The Ford Racing Puma was the name eventually given to Ford's concept Puma, the Puma RS, which was first unveiled to the public at the 1999 Geneva Motor Show.[7] At the time, Ford were keen to stress that this was no mere styling job and the idea was to transfer the know-how and technology learned directly from Ford Puma race and rally programmes to a road car. It was created by the Ford Rally specialist team at Boreham. The strictly limited production run was initially pencilled to run for 1000 units, with 500 destined for the German market, and 500 for the UK. All conversions were carried out by Tickford, Daventry UK.[8] In the end, only the 500 destined for the UK market were produced and sold.

Less than half of the 500 cars were actually sold directly to customers, with the vehicle's high price (£23,000 when new) often cited as a reason, as rival performance cars such as the Subaru Impreza (with an additional 50+ BHP/Turbo, four-wheel-drive and rallying pedigree) were being offered for a maximum of £21,000 with the optional Pro Drive pack. The lower than anticipated demand had Ford offering Racing Pumas to senior managers through their MRC scheme, which enabled cars to continue being registered and converted. The lack of demand when brand new has allowed it to maintain an increased value over the standard Puma due to its rarity.