C0374 Lotus Elan is defined as Knock Sensor Circuit Range Performance (Bank 1 or Single Sensor). This refers to camshaft timing, which in this case is over-retarded. The PCM then uses this data to provide the right strategies for the fuel delivery and ignition timing of the engine.
Possible Causes :
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Look for damage to the tank indicating impact that may have damaged the fuel pump or sender. If the engine displays a miss and there wasn't a code, determine which cylinder is misfiring. If the exhaust manifold is visible, spay or pour a small amount of water on each cylinder exhaust port. Water will evaporate immediately on good cylinders and slowly on the missing cylinder. If this can't be accomplished pull the plugs and check the condition. If the scan tool has that capability, and the scan tool can operate the IMRC valves, then the problem is either resolved and a simple code clearing is all that's left or a new PCM would be called for.
Diagnostic trouble code C0374 Lotus Elan is not difficult to diagnose and repair. Thus, it always pays to have a qualified technician to look after your vehicle should this error code arise.
Diagnosing this code requires the engine to be in good running shape, without unmetered air entering the engine. If other codes that relates to misfiring condition, lean running or air entering the engine is present, then you must first fix those error codes before C0374 Lotus Elan.
Fortunately, C0374 Lotus Elan is a fairly common OBD code, meaning that it applies to all makes and models of vehicles made after 1996.