One m, I think. There has long been the word 'panorama'; it means 'all things' (pan-) 'something seen' (-orama) [I haven't yet checked this derivation, but I'm pretty sure; the pan bit is definitely right, but the Greek verb for see is veryveryvery irregular ]
A feature of the process of creating new words is the cobbling together of irrelevant bits of words; if you can have a 'cavalcade' (Spanish, cabalgada) why not have a motorcade - a procession of cars?
The '-orama' part of 'panorama' has been used in a similar way to coin many new words that imply a plenitude (lots) of things, or just something new/interesting. First there was laundry, then laundrette was coined for a slightly different service (still involving laundering), then someone who wanted to make their service sound more interesting coined the word launderama(maybe they wanted to imply 'this place lets you do everything you need, as far as washing and drying clothes is concerned', or maybe their premises were just bigger than a typical laundrette).
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