Penetrol used on a car is going to leave a sticky finish for a while. I know from first hand experience for being a dealer of Penetrol, it is a magic bullet for a old metal flake fiberglass boat, you can compound & wax all day long and you will not get the finish just by wiping Penetrol on the boat. Penetrol is a product designed for alkyd enamel paints to aid in a smooth finish when brushing the paint. HRP
Couple pics of my old Stude treated with Penetrol. That is not wet ! As HRP said, it will be sticky for a while.
I don't know about the Penetrol but that Studebaker is really cool.. My Dad had one when I was about 14 and I loved that car.. They're on my want list....