After the bankruptcy of Reynard in 2002, Formula 3000's Japanese counter, known as Formula Nippon, reverted back to a one-make series. Prior to that, it had been an open formula. As of 2003, all Formula Nippon cars were Lola B03/50 chassis with power supplied by the Mugen-Honda MF 308 3-liter 8-cylinder powerplant. The formula continued until 2006, when the B03/50chassis was replaced by the Lola FN06 chassis.
This 2003 B03/51 competed in the Formula Nippon series for three years. It was later updated to 2005 specifications. The car was campaigned under the Nakajima Racing banner, sponsored by PIAA, and driven by the German Andre Lotterer. Lotterer later went on to become a works Audi Sport driver, winning the 24 Hours of LeMans and finishing 2nd for Audin the 2010 classic.
This Lola saw a pole position in 2003 at Sugo and a tie for 4th in the championship points. In 2004, Lotterer was the runner up in the championship driving this car, achieving two outright wins, one at Motegi and the other at the only non-Japanese round of the championship, at Sepang in Malaysia. It finished in 4th place again, in 2005 with wins at Fuji and Suzuka.
After its racing career, the car was restored by Nakajima Racign in 2009, including an engine rebuild. Since then, the car has been tested at Suzuka and Motegi.
In 2011, the car was offered for sale at the Quail Lodge Sale presented by Bonhams. As bidding came to a close, the car had been sold for the sum of $81,900 including buyer's premium.