Managed by Mazda Motorsports, the first RX-792P was completed shortly before the 1992 season began. The team consisted of drivers Price Cobb and Pete Halsmer. Opting to skip the 24 Hours of Daytona, the first chassis appeared at the Grand Prix of Miami. Unfortunately, a fire caused by the hot exhaust touching the car's bodywork would force the car to be withdrawn before the race even took place. This problem continued at the 12 Hours of Sebring, where the car caught fire once again just prior to the race.