The 2F emerged from the recognition that the aerodynamic gains demonstrated by the 2E in Can-Am competition could be applied to the endurance racing formula. The 2D, Chaparral's existing closed-cockpit World Sportscar Championship car, had won the 1966 1000 km Nürburgring but suffered persistent mechanical problems across its two seasons. Hall and Sharp took the third original 2-series chassis and converted it to 2F specification, later converting a retired 2D chassis from the 1967 Sebring race into a second 2F for use at Le Mans.
Hall's relationship with General Motors was fundamental to the 2F's construction. GM supplied Chevrolet's 427-cubic-inch big-block V8 engine in an aluminium block configuration, along with a three-speed automatic transaxle. The informal collaboration was never publicly acknowledged as a factory programme, with GM engineer Jim Musser later characterising it as providing bits and pieces with mutual testing benefit, rather than direct sponsorship.
The 2F retained the fiberglass semi-monocoque structure of the 2D rather than adopting the aluminium tube frame of the 2E, a decision driven by the different demands of endurance racing. The Chevrolet 427 aluminium block was fitted with Weber 58IDM carburettors and produced 526 horsepower at 6,000 rpm — substantially more than the 5.3-litre engine used in the 2E. The heavier big-block engine presented transmission stress that would prove to be the car's primary weakness throughout the season.
The rear wing was mounted on struts attached to the rear suspension uprights, mirroring the 2E arrangement, so downforce acted directly through the tyres. The radiators were positioned at the sides of the car rather than in the nose, which served a dual purpose of freeing the nose for aerodynamic work and routing cooler external air directly to the engine. The nose retained the Venturi-like channel from the 2E. A hydraulically-actuated third pedal allowed the driver to switch between high-downforce and low-drag wing positions. Centerlock wheels replaced the 2D's bolt-on type, and a small luggage compartment in the front met Group 6 regulations. The cars raced bearing Texas licence plates, as the 2D had before them.
The 2F debuted at the 1967 24 Hours of Daytona, where Phil Hill led the early running before an incident caused by debris from a deteriorating track surface forced retirement. At the 12 Hours of Sebring, Hill was hospitalised with appendicitis during practice and Hall took his seat alongside Spence; the car retired with differential failure in the eighth hour despite leading stages of the race.
A European campaign followed, with Chaparral based at General Motors' Rüsselsheim factory. At Monza, Spence qualified on pole but retired with drive shaft failure. At Spa in wet conditions, the team chose not to use the wing's active control due to driver inexperience with wet-weather aerodynamic management, and the car ran without its primary performance advantage before another mechanical retirement. The Targa Florio saw Sharp replace Spence; the 2F ran as high as fourth on an unsuitable road circuit before a slow puncture caused retirement, the team having brought only front spare tyres. At the Nürburgring, Hill set the lap record on his second flying lap despite a field of backmarkers, but the transmission failed on the eleventh lap. At Le Mans both entered 2Fs retired: one with battery and starter motor failure, the other with a transmission seal that cost several hours in repairs before failing completely.
At the final round, the BOAC 500 at Brands Hatch, strengthened transmission components had finally arrived. Hill and Spence led comfortably through the middle stages, managed the aerodynamic advantage effectively in dry conditions, and took the victory in what proved to be both drivers' final wins in motorsport: Hill retired from racing after the season, and Spence died in a practice accident at the 1968 Indianapolis 500.
An FIA regulation change for 1968 banned engines of 7 litres and above, excluding the 2F from the World Sportscar Championship.
The 2F's racing against European Formula One teams and constructors at major championship rounds brought Chaparral's aerodynamic innovations before an international audience that had not seen the 2E compete. The Formula One drivers and designers who observed and raced against the 2F in 1967 returned to their teams with a direct understanding of what rear wings could contribute to lap times. Wings appeared on Formula One cars from the 1968 Belgian Grand Prix onward, initially on Colin Chapman's Lotus, and spread to the entire grid within the season. Jim Hall's adjustable wing concept also anticipated the drag reduction system later adopted in Formula One, where a rear wing element can be opened on designated track sections to reduce drag. The 2F's influence on the direction of racing car development makes it one of the most historically significant cars ever to compete in the World Sportscar Championship.