Longer term rallies are typically the outcome of events with a longer-term impact such as changes in government tax or fiscal policy, business regulation or interest rates. Economic data announcements that signal positive changes in business and economic cycles also have a longer lasting impact that may cause shifts in investment capital from one sector to another. For example, a significant lowering of interest rates may cause investors to shift from fixed income instruments to equities. This would create a rally in the equities markets.
On his promotion for 1993, McRae initially drove the Prodrive-built Group A Subaru Legacy alongside Finns Ari Vatanen, Hannu Mikkola and Markku Alén. McRae then won his first WRC rally in the car at that year's Rally New Zealand. It was also the first rally win for the newly formed Subaru World Rally Team, shortly before the Legacy was due to be pensioned off in favour of the new Subaru Impreza 555. Such were the rising fortunes of his young Subaru factory team as they competed against the frontrunning Toyota-powered Team TTE, who were excluded from the championship after the 1995 Rally Catalunya due to the use of an illegal air restrictor. It took only until 1995 for McRae to win the drivers title, which he secured with a victory in a straight contest with his double champion teammate, Carlos Sainz, on the season-ending Rally of Great Britain. Although still a winner with the outfit in individual rallies in succeeding years, including, increasingly, more specialised events such as the Acropolis Rally, Safari Rally and the Tour de Corse, McRae could not better second place in the standings in either 1996 or 1997, on both occasions behind Finland and Mitsubishi Ralliart's Tommi Mäkinen. He helped Subaru complete their run of three consecutive manufacturers' titles during this time. In what would turn out to be his final season with the team, in 1998 he won three more rallies and placed third in the standings, as well as winning the Race of Champions in Gran Canaria, the Canary Islands.
The term "rally", as a branch of motorsport, probably dates from the first Monte Carlo Rally of January 1911. Until the late 1920s, few if any other events used the term. Rallying itself can be traced back to the 1894 Paris–Rouen Horseless Carriage Competition (Concours des Voitures sans Chevaux), sponsored by a Paris newspaper, Le Petit Journal, which attracted considerable public interest and entries from leading manufacturers. Prizes were awarded to the vehicles by a jury based on the reports of the observers who rode in each car; the official winner was Albert Lemaître driving a 3 hp Peugeot, although the Comte de Dion had finished first but his steam powered vehicle was ineligible for the official competition. This event led directly to a period of city-to-city road races in France and other European countries, which introduced many of the features found in later rallies: individual start times with cars running against the clock rather than head to head; time controls at the entry and exit points of towns along the way; road books and route notes; and driving over long distances on ordinary, mainly gravel, roads, facing hazards such as dust, traffic, pedestrians and farm animals.
After several years of varying success, McRae switched to the M-Sport-run Ford factory team for 1999, driving the new Ford Focus rally car. The deal saw McRae earning six million pounds over two years, which at the time made him the highest earning rally driver in history. This move was immediately rewarded with two consecutive wins at the Safari Rally and Rally Portugal. A number of shunts and reliability issues for the new car for much of the rest of that season, however, resulted in only sixth place in the championship standings overall. Moreover, a rare personal pointless run had begun for McRae that year which was only to be halted with a podium on the following February's Swedish Rally, the beginning of a recovery which saw McRae victorious on the asphalt turns of Catalunya and the gravel of Greece, and post 4th in the 2000 overall standings. Midway through the 2000 season, the lacking reliability of the Focus had led to McRae threatening to leave the team if the problems continued. The upturn towards the end of the season resulted in him deciding to renew his contract with Ford for a further two years. McRae's intermittent success with Ford continued into 2001, where after failing to score in any of the first four rounds, including having momentarily led defending winner Tommi Mäkinen on the stages of the season opening Monte Carlo Rally prior to being forced into retirement, he then went on to score three consecutive victories in Argentina, Cyprus and Greece to tie with Mäkinen at the top of the points table. However, having again led the championship outright entering the final round in Great Britain, McRae once more missed out on a possible second title, crashing out and finishing second in the drivers championship, two points behind Subaru's Richard Burns.