The Ferret was Britain's first post-war scout car, designed to replace its superlative wartime designs like the Dingo which was also designed by Daimler. The Ferret features an all-welded steel hull with a prominently angled front which is interrupted only by a small step below the driver's hatch. A spare wheel was typically fitted between the wheels on the left side of the hull and a stowage box on the right side. Behind the driver is the fighting compartment which features a small, manually-operated turret with full traverse. It is typically armed with a 7.62-mm machine gun (Browning on Bren LMGs). However, turret-less open top versions were also produced as were anti-tank versions which could fire Vigilant or (later) Swingfire ATGMs. The Ferret was a relatively simple design which did not feature NBC protection, night vision equipment, or full amphibious capability although the latter was partly compensated by having a fully-waterproof rear-mounted engine which could operate even when submerged. The Ferret entered British Army service in the early 1950 and became a tremendous export success, serving with over 40 armies worldwide including large numbers with Australia, Canada, France, Jordan, and South Africa, and seeing action in numerous conflicts including the Algerian War, the Northern Ireland Troubles and the Falklands. They have also been used widely in UN peacekeeping operations and its compatibility with commercial equipment and spares has also made it highly sought after by private collectors.

Development of the Ferret (FV701) began in 1948 with the first prototype following very shortly a year later thanks to previous experience by Daimler in scout car design. Early production focused on the Mk 1, a turret-less design with an open top although an armored roof was eventually added in the Mk 1/2. The Mk 2 was the basic turreted version and was actually produced before the Mk 1. Numerous sub-variants with incremental improvements were made including the late production Mk 2/3, the Mk 2/4 with additional armor (previous versions brought to this standard were known as the Mk 2/5), and the anti-tank Mk 2/6 (FV703) armed with twin Vigilant ATGMs. Later versions included the 'big wheel' Mk 4 (FV711) with noticeably larger tires, an improved suspension, and was the first to be fully amphibious (previous versions brought to this standard were known as the Mk 3). The Mk 5 was another anti-tank variant armed with four Swingfire ATGMs.