A new race car called the Viper Competition Coupe took the GTS-R’s place for the second phase. The Viper Competition Coupe had the same 8.3-liter V10 engine as the road legal Viper, but increased power to 520 hp (388 kW; 527 PS), and 540 lb⋅ft (732 N⋅m) of torque. The Competition Coupe had a carbon fiber composite body on a tubular steel frame with no interior trim and an FIA-legal roll cage. The exterior design of the Competition Coupe was based on the Viper GTS-R concept from 2000. Modifications to the mechanicals of the Viper included a 27-gallon fuel cell, differential cooler, ducted brakes, improved driver and engine cooling, trap door oil pan, low-inertia flywheel, an improved double-wishbone suspension system, new spherical bearing control arm attachments, two-way adjustable coil over dampers, and a driver-adjustable blade-type rear anti-roll bar. The anti-lock braking system added a distribution control system. The initial price of the car is around $100,000.
The Viper Competition Coupe was initially built for use in the Viper Challenge Championship one-make series starting in 2003. The Competition Coupe was later adapted for use in the Group GT3 instituted by the FIA, allowing its use in a variety of series in Europe and North America. French racing team Oreca made further modifications to the car, to allow it to race in Group GT2. Privateer teams used these cars to compete for certain series, with Racing Box in Europe for the International GT Open and Woodhouse Racing and Primetime Race Group in the United States carrying out independent programs in the American Le Mans Series.