The WR LM94 was the successor to the WR LM93. Team boss Gérard Welter had worked as a Peugeot designer before founding the racing operation, giving the team direct access to Peugeot engineering relationships. The car was notably low and flat for an LMP prototype, with a rear wing pulled across the vehicle's full width and mounted very low — a configuration suited to the high-speed sections of the Circuit des 24 Heures at Le Mans. Welter Racing was consistently known for building fast, low-downforce machines optimised for the straights, though that philosophy came with fragility under race conditions.
At the 1994 24 Hours of Le Mans, a WR LM94 competed alongside the older WR LM93. Driven by Hervé Regout, Jean-François Yvon, and Jean-Paul Libert, the car qualified tenth fastest, almost eight seconds slower than pole-sitter Alain Ferté in the Courage C32. In the race, the team suffered turbocharger problems from the start, leading to engine failure after just 86 laps.
The 1995 edition saw the WR LM94s elevated to front-runners. With Group C cars absent, the field was composed almost entirely of GT machinery, making Welter Racing's prototypes the outright fastest cars. Two WR LM94s occupied the front row of the grid: William David set the fastest qualifying time of 3 minutes 46.050 seconds in the number 9 car, which he shared with Bernard Bouvet and Richard Balandras, while Patrick Gonin shared the number 8 car with Pierre Petit and Marc Rostan.
Gonin led from the start and held the lead through the first ten laps until the first refuelling stop, during which Welter briefly held a double lead. Bob Wollek in the Courage C36 then displaced William David from third to split the two Welters. Both cars struck mechanical trouble early: the number 8 needed a power transmission change after one and a half hours, losing three laps in the pits. The car continued to run until nightfall when, in wet conditions, it lost grip on the approach to the Mulsanne, rolled over once, and struck the barriers heavily on all four sides. Patrick Gonin, who was driving at the time, sustained severe bruises and several broken ribs and spent a night in hospital. The incident was noted by team observers as closely resembling Peter Dumbreck's 1999 accident at the same location, though it received far less attention due to the absence of television footage.
The number 9 car required its windscreen taped in position after just three laps, then suffered a power transmission issue after an hour of racing. It ran reliably through the night until 8 a.m., when a fuel pump failure ended its race.
In 1996, both WR LM94 chassis were sold to private teams. Without further development, the cars were unable to qualify for the 1996 24 Hours of Le Mans, marking the end of their competitive lifespan.