The all-new Rolls-Royce Phantom is a modern private jet for the road

Rolls Royce PHANTOM VIII DO NOT USE Rolls-Royce

The Rolls-Royce Phantom is one of the oldest names in the car business. For nearly 100 years, the Phantom has been a byword for luxury, exclusivity, and world-class engineering.

After remaining dormant for a decade, Rolls-Royce Motor Cars launched the seventh generation Phantom in 2003. It was the first new Rolls-Royce introduced after BMW assumed control of the brand from Volkswagen Group in what was one of the most bizarre business deals in recent memory.

For 13 years, the Phantom VII served Rolls-Royce with distinction as its flagship model while also becoming a catalyst for the brand's recent renaissance. With annual sales topping 4,000 cars, the past few years have been happy times for the rarefied luxury automaker.

Now, there's an all-new Phantom.

On Thursday, Rolls-Royce unveiled the Phantom VIII.

"The Phantom is the pinnacle of the Rolls-Royce brand in its truest sense," CEO Torsten Müller-Ötvös told Business Insider in an interview. "It embodies all of the qualities Rolls-Royce is well known for. It starts with the magic carpet ride, the quality, the precision design, and engineering."

"It embodies what (company founder) Sir Henry Royce said, 'Take the best that exists and make it even better,' and that is exactly what the Phantom is in every single detail,"Müller-Ötvös added.

Rolls-Royce is expected to commence customer deliveries of the Phantom VIII in early 2018. The standard wheelbase Phantom starts at around $450,000. However, company data shows Phantom VIII customers are adding around $150,000 in bespoke options to their cars for an average order price of $600,000.

Here's a closer look at Rolls-Royce's new flagship.