The T332 was a refinement of the preceding T330 model, sharing its fundamental philosophy but incorporating improvements to the chassis, aerodynamics, and mechanical layout. The alloy and steel tub followed standard Lola construction practice, built around twin bulkheads with a semi-stressed engine and transmission acting as structural members. Twin side-mounted radiators sat ahead of the rear wheels, which were located by upper and lower links combined with radius rods. Drive went through a Hewland DG300 five-speed gearbox.
The standard power unit was a 5.0-litre Chevrolet V8, though competitors in Australasia sometimes substituted the locally produced Repco Holden V8, which was cheaper if somewhat less powerful. A Chevrolet-engined T332 was timed at 305 km/h (190 mph) at Ontario Motor Speedway in California, underlining the raw pace the package could generate. Later in the model's life the T332C variant was developed for customers in the United States.
In the American Formula 5000 championship, the T332 dominated the second half of the decade. British driver Brian Redman took three consecutive titles in 1974, 1975, and 1976, with the car proving consistently quicker than its rivals from McLaren and other constructors. His main opponents during this period included Al Unser and Mario Andretti, both of whom raced T332C variants run by the Parnelli operation in 1974 and 1975. Even with competitive factory-level engine preparation, neither Unser nor Andretti could dislodge Redman from the top of the standings across those seasons.
The T332 also claimed the British Formula 5000 Championship in 1974, driven by Formula One regular Bob Evans. Evans' success underlined the breadth of the T332's competitiveness — it was not merely a purpose-built weapon for one particular circuit type or championship, but a machine that could adapt to the varied demands of different national series.
In Australia and New Zealand, the T332 proved equally effective. Australian driver Warwick Brown won the 1975 Tasman Series with the car, becoming the only Australian driver in history to claim that title. He also took victory in the 1975 New Zealand Grand Prix. Brown's main rival in that campaign was Brian Lawrence, who had developed his T332 to specifications approaching those of the American factory-backed cars.
New Zealand's Ken Smith used a T332 — specifically Brian Redman's 1974 US championship-winning chassis — to win the 1976 New Zealand Grand Prix at Pukekohe Park Raceway, having fitted it with powerful American-specification Chevrolet engines. The 1975 Tasman season was particularly well-contested, with Graham McRae (in his own McRae GM2) and Chris Amon (in a Talon) unable to match the pace of the leading T332s despite bringing competitive machinery. McRae himself acknowledged that his own T332 was significantly faster than the GM2 when he campaigned one in the United States.
Johnnie Walker, a South Australian driver, used a T332 to win the 1979 Australian Drivers' Championship as well as the 1979 Australian Grand Prix, and had also finished second in the 1975 Australian Drivers' Championship with the same model.
The T332 remained competitive well into the late 1970s as Formula 5000 wound down. In 1977 two new T332C cars were constructed — one for Alan Jones contesting the Australian Tasman rounds, and another for Keith Holland in the British Shellsport series — demonstrating that the design still had merit years after its introduction. The later T400 model intended to succeed it never matched the T332's performance in Australasia, and in Britain the T400 only became genuinely competitive by 1976 and 1977 once development had progressed.
The Lola T332 stands as one of the most geographically successful Formula 5000 cars ever built, winning championships across four different countries and remaining competitive for the better part of a decade. It confirmed Lola's ability to produce professional single-seater machinery capable of challenging the best drivers and teams in international competition at the open-wheel level below Formula One.