The E92 M3 upon which the GT2 was based used the BMW S65 V8 engine, a 4.0-litre naturally aspirated unit rated at 309 kW (420 PS; 414 hp) in road form. The M3 GT2 race car retained this engine family in modified form, homologated under GT2 regulations for professional endurance competition. BMW Motorsport and partner team Schnitzer Motorsport also campaigned the GT2 variant in European endurance events, while in North America the car was run by Rahal Letterman Racing under the BMW Team RLL banner.
The GT2 was distinct from the concurrent M3 GT4 — a customer racing specification — and from the earlier M3 GTR V8 prototype of 2001. It sat squarely within the production-derived GT2/GTLM category and was required to compete under Balance of Performance rules. For the 2010 24 Hours Nürburgring, regulations mandated a power ceiling of 287 kW (385 bhp) and a minimum weight of 1,400 kg (3,086 lb).
In 2009, Rahal Letterman Racing entered two factory-backed E92 M3s in the American Le Mans Series GT2 category. The team operated as BMW Team RLL and mounted a sustained challenge against rival GT2 manufacturers throughout the season.
The program reached its apex in 2011, when BMW Team RLL achieved a 1–2 finish at the 12 Hours of Sebring in the GT class. That same year the team swept all GT categories in the American Le Mans Series, claiming the GT manufacturer, team, and driver championships in a single dominant season. In 2012, the M3 GT2 continued its strong form by winning the GT class at the 12 Hours of Sebring once more.
One of the most visible moments of the car's ALMS tenure came when the number 79 M3 GT2 that competed at the 24 Hours of Le Mans was decorated by American pop artist Jeff Koons, making it the 17th BMW Art Car in the manufacturer's celebrated series of artist-commissioned race machines.
In parallel with the North American program, the BMW Motorsport and Schnitzer Motorsport partnership fielded the M3 GT2 in European endurance racing. The car won the 2010 24 Hours of Nürburgring, driven by Jörg Müller, Augusto Farfus, Pedro Lamy, and Uwe Alzen — a significant result at a circuit where BMW had a long tradition of success.
In the same year, the M3 also qualified on the front row at the 24 Hours of Spa and led the race outright for a prolonged period before a suspension failure in the final hour ended its challenge. The car additionally took a class win in the GT2 category at the ILMC 1000 km of Zhuhai in China in 2010.
The BMW M3 GT2 represented the final chapter of M3-based factory endurance competition. When regulations moved toward GT3-aligned frameworks in the United States and the GTLM class emerged in the successor Tudor United SportsCar Championship, BMW replaced it with the Z4 GTE for the 2013 season.
The Jeff Koons Art Car livery ensured the car a place in broader cultural memory beyond pure motorsport results. The 2011 ALMS triple-crown sweep — manufacturer, team, and driver titles — remains the high-water mark of the program and is regarded as one of BMW Motorsport's most complete seasons in North American GT racing.