Ascari Cars was established in Dorset in 1994. Its first limited-edition car, the Ascari Ecosse, was launched in 1998.
In 2000 Ascari Cars built a new facility in Banbury in northern Oxfordshire. Ascari Car's second car, the Ascari KZ1, was developed at Banbury, which also housed Team Ascari's racing assets. The premises are now occupied by Haas F1 Team.
Due to declining sales of the Ascari KZ1 and a large amount of money to produce cars, Ascari suffered heavy financial losses before making the difficult decision to file for bankruptcy in 2010.