They saw a poster featuring a German World War II tank, named Jagdpanzer (literally "hunting tank" in German, but actually referring to what in English would be called a tank destroyer) which they decided to name their band after.
As one of the casemate-style turretless Jagdpanzer (tank destroyer, literally "hunting tank") designs, it was developed against the wishes of Heinz Guderian, the inspector general of the Panzertruppen, as a replacement for the Sturmgeschütz III (StuG III).