The B05/40 came into being as a direct response to a regulatory overhaul by the Automobile Club de l'Ouest, which eliminated the LMP900 and LMP675 categories and replaced them with the LMP1 and LMP2 classes. When the new rules came fully into force in 2007, many existing chassis became ineligible, obliging manufacturers to develop new cars that met the revised technical requirements.
In design terms the B05/40 can be regarded as an evolution of the MG-Lola EX257, also known as the Lola B01/60, since both cars share mechanical and aerodynamic elements. The front fenders appear similar in profile but differ substantially in dimension — the B05/40's front overhang measures 1,000 mm against the EX257's 810 mm, meaning the fenders are unique to the newer car. The raised nose echoes the EX257 approach but eliminates the opening grille at the tip, substituting two large NACA ducts positioned on either side of the nose. Behind the cockpit, twin rollover hoops — now mandated by the regulations — replaced the single roll hoop of earlier designs. The engine air intake sits in a nacelle between these hoops, while turbocharged variants use a large duct located to the left of the cockpit.
Because the car was intended for sale to private entrants, Lola designed the chassis without committing to a single engine supplier. Powerplants used in competition included Nicholson-McLaren V8s, Judd V8s, Zytek V8s, Acura V8s, AER turbocharged inline-four engines, and Mazda turbocharged inline-four engines.
Lola continued developing the B05/40 after its debut season, introducing successive bodywork upgrades to improve aerodynamic performance. A revised chassis built in late 2006 for Fernández Racing's Acura programme incorporated incremental improvements and was designated the B06/40. For the 2007 season Lola revealed more extensive upgrades adopted by nearly all B05/40 customers; the most visible change was a redesigned front end that replaced the twin NACA ducts with a single central opening in the nose. Because individual teams applied different upgrade packages at different times, the designations B05/40, B06/40, and B07/40 all remained in concurrent use.
A separate variant was produced for Ray Mallock Ltd. Badged as the MG EX264, the car was mechanically approximately 90 percent identical to the B05/40 and was later updated to the 2007 bodywork specification while retaining the EX264 name.
In its debut season of 2005, Intersport Racing ran a single B05/40 in the American Le Mans Series and dominated the LMP2 class, taking five victories to secure the championship. In Europe, Chamberlain-Synergy Motorsport, Lista Racing, Ray Mallock Ltd., and Binnie Motorsports all competed in the Le Mans Endurance Series. Chamberlain-Synergy took the LMES LMP2 title, Ray Mallock finished second, and Horag fourth. At the 24 Hours of Le Mans that year Ray Mallock claimed the LMP2 class victory, with Intersport and Chamberlain-Synergy also present.
The 2006 campaign saw most of the established B05/40 teams return. In the ALMS the Porsche RS Spyder provided stiff new competition, preventing Intersport from retaining its title despite three wins. In the Le Mans Series the Ray Mallock-run EX264 took one victory but was overhauled by Barazi-Epsilon's Courage Competition entry. Chamberlain-Synergy recorded three wins during the LMS season but the team's mid-season change of management split its points tally, again denying them the championship. Ray Mallock repeated its 24 Hours LMP2 victory.
For 2007, Fernández Racing joined with the Acura-powered B05/40, while B-K Motorsports entered a Mazda-engined car after switching from a Courage chassis. The established LMS runners — Ray Mallock, Horag, Binnie, and ASM Team Racing for Portugal — all continued, each running the updated 2007 bodywork.
The B05/40 established itself as one of the definitive customer LMP2 platforms of the mid-2000s, winning championships in both the ALMS and the LMES in its inaugural year. Its modular engine compatibility made it attractive to a broad range of privateer teams, and the successive upgrade paths Lola made available extended its competitive life well beyond the original 2005 specification. The car and its derivatives formed the backbone of LMP2 grids on both sides of the Atlantic for several seasons.
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