I gave it a try and since noone else has given feedback yet, this will be a start I guess. Hopefully you see it as the constructive criticism it's meant to be, but it's going to be quite a few negative things that I noticed nevertheless.
The folder contains a lot of obsolete files and uncompressed textures - just by cleaning that up in less than 5min, the folder size can be reduced to less than half of the original.
There's no readme file with full credits, contact information etc.
The raven_variants folder is missing variant.ini files to be usable with Raven.
The vehicle model is significantly too large.
The standard wheels are labelled incorrectly (left and right and switched).
Qlog.txt shows a lot of errors, missing and obsolete lines in car.ini and car.shd.
The shader file is inefficient - lot's of individual materials that use generic and identical settings, things like the glass, chrome etc are not looking right.
Vehicle handling isn't representative of an E39 roadcar - very high grip levels and downforce, I mentioned the dimensions being incorrect above...
Is it an automatic model or not?
The sounds aren't really from an inline six cylinder, are they?
I could go into more detail, but the point is that there is a lot of ground work left to be done. The positive thing is that you gave it a go and it can only get better from here. If you want to improve your work, read up on racer.nl, post questions here if you get stuck and check out some of the other, newer releases and what people have to say about them - that will give you an idea of which things matter and where to start perhaps.