Peerless began as a producer of clothes ringers; later turning to bicycles in the 1890s. The firm launched its first car, the single-cylinder Motorette, in 1901. Peerless Motor Cars of Cleveland, Ohio (1900 to June 1931) was the first company to adopt what would become the standard of automobile design, a front-mounted engine driving the rear wheels through a solid drive shaft. The Master 8 Sedan has a Continental Straight 8 engine with 322 cubic inches producing 120 horsepower on a 125-inch wheelbase. There are only 327 Peerless Motor cars still known to exist with just ten known from 1931. Unable to survive the Depression, the company once noted for producing cars known for their high-performance and stylish luxury, only produced 1,249 cars in its final year. Only 851 cars were sold in 1931; hence the late model 1931 was sold as a 1932 model, including the famous 1932 V-16 aluminum-bodied sedan. In 1933, ownership and management of Peerless organized the Carling Brewing Company, USA, just after Congress repealed Prohibition and began production of the famous Carling Black Label Beer in the old Peerless factory.

This Series 4401 Model B 4-Door Sedan is the only one like it known to exist. It was used as the example for the Franklin Mint Silver Ingot of Classic Cars. It is powered by a Hays 120 horsepower 322 cubic-inch inline eight-cylinder engine.