Three distinct B08/80 chassis were prepared for the car's competition debut. The first was operated by the joint effort of Speedy Racing Team and Sebah Automotive in the Le Mans Series and at the 24 Hours of Le Mans, powered by a Judd V8 engine. The second chassis was entered by B-K Motorsports and Mazda in the American Le Mans Series, making its debut at the Petit Le Mans in October 2008. The third was acquired by Ray Mallock Ltd., which combined the new tub with components from the team's former B05/40 to create the MG-Lola EX265C for use in the Le Mans Series.
B-K Motorsports closed at the end of 2008 and sold their chassis to Dyson Racing, which became the primary custodian of the B08/80 platform in North American racing for the seasons that followed. In the 2009 Le Mans Series the B08/80 ranked as the second fastest LMP2 car on the grid, behind the Essex Porsche.
Dyson Racing campaigned upgraded B09/86 variants in the 2009 American Le Mans Series, and the number 20 car scored the team's first class victory with the Lola-Mazda coupe at Lime Rock Park. In 2010, Dyson scaled back to a single entry but achieved notable results: the B09/86 took its first overall pole position at Laguna Seca and delivered its first outright race win at Mid-Ohio.
In Europe, Ray Mallock Ltd. used a Lola B08/80 to claim both the LMP2 Teams' and Drivers' championships in the 2010 Le Mans Series, with the car recording a class win at the 2010 1000 km of Algarve among its results.
For the 2011 American Le Mans Series season, Dyson Racing upgraded both B09/86s to LMP1 specification. The number 16 car ran from the start of the season and, despite not winning a race outright, accumulated enough points to take the ALMS LMP1 championship. The number 20 car returned from the Northeast Grand Prix onwards and went on to score an overall race victory at the 2011 Baltimore Grand Prix.
Also in 2011, Level 5 Motorsports ran upgraded B11/80 chassis in the Intercontinental Le Mans Cup and the 24 Hours of Le Mans, where the team finished third in class and tenth overall. Level 5 switched to the HPD ARX-01g for the Petit Le Mans and adopted Honda power for 2012.
Successor variants of the platform — designated B11/80 and B12/80 — remained active in sportscar racing into the early 2010s. Gulf Racing ran a pair of B12/80s in the FIA World Endurance Championship; Dempsey Racing operated one in the American Le Mans Series; and Black Swan Racing acquired the former Level 5 B11/80. In the 2012 European Le Mans Series, Status Grand Prix ran an upgraded B12/80, scoring a third-place finish at the 6 Hours of Castellet on the way to sixth in the teams' championship.
In 2014, Mazda and Speedsource announced a return to the platform with two new Lola LMP2 cars powered by Mazda's SkyActiv-D diesel engine. The most conspicuous late-career appearance came in the 2016 WeatherTech SportsCar Championship, when Mazda entered a B08/80 wearing livery inspired by the Mazdaspeed 787B C2 that had won the 1991 24 Hours of Le Mans, marking the twenty-fifth anniversary of that landmark victory.
By 2013 most teams had retired their Lola B12/80s, citing uncertainty about the continued availability of parts support from Lola Cars International.
The B08/80 family represented Lola's return to closed-cockpit prototype construction after a fifteen-year absence and demonstrated the breadth of the manufacturer's customer-racing expertise. Through successive upgrades and variant designations it remained competitive across multiple series on two continents for the better part of a decade, with Dyson Racing's ALMS championship campaigns and RML's 2010 Le Mans Series title standing as the platform's most significant achievements.