The 005 was developed mainly by Geoff Willis, who had transferred to BAR from Williams. His influence moved the car away from the Reynard design lineage that had characterised the earlier BAR machines, producing a more conventional layout in the Williams mould. The car was officially launched at Circuit de Catalunya in Spain on 14 January 2003.
Honda's V10 engine continued to receive development focus, with further weight reduction and higher rev limits compared to its previous iteration. The car ran with higher downforce wing configurations to compensate for aerodynamic efficiency gaps, an offset against the engine's power output. During the British Grand Prix, an updated aerodynamic package for the second half of the season was introduced, including a change in engine intake geometry from triangular to pentagonal and an additional fairing connecting the sidepod to a mini-wing on the top.
Anthony Davidson served as test driver alongside Takuma Sato.
The 2003 campaign proved a defining moment in the relationship between Villeneuve and BAR. While the Canadian struggled with reliability and points-scoring opportunities, Button delivered stronger results consistently. Button finished fourth in Austria and led the United States Grand Prix for a period before being forced to retire. In Monaco, Button suffered a serious accident in Saturday morning free practice that prevented him from starting the race.
Villeneuve's results deteriorated and his relationship with the team became untenable. His contract was terminated before the season-ending Japanese Grand Prix at Suzuka. Test driver Takuma Sato stepped in for that final round, finishing sixth, while Button took fourth. The team ended the season fifth in the Constructors' Championship with 26 points.
For 2003 BAR introduced a revised Lucky Strike livery featuring black, red and gold stripes on the engine cover. At the French, British and United States Grands Prix, where tobacco advertising was restricted, Lucky Strike branding was replaced with a barcode design and the phrases "Look Alike" and "Don't Walk."
During the 2003–2004 off-season, BAR ran a modified version of the 005 designated the 04 Concept Car. This car featured a black and grey livery and was fitted with the Honda RA004E engine intended for the following season, serving as a development platform ahead of the 2004 campaign.
The BAR 005 season marked the transition of Jenson Button to lead driver status at BAR, a role he would consolidate emphatically in 2004 when he came within a race of winning the World Drivers' Championship. Villeneuve's departure ended a relationship that had defined BAR since the team's formation in 1999. The 005 also confirmed that Geoff Willis's design approach was capable of placing the team in midfield contention, setting up the technical platform on which the more successful BAR 006 would be built.
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