The car would use an evolved Steel Square-Tubed chassis, developed from the Mk1.
Ted Marlow, the eventual cofounder of Ultima Sports Ltd would buy the first Mk2, as specced with the original Essex V6.
The Mk2 would eventually go racing under the "Ultima Mk2 5000" moniker, using an unused Formula 5000 Chevrolet Small-Block V8, where they would find a small amount of success, winning 3 races they entered the car in, and scoring points in the other 2.
The car would be the final Ultima developed by Lee Noble.
[6] Ted Marlow and Lee Noble would establish Ultima Sports Ltd to build the Mk3.