The 2007 model year marked the first time the S2000 was offered in more than one trim level in the United States.[11] In addition to the base model, Honda offered a more track-oriented version of the S2000, distinguished by reduced weight, fewer amenities, and an increase in performance. The S2000 Club Racer made its world debut at the New York International Auto Show on 4 April 2007.[12] Changes for the CR included a lower ratio steering rack, revised exhaust system, black lug nuts, darker colored wheels, clear side markers, stiffer suspension and new Bridgestone Potenza RE070 tires that were wider at the rear; 245/40R-17 to 255/40R-17. A revised body kit, composed of a redesigned front lip, and a large spoiler, were wind-tunnel tested and claimed to reduce the overall coefficient of lift by 70–80%. The power folding soft top was removed and replaced with additional chassis bracing topped off with a tonneau cover, while the hard top, optional on other models, became a standard feature on the CR. Honda also revised the shift knob over the base with an exclusive spherical aluminum shift knob that rests 12.6 mm lower for a 6 percent reduction in shift stroke compared to the conventional S2000 cylindrical shift knob (aluminum/leather wrapped). Conversely, the shift load effort increased by 10 percent with the new design.

CR models were only available with yellow and black alcantara interiors. Additionally the CR interior has faux carbon fiber overlays on the center console and radio door and a peak power indicator light on the instrument gauge cluster that flashes when the engine is producing its peak power output. Finally, in an effort to reduce weight and lower the center of gravity, the spare tire was omitted and air conditioning and stereo were offered only as options. Net weight savings without the additional hardtop came to 41 kg (90 lb) relative to the standard model. The engine in the S2000 CR was unchanged from the standard trim.[13]
[14] Shigeru Uehara, the designer of the S2000, stated that the CR was positioned between the Type S and a hypothetical Type R.[15] Honda has never made an official Type R for the S2000.

Production volume of fewer than 2,000 units was expected however the final number produced was 699 for the combined 2008 and 2009 model years. The production numbers were broken down as follows; Apex Blue Pearl: 200 (21 delete models) Rio Yellow Pearl: 140 (20 delete models) Berlina Black: 269 (10 delete models) Grand Prix White: 90 (8 delete models) for a total 699 (668 for 2008, 31 for 2009). Honda continued to offer both the standard and CR versions unchanged for the 2009 model year.