The third generation of the Lincoln Town Car was unveiled at the 1997 New York International Auto Show, going on sale in November 1997.[43] For the 1998 model year, all three Panther-platform sedans underwent complete exterior and interior redesigns, with the Town Car given the most extensive revision. Shifting away from the straight-lined design language used by full-size Lincoln sedans for over 35 years, the 1998 Town Car adopted the rounded exterior of the Lincoln Mark VIII and 1995 Lincoln Continental. The third-generation Town Car was introduced nearly concurrently with the Lincoln Navigator, the first SUV sold by the Lincoln division.

The third generation of the Town Car marked several major changes within Lincoln-Mercury. From 1999 to 2002, the Lincoln-Mercury division became a brand of Premier Automotive Group, a division of Ford created to manage its premium automotive brands acquired during the 1990s;

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