Alba Engineering was founded in 1983 by Giorgio Stirano, who had worked for Osella as a chassis engineer for many years. He was commissioned by Martino Finotto to design and build two racing cars for the new Group C junior class. Finotto intended to race the cars with his friend Carlo Facetti in the sports car world championship. Two carbon fiber reinforced plastic monocoques were created under Stirano’s direction. The engine was developed by CARMA, a company run by Finotto and Facetti. The 1.8 L (110 cu in) 4-cylinder turbo engine initially made 410 hp. As the FIA only allowed registered engine manufacturers to compete in the world championship, and CARMA was not registered, a contract was concluded with Giannini Automobili, and the engine was named Giannini Carma FF in 1984.
In 1985, the chassis was revised. The vehicles received bodies made of synthetic resin reinforced with aramid and carbon fibers and new chassis parts made of titanium. The engine was also improved, producing 338 kW (460 hp) in 1985. The cars were used by the Italian Jolly Club team, closely connected to Finotto.
The Jolly Club AR2 was registered for the 1000 km race in Monza, but could not be used for technical reasons. Finotto and Facetti then drove the works Osella PA9 with Carlo Franchi in that race. The AR2’s race debut was at the Silverstone 1000 km race, where Finotto and Facetti achieved a class victory. The Group C cars were more than 10 seconds per lap faster, but the AR2 proved fast and stable. In the C-Junior class, alongside the AR2, only the Mazda 717C (driven by Yōjirō Terada and Peter Lovett) and a Harrier RX83C were entered, though the Harrier did not start.
The race on the Nordschleife of the Nürburgring also resulted in a class win. At the 24-hour race at Le Mans, the entry shared by Finotto, Facetti, and Marco Vanoli retired after 158 laps when broken chassis parts were found during a pit stop.
After a retirement at the 1000 km race at Spa-Francorchamps due to engine failure, Finotto and Facetti celebrated a class win with tenth place overall at the 1000 km race at Brands Hatch. Another class victory followed at the Fuji 1000 km race. The second chassis, recently completed, was also used at the Imola 1000 km race, driven by Fulvio Ballabio and Guido Daccò. Both cars failed to finish; Facetti and Finotto’s AR2 had an electrical fault, while Ballabio and Daccò retired due to engine failure.
Following a failure at the Mugello 1000 km race, a 12th-place finish and a class victory at the Kyalami 1000 km race secured the world championship in the Group C-Junior class. Massimo Faraci joined Facetti and Finotto for the Kyalami race.
In 1984, the Jolly Club team used both chassis consistently in the sports car world championship, where the C-Junior class had become class C2. At the Monza 1000 km race, Facetti and Finotto (chassis 002) finished third in class, and eleventh overall, behind Jim Busby and Rick Knoop in the Lola T616 and Ray Mallock, Mike Wilds and David Duffield in an Ecosse C284.
Despite increased competition, the team and Alba secured the world championship title again. At the Mosport 1000 km race, Guido Daccò and Almo Coppelli finished third overall, behind the works Porsche of Jacky Ickx and Jochen Mass and another Porsche 956 driven by David Hobbs, Rupert Keegan, and Franz Konrad. Carlo Facetti, Martino Finotto, and Alfredo Sebastini finished sixth overall.
From 1985, the successor models AR3, AR4, AR5, and AR6 were used in international sports car races, and the AR2 made fewer appearances. Class victories were no longer achieved with the AR2. The best result in 1985 was eighth place overall by Facetti, Finotto, and Daccò at the Mugello 1000 km race.
In late 1985, a third chassis (chassis number 004) was sold to the United States. This car had several team owners and was largely unsuccessful in racing in North America. The best result was second place by Giampiero Moretti at the IMSA Light Race in Miami in 1986. The AR2’s last race was the 3-hour race at Mosport in 1995, where Guido Daccò finished 23rd overall with Canadian Uli Bieri.