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I have a feeling that EUROCAR belongs to the BRSCC as they bought "EUROCAR Ltd" from Sonny Howard for far too much money a long time ago.
Running with "Late Model" means that it is directly comparable with the ASA/NASCAR/whoever's version of Late Model racing in the 'States.
What's more, it allows the creation of some sort of ladder of progression.
Also, calling it the European V8 Stock Car series is a bit of a "well, what's that?" Put European Stock Car in to Google, and I'd wager that it'll come up with F1 Stocks, which are a couple of RSJ's for the chassis, some truck axles, a V8, and an old washing machine tied to the roof with a number on it (well not quite, but it's the concept!)
(addendum) Just checked, "European V8 Stock Car" into google brings up "Spedeworth V8 Stock Cars"
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