Panzer is a generic term used in the Wermacht for Armor, In fact, interchange the terms Panzer division with the US Army's Armored Division and you get the proper flavor of the word.

Contrary to commonly held beliefs, German armored vehicles were not that impressive, particularly early in the War. The PzKw III began the war armed only a 37mm gun, and was inferior to the Soviet T-34 in every possible way. The largest Tiger tanks were underpowered, unreliable and lacked a machine gun. The German reputation comes mostly from the Panther G, which was probably the best, and most influential tank of the war. What made the German Panzer divisions so feared was their tactical proficiency and high standard of training. The German Army had adopted and perfected the indirect tactics developed by Heinz Guderian and British strategist Basil Liddell-Hart. Tactical proficiency, surprise and skill made the German Panzer divisions the scourges of Europe.