The Lola T332 was a race car designed and built by Lola Cars for use in Formula 5000 racing and made its racing debut in 1973. The T332 was successful around the globe with race victories in places such as Australia, the United Kingdom, New Zealand and the United States. 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.

Formula 5000 was an open wheel, single seater auto-racing formula that ran in different series in various regions around the world from 1968 to 1982. It was originally intended as a low-cost series aimed at open-wheel racing cars that no longer fit into any particular formula. The '5000' denomination comes from the maximum 5.0 litre engine capacity allowed in the cars, although many cars ran with smaller engines. Manufacturers included McLaren, Eagle, March, Lola, Lotus, Elfin, Matich and Chevron.