Development of the 01 began at the end of 2006, prompted by new regulations from the Automobile Club de l'Ouest (ACO) requiring significant chassis changes. Pescarolo Sport had previously campaigned heavily modified Courage C60 chassis, but these were ineligible for the 2007 season. Team owner Henri Pescarolo chose to become a full constructor, carrying over features from the C60 into the 01’s design. Unlike the C60, the 01 was designed to be sold to customers, and could be adapted to meet either LMP1 or LMP2 regulations with minor modifications.
Several teams announced their intent to purchase the 01 chassis as it neared completion. British team Rollcentre Racing chose to re-enter the LMP1 category with a 01-Judd, while German team Kruse Motorsports purchased an LMP2-spec car powered by a Judd V8. Lister Cars also announced plans to purchase a chassis to replace their ineligible Storm LMP.
At the 2007 1000 km of Monza, the #16 Pescarolo Sport car finished second, between the two factory Peugeot diesels, and the #17 car finished fourth. At the 2007 24 Hours of Le Mans, three of the four entered 01s reached the finish, with the #16 car finishing third overall and the Rollcentre Racing car finishing fourth. Pescarolo’s #17 car finished 13th, while Kruse’s car retired due to mechanical problems. Further podium finishes followed at the Nürburgring 1000 km and Spa 1000 km, with the #16 car finishing third and second respectively.
For the 2008 season, five Pescarolo 01s were entered in the Le Mans Series. Pescarolo Sport and Rollcentre Racing continued their campaigns, joined by French team Saulnier Racing, who entered cars in both the LMP1 and LMP2 classes. The #16 car secured two podium finishes during the season, finishing sixth in the LMP1 Teams Championship. Saulnier Racing’s LMP2 car finished fourth in the championship. At the 2008 24 Hours of Le Mans, the #17 Pescarolo finished seventh overall, the best result for a petrol-fueled car, while the LMP2 Saulnier entry finished third in class.
In 2009, Pescarolo Sport and OAK Racing (formerly Saulnier Racing) partnered with Mazda France, competing with Evo chassis’ in the Le Mans Series. Pescarolo Sport finished second in the LMP1 Teams Championship, while OAK Racing finished sixth and eighth in the LMP2 Teams Championship. At the 2009 24 Hours of Le Mans, Pescarolo Sport finished eighth overall, and OAK Racing’s #24 car finished third in the LMP2 class.
OAK Racing took over the manufacturing of the chassis in December 2009. Pescarolo Sport did not race in 2010, eventually being disbanded in July after entering receivership. However, OAK Racing continued to race the 01 in the 2011 Le Mans Series, winning overall at the 6 Hours of Castellet.
OAK Racing split its operations into Onroak Automotive in 2012, continuing to run a modified version of the 01 in the LMP1 class. Pescarolo Team also used the 01 for the last time at the 2012 12 Hours of Sebring, finishing third in the LMP1 category. The OAK-Pescarolo 01 was retired at the beginning of 2013, with OAK Racing focusing on the Morgan LMP2. The Morgan LMP2, based on the 01, achieved success in 2013, winning the LMP2 class at the 24 Hours of Le Mans and both the Asian Le Mans Series and World Endurance Championship. The Morgan continued to race through 2015, before being replaced by newer chassis.