The Lola commonly used the 5.0-litre Chevrolet V8 engine, though some competitors in Australia and New Zealand used the slightly cheaper and less powerful Australian made 5.0-litre Repco Holden V8.

[citation needed] The alloy/steel tub of the T332 followed standard Lola design practice with twin bulkheads and utilised a semi-stressed engine and transmission.

Twin side radiators were mounted in front of the rear wheels which were located by upper and lower links and radius rods.

The T332 dominated the last three years of the US F5000 championship, with Briton Brian Redman taking the title three times in a row in 1974–76, his most serious rivals Al Unser and Mario Andretti, in 1974–75 in Parnelli T332C.

Although not able to equal the engine preparation of the Haas or Parnelli teams running at F1 level, even in 1975 at Watkins Glen, Laguna Seca and Long Beach, McRae in a T332 was still as quick as Jarier or Unser while his T332 lasted.