The B08/80 was developed in parallel with the B08/60, sharing many of the same design elements while being adapted to suit LMP2-specification regulations. Where the B08/60 targeted the top LMP1 class with larger, higher-powered engines, the B08/80 was scaled and tuned to the requirements of LMP2 competition, which imposed restrictions on engine displacement, weight, and overall performance.
The first B08/80 chassis was fielded by the joint Speedy Racing Team and Sebah Automotive outfits in the Le Mans Series and at the 24 Hours of Le Mans, powered by Judd's latest V8 engine. A second chassis was entered by B-K Motorsports and Mazda in the American Le Mans Series, making its race debut at the Petit Le Mans in October 2008. A third chassis was sold to Ray Mallock Ltd., which completed the car using components from its former B05/40 to create the MG-Lola EX265C for the Le Mans Series. B-K Motorsports ceased operations at the end of 2008 and sold their car to Dyson Racing.
In the 2009 Le Mans Series, the B08/80 proved to be the second-fastest LMP2 car on the grid, behind the Essex Porsche. Dyson Racing ran two upgraded versions designated B09/86 in the 2009 American Le Mans Series LMP2 class, with the number 20 car claiming the team's first class victory in the Lola-Mazda coupe at Lime Rock Park.
Dyson Racing scaled back to a single B09/86 for 2010 but enjoyed considerable success, taking the Lola's first overall pole position at Laguna Seca and its first overall race win at Mid-Ohio. In the Le Mans Series, Ray Mallock Ltd. won both the LMP2 Teams and Drivers Championships for 2010 with their B08/80, with a class victory at the 1000 km of Algarve serving as a highlight of the season.
In the 2011 American Le Mans Series, Dyson Racing upgraded their B09/86 cars to LMP1 specification and ran the number 16 car from the season's start. The number 20 car returned from the Northeast Grand Prix onwards. Despite not winning a race outright, the number 16 entry secured the ALMS LMP1 championship, while Dyson recorded an overall victory at the Baltimore Grand Prix. Level 5 Motorsports ran upgraded B11/80s in the 2011 Intercontinental Le Mans Cup and the 24 Hours of Le Mans, finishing third in LMP2 and tenth overall at Le Mans before switching to Honda-powered ARX-01g machinery at Petit Le Mans.
The B08/80 design continued in evolved form through successive season designations. In the 2012 European Le Mans Series, Status Grand Prix ran an upgraded B12/80, finishing sixth in the teams championship and scoring a third-place result at the 6 Hours of Castellet. Gulf Racing fielded a pair of B12/80s in the FIA World Endurance Championship, while Dempsey Racing ran a B12/80 in the ALMS and Black Swan Racing operated the former Level 5 B11/80. By 2013, all teams had retired their B12/80s due to uncertainty over continued parts support from Lola.
In 2014, Mazda and Speedsource announced they would campaign two Lola LMP2 cars powered by the SkyActiv-D diesel engine. For the 2016 WeatherTech SportsCar Championship, Mazda entered a B08/80 wearing a livery inspired by the Mazdaspeed 787B that won the 1991 24 Hours of Le Mans, commemorating the 25th anniversary of that victory.
The B08/80 and its derivative variants — B09/86, B10/80, B11/80, and B12/80 — gave the Lola LMP2 platform an extended competitive life across multiple North American and European sportscar series. Dyson Racing's use of the upgraded platform, including an ALMS LMP1 championship and outright victories, highlighted the adaptability of the base design, while Ray Mallock Ltd.'s European championship titles confirmed its competitiveness at the top of the LMP2 class.