Team Penske's open-wheel programme dates to 1968, when Roger Penske entered an Eagle chassis driven by Mark Donohue. Donohue won the team's first IndyCar race at the 1971 Pocono 500 and its first Indianapolis 500 in 1972. The team co-founded Championship Auto Racing Teams (CART) in 1978 alongside other leading owners including Pat Patrick and Dan Gurney, in response to disputes with USAC. Team Penske is the most successful operation in Indianapolis 500 history, recording a record 20 victories through 2024. Four-time Indy 500 winners who drove for the team include Al Unser, Rick Mears, and Hélio Castroneves. The organization has secured the IndyCar national championship sixteen times.
After a five-year absence caused by the open-wheel split following the 1995 season, Team Penske returned to Indianapolis in 2001 with Oldsmobile engines before committing fully to the IRL IndyCar Series in 2002 with Chevrolet. A switch to Toyota engines ran from 2003 to 2005, delivering the 2003 Indianapolis 500 victory with Gil de Ferran. The team then signed with Honda for the 2006 through 2011 seasons, during which Sam Hornish Jr. won the 2006 Indianapolis 500 and IndyCar championship and Will Power emerged as a dominant force. From 2012 onward the team returned to Chevrolet, with Will Power, Simon Pagenaud, and Josef Newgarden winning additional championships. Newgarden won back-to-back Indianapolis 500s in 2023 and 2024.
Team Penske entered NASCAR in 1972 at Riverside with Mark Donohue in an AMC Matador, competing part-time through the decade. The team re-entered full-time in 1991 with Rusty Wallace, running Pontiacs before switching to works Ford support in 1994. Ryan Newman won the 2008 Daytona 500 for the team. Brad Keselowski brought the first Cup Series championship in 2012, Joey Logano added titles in 2018 and 2022, and Ryan Blaney won in 2023. Austin Cindric won the 2022 Daytona 500 in his debut season.
Penske's earliest endurance success came at the 1969 24 Hours of Daytona with a Lola T70. The team subsequently partnered with Porsche in the Can-Am Series, campaigning the turbocharged 917/10 and 917/30; George Follmer won the series in 1972 and Mark Donohue dominated in 1973. The team also competed in the Trans-Am Series, winning the manufacturers' championships in 1968 and 1969 with Chevrolet Camaros before switching to AMC Javelins.
In the American Le Mans Series, Team Penske campaigned the Porsche RS Spyder in the LMP2 class, securing multiple championships. The team's current factory sports car alliance is with Porsche Penske Motorsport, operating under that banner in both the IMSA WeatherTech SportsCar Championship and the FIA World Endurance Championship with the Porsche 963 LMH prototype. The team entered its fourth season of this alliance in 2026, fielding two IMSA entries alongside its WEC programme.
From 1974 to 1976, Penske competed as a constructor in Formula One, based in Poole, Dorset. John Watson drove the Penske PC4 to the team's sole Grand Prix victory at the 1976 Austrian Grand Prix.
In 2015, Team Penske entered Australian Supercars by acquiring a stake in Dick Johnson Racing, forming DJR Team Penske. The partnership produced three consecutive drivers' championships for Scott McLaughlin in 2018, 2019, and 2020. Penske subsequently sold its shareholding back to Dick Johnson.
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