keep us abreast of the goings on in Japan, and its latest scoop is what we think are official shots and specs of the forthcoming Lexus IS500. While these images could be nicely done Photochops, we're going with our gut here and guessing that they're not. According to NC&B, this information comes straight out of Japanese car mag Car Top, which reveals the IS500 will be powered by a 5.0-liter V8 developing 420 bhp and 405 ft-lbs. of torque, which

The Lexus brand was built on the idea that no segment is sacred, and for too long the German automakers have owned the high-performance entry-level luxury market. The BMW M3, the Mercedes-Benz C-Class AMG, and the Audi S4/RS4 go at each other like Rottweilers fighting over the last piece of Kibble, and now Lexus is planning to stick its snout in the fray with this IS500 seen track testing at the Nurburgring in Germany.