500 kg car.
Let's assume 40:60 F:R weight split (under acceleration), giving about 3000 N on the rear axle.
Let's assume some pretty sticky tyres giving 1.4 mu - that gives you a max tractive effort of 4200 N.
500 bhp is about 375 kW. 375000 ÷ 4200 = 89 m/s - the maximum speed at which that power will give you that tractive effort.
Translated, that means that this car (at max power rpm) will spin its wheels in the dry at any speed up to 200 mph, pretty much on the nose.
Are you going to fit a Chaparral-style suction fan?