A performance package is a set of functional enhancements to the driveline of a vehicle, sold and priced as a unit.
This package may contain one or more of the following enhancements
Greater engine torque
Greater engine power
Lower ratio gears to enhance low end performance, now rare due to requirements for model specific emissions (smog control) and mileage (CAFE) certification
A greater number of speeds in the gearbox, manual or automatic
Clutchless manual transmission, usually including steering wheel paddle shifter controls
Turbocharger or supercharger, perhaps with intercooling
Cold air induction
Dual exhaust system
Special low back pressure mufflers, often with a distinctive (and sometimes quite loud) sound
Special cosmetic badging, hood scoop, or grille color, not usually related to performance but making the presence of the package obvious