The design is mid engined, rear wheel drive layout, with a tubular steel space frame chassis and GRP bodywork.

Ultima focused their marketing efforts on record-breaking activities using a model equipped with a 640 bhp (649 PS; 477 kW) American Speed engine, called the Ultima GTR640, and subsequently, a 720 bhp (730 PS; 537 kW) at 6700 rpm and a maximum torque of 855 N⋅m (631 lb⋅ft; 87 kg⋅m) at 4400 rpm Chevy V8 engine called the GTR 720.

[5] As a result, they established the following official, independently verified records[6] for a production car equipped with road tyres and exhaust: Due to its kerb weight of 980 kg (2,161 lb),[7] the power-to-weight ratio for the GTR720 is 745 bhp (755 PS; 556 kW) per tonne, which is a better ratio than the Bugatti Veyron, Enzo Ferrari, Ascari A10, Koenigsegg CCX or CCGT, but less than the Koenigsegg CCXR or the Caparo T1.

In 2011, Romanian workshop Black Falcon Cars mated an Ultima GTR chassis and a modified Porsche GT3 transmission with a Chevrolet V8 turbocharged by Nelson Racing Engines to achieve 1,716 bhp (1,280 kW) on racing fuel and made it fully road legal under the brand name Black Falcon SBC-TT1750.

[12][13] In 2015 the GTR and Can-Am names were retired and replaced by the Ultima Evolution range, which represents a complete reengineering of the package.