CUSTOM CHROME INC /DE
SC 13G, 1997-04-04
MOTOR VEHICLE SUPPLIES & NEW PARTS
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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549


                                 SCHEDULE 13G


                   UNDER THE SECURITIES EXCHANGE ACT OF 1934
                                        
                        (AMENDMENT NO. ______________)*


                              CUSTOM CHROME, INC.
- --------------------------------------------------------------------------------
                                (NAME OF ISSUER)


                                  COMMON STOCK
- --------------------------------------------------------------------------------
                         (TITLE OF CLASS OF SECURITIES)


                                   231905100
- --------------------------------------------------------------------------------
                                 (CUSIP NUMBER)


*The remainder of this cover page shall be filled out for a reporting person's
initial filing of this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

SEC 1745 (2-95)


                               Page 1 of 1 Pages
<PAGE>
 
- -----------------------                                  ---------------------
  CUSIP NO. 231905100                   13G                PAGE 2 OF 5 PAGES
- -----------------------                                  ---------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON  
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      IGNATIUS J. PANZICA
      ###-##-####

- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      UNITED STATES

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5   
     NUMBER OF            495,681    
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                          0
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7    
    REPORTING             495,681         
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                          0
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9  
      495,681

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
 
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      8.84%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      IN

- ------------------------------------------------------------------------------

                     *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>
 
CUSIP No. 231905100                                           Pages 3 of 5 Pages


ITEM 1.
        (a)     Name of Issuer         CUSTOM CHROME, INC.
 
        (b)     Address of Issuer's Principal Executive Offices
                16100 JACQUELINE COURT
                MORGAN HILL, CA  95037
 
ITEM 2.
        (a)     Name of Person Filing                   IGNATIUS J. PANZICA
 
        (b)     Address of Principal Business Office or, if none, Residence
                16100 JACQUELINE COURT, 
                MORGAN HILL, CA  95037

        (c)     Citizenship                             UNITED STATES
 
        (d)     Title of Class of Securities            COMMON STOCK 

        (e)     CUSIP Number                            231905100

ITEM 3.  IF THIS STATEMENT IS FILED PURSUANT TO RULE 13d-1(b), OR 13d-2(b),
         CHECK WHETHER THE PERSON IS A:

        (a) [_] Broker or Dealer registered under Section 15 of the Act
        (b) [_] Bank as defined in section 3(a)(6) of the Act
        (c) [_] Insurance Company as defined in section 3(a)(19) of the Act
        (d) [_] Investment Company registered under section 8 of the Investment
                Company Act
        (e) [_] Investment Adviser registered under section 203 of the
                Investment Advisers Act of 1940
        (f) [_] Employee Benefit Plan, Pension Fund which is subject to the
                provisions of the Employee Retirement Income Security Act of
                1974 or Endowment Fund, see (S)240.13d-1(b)(1)(ii)(F)
        (g) [_] Parent Holding Company, in accordance with (S)240.13d-
                1(b)(ii)(G) (Note: See Item 7)
        (h) [_] Group, in accordance with (S)240.13d-1(b)(1)(ii)(H)

ITEM 4.  OWNERSHIP

        (a)  Amount Beneficially Owned 495,681 SHARES, OF WHICH 345,296 ARE
STOCK OPTIONS AND 150,385 ARE OWNED BY IGNATIUS J. PANZICA, TRUSTEE, OF THE
IGNATIUS J. PANZICA REVOCABLE 1992 TRUST.
<PAGE>
 
CUSIP No. 231905100                                            Page 4 of 5 Pages

     (b)    Percent of Class   8.84%
     (c)    Number of shares as to which such person has:

            (i)    sole power to vote or to direct the vote             495,681
            (ii)   shared power to vote or to direct the vote                 0
            (iii)  sole power to dispose or direct the disposition of   495,681
            (iv)   shared power to dispose or direct the disposition          0
 
ITEM 5.  OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

     If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more that
five percent of the class of securities, check the following [_].


ITEM 6.  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.   N/A


ITEM 7.  IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
         SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.   N/A


ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.   N/A


ITEM 9.  NOTICE OF DISSOLUTION OF GROUP.  N/A
<PAGE>
 
CUSIP No. 231905100                                            Page 5 of 5 Pages

ITEM 10.
          By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course of
business and were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.


                                   SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


 
                                                March 13, 1997
                                ---------------------------------------------
                                                   Date

                                           /s/ Ignatius J. Panzica
                                ---------------------------------------------
                                                  Signature


                                Ignatius J. Panzica / Chief Executive Officer
                                ---------------------------------------------
                                                  Name/Title


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