As with the other Rob Austin Racing cars (RAR 001 and RAR 003), the car is nicknamed 'Sherman' when being driven by Rob Austin and 'Panzer' when being driven by his team-mate.

Completed during 2011, the car made its debut with Chris Swanick for the final two rounds of the year.

In 2012 the car had been intended to be driven by Mark Hazell, with Rob Austin in 001, but on the eve of the opening round Hazell decided to withdraw from the championship citing personal reasons. As the team's second car was not ready in time, Austin switched to 002 and stayed in the car for the rest of the year, although would miss the Oulton Park round due to damage sustained at Thruxton during the previous meeting, as well as missing Knockhill due to lack of budget.

Austin would again drive the car in 2013, although his season was almost cut short following a huge accident at Brands Hatch during the opening meeting of the year. Initial fears that the car would require re-shelling were soon put to rest and the team launched a crowd-funding exercise to pay for the repairs by selling thousands of 'I helped fix Sherman' T-shirts.

Hunter Abbott would take over the car for 2014, and by 2015 the car was striped to a bare shell and put into storage, seemingly at the end of its useful life. All that would change after the Silverstone 2015 meeting when Abbott, now driving 001, had a major crash and virtually destroyed his race car. The shell of 002 was quickly removed from storage, fitted with the running gear salvaged from 001, and made ready for Abbott to drive at the final meeting of the year.

2017 it was sold to Robert Day.

2018 saw it run in the Britcar Endurance Championship with Robert teaming up with his son Alex Day. Alex would be joined by Luke Davenport in one round 2018.