In 1992, three cars were entered into the All Japan Sports Prototype Championship, taking part in every race. The 92C-V achieved 4 top-three finishes out of the 6 races, but did not win. Two cars were entered into the 1992 24 Hours of Le Mans, with the numbers #34 and #35, qualifying 11th and 15th overall, respectively. The 92C-Vs were the only cars in the Group C2 class to start the race. Both cars finished; the #34 car finished 9th overall, while the #35 car finished 5th overall, completing 346 laps – 6 laps behind the winner.
In 1993, the two cars were entered into the race, updated and renamed the Toyota 93C-V, with numbers #22 and #25. Roland Ratzenberger driving the #22 car qualified 10th overall (4th in C2 category), while George Fouché driving the #25 car qualified 12th (6th in C2 category). Both cars completed the race, with Toyota achieving a 1-2 finish in the C2 Category, finishing 5th and 6th overall. The #22 car completed 363 laps, 12 laps behind the winning Peugeot 905, with the #25 car a further 5 laps behind.
With the demise of Group C, Toyota further updated the cars and ran them as the Toyota 94C-V under the new LMP1 class for 1994. The two cars were entered with the numbers #1 and #4. Roland Ratzenberger, Mauro Martini, and Jeff Krosnoff were intended to be the drivers for the #1 car. However, Roland had suffered a fatal accident during the 1994 San Marino Grand Prix weekend. Eddie Irvine substituted for Ratzenberger, but Ratzenberger's name remained on the car as a tribute. The Nisso-94C-V with starting number 4 was driven by Steven Andskär, George Fouché, and Bob Wollek. During training, Toyota underestimated the competition, skipping the test day on May 8, while the Courage C32 proved equally competitive in qualifying. Nevertheless, the SARD-94C-V led the race for a long time, holding a one-lap lead with 90 minutes remaining when transmission problems forced its retirement. This began a series of late Toyota failures, which would not be resolved until their first overall victory in 2018. After repairs, Eddie Irvine closed the gap, finishing one lap behind the winning Dauer 962 Le Mans, while the second Toyota finished fourth.
Mauro Martini's qualifying lap put the #1 car in 4th (3rd in the LMP1 class) on the starting grid, while George Fouché qualified the #4 car into 8th (5th in the LMP1 class). Both cars finished, achieving a 1-2 finish in their class for the third consecutive year. The #1 car finished 2nd overall, 1 lap behind the winner, and the #4 car finished 4th overall, 16 laps behind the winner. The 94C-V also participated in the 1994 1000 km of Suzuka, driven by Mauro Martini and Jeff Krosnoff, but retired due to damage caused by an accident.