The game is rooted in Papyrus Design Group's lineage of open-wheel racing simulations, tracing directly back to the studio's 1989 title Indianapolis 500 and the 1993 IndyCar Racing that preceded it. A playable demo was circulated in 1995 ahead of the full release, and multiple patches for the MS-DOS and Windows 95 versions were issued after launch to address bugs and improve performance.
Technically, the game runs in SVGA resolution at 640×480 pixels. Compared to its predecessor, it added outside camera views accessible via the F10 key — a feature particularly useful on flat oval circuits such as the Cleveland airport track.
The title models the contemporary CART open-wheel scene and features cars from the chassis manufacturers of the era: Lola, Reynard, and Penske. Engine options reflect the period, with Ford-Cosworth, Mercedes-Benz, and Honda all represented. Fifteen circuits were included, though Miami's road course and the Indianapolis Motor Speedway were absent from the track roster.
The name change from IndyCar Racing II to CART Racing in the 1997 Sierra re-release reflects one of the more consequential political splits in American open-wheel racing history. Following the Indianapolis Motor Speedway's announcement of the rival Indy Racing League in 1994 and its implementation in 1996, the CART series lost the right to use the IndyCar name. Papyrus and Sierra updated the title accordingly, with the CART Racing branding covering the same underlying game with minor upgrades.
IndyCar Racing II was noted for its deep car customization. Reviewers highlighted thirteen individually adjustable parameters on the race car, enabling players to spend considerable time in the garage refining setups before a race event. GameRevolution described the breadth of adjustment options as sufficient to occupy "an entire week inside the garage."
The simulation fidelity extended to driving dynamics. GameSpot noted that even on the easiest difficulty settings, piloting an IndyCar was described as "comparable to riding a wild bull," reflecting the game's commitment to representing the raw performance characteristics of CART machinery rather than softening the challenge for casual players.
The game was received positively by critics and earned several industry accolades. GameSpot awarded it 7.8 out of 10 and Computer Games Magazine gave it 4 out of 5. Computer Games Strategy Plus named it the best computer racing simulation of 1995. Macworld awarded it its 1996 Best Sports Game prize, with reviewer Steven Levy writing that the game had "just about everything." It was a runner-up for Computer Gaming World's 1995 Simulation of the Year award, which ultimately went to the flight simulator EF2000. The editors of Computer Gaming World praised how the game took "the already excellent IndyCar design and adds much-improved driver AI."
Commercial performance was mixed. IndyCar Racing II and the subsequent CART-branded releases combined achieved sales above 800,000 units by January 1998 across the Papyrus catalog, but GameSpot's Gord Goble reported that the individual title had pulled "less than fantastic sales figures," with approximately 180,000 copies sold as of 2004.
IndyCar Racing II represents a key moment in Papyrus Design Group's history as a simulation developer. The studio had established itself through open-wheel titles but would shift its focus to NASCAR simulations with the NASCAR Racing series, which became its flagship franchise through the remainder of the 1990s and into the 2000s. The CART-branded re-release of IndyCar Racing II in 1997 effectively closed the chapter on Papyrus's IndyCar/CART simulation work. The studio later created Grand Prix Legends (1998), another period open-wheel simulation set in the 1967 Formula One season, which became a landmark title in the hardcore simulation community. Papyrus was eventually acquired by Sierra and later absorbed into what became the studio behind the iRacing platform.