Ray Christopher, associated with the GT Development firm, which was notable for building accurate replicas of Ford GT40 envisioned his own version of the GT40 of the 1990s. The R42 was the modern reincarnation of the GT40 and had similar layout, proportions and updated monocoque construction. The name R42 paid homage to the original GT40 (the height of the GT40 was 42 inches and R was the a breviation for the designer's first name Ray).

The R42 was first shown at the 1993 London Motor Show held in October. Unfortunately, the company went into receivership due to high development costs of the car and ongoing economic recession.

A take-over by the American company Spectre Motors Inc. led by GT Development's former sales agent Anders Hildebrand in March 1995, brightened the possibility of the R42 going into production. Anders brought the rights of the car for US$2.5 million and put it into production just four months later at a 12,000 sq. ft.production facility in Poole, a small town located in Dorset, England. Each car took 2,000 man hours to manufacture.

Anders reorganized production, brought in investors and involved Derek Bell as chairman and development consultant. The company sold the R42 for GB£70,000 each and only managed to sell 23 cars with most of the cars destined to Switzerland.

Anders then aimed to replace the R42 with a more potent R45. Two prototypes were developed and the second prototype (finished in yellow colour) was presented at the 1997 London Motor Show by actor Desmond Llewellyn with the production version scheduled to debut at the 1998 London Motor Show but the absence of sufficient funds for the car's development and other losses led the company into receivership.

There was also an attempt to revive Spectre under mysterious cirmumstances. In ~2001 Spectre Angel (Project 007 / P107) prototype appeared and in ~2020 an all-electric prototype SP2 was in the works but its faith is unknown.