KBM was established after Busch purchased the remaining assets of Xpress Motorsports from J.B. Scott in late 2009, simultaneously acquiring trucks from Roush Fenway Racing, which had shuttered its Truck Series program. Rick Ren, crew chief on Ron Hornaday Jr.'s 2009 championship team, was brought in as competition director. Busch had previously raced in the Truck Series during 2008 and 2009 under Billy Ballew Motorsports, and the new venture allowed him to control his own program.
The team opened an ambitious 2010 campaign with plans to field three trucks. An early setback arrived when the Miccosukee tribe's new leadership pulled out of NASCAR sponsorship before the season began, stripping the primary truck of its backing. Despite the disruption, Kyle Busch won eight races in 16 starts that year, and the team's No. 18 truck claimed the owners championship in its debut full-time season. KBM opened a new $10 million facility in Mooresville, North Carolina on October 14, 2010.
KBM became one of the most successful teams in NASCAR Truck Series history, winning multiple owners championships and developing numerous young drivers into future Cup Series contenders. The team's No. 51 truck won the 2013 owners title, while other truck numbers built lengthy championship histories across successive seasons.
Among the drivers developed at KBM, Erik Jones scored his first career Truck Series win at Phoenix International Raceway in November 2013 at just 17 years old, making him the youngest winner in series history at the time. William Byron drove the No. 9 truck in 2016, setting a rookie record with six wins before finishing just short of the championship. Christopher Bell claimed the 2017 Truck Series championship for KBM in the No. 4 truck. John Hunter Nemechek won five races for the team in 2021, while Chandler Smith reached the Championship 4 in 2022.
The team received engines and technical support from Joe Gibbs Racing through 2022, a relationship that underpinned its Toyota program. KBM won the Truck Series owners championship in 2010, 2013, 2014, 2015, and 2016, cementing its legacy as a dominant force in the series.
KBM ventured into the Nationwide Series in 2011 in conjunction with NEMCO Motorsports, making its debut with Kimi Raikkonen at Charlotte Motor Speedway in the No. 87 Perky Jerky Toyota. The team moved to a full-time Nationwide program in 2012, fielding the No. 54 Toyota Camry split between Kyle Busch and his brother Kurt Busch, with Monster Energy sponsorship. Kurt scored the team's only win that year at Richmond. The program folded after 2013 when Parker Kligerman drove the No. 77 full-time but sponsorship could not be secured for subsequent seasons.
Kimi Raikkonen, the 2007 Formula One World Champion, made his Nationwide Series debut with KBM at Charlotte in May 2011, and also made a limited run in the Truck Series the same year before sponsorship dried up. Bubba Wallace drove the No. 54 truck from 2013 to 2014, winning four races in his final season including victories at Gateway, Eldora, Martinsville, and Homestead. The team fielded its 100th Truck Series win at Pocono in 2023 with Kyle Busch driving.
In September 2022, following the departure of primary sponsor Mars, Incorporated after 15 years, Kyle Busch announced he would leave Joe Gibbs Racing and KBM's Toyota affiliation to join Richard Childress Racing for 2023. KBM simultaneously announced a switch from Toyota to Chevrolet. On September 27, 2023, Spire Motorsports announced the purchase of KBM's assets and the suspension of its Craftsman Truck Series operations at the end of that season.
Following the asset sale and suspension of its Truck Series program, KBM continued in reduced form, running dirt cars for Kyle Busch and his son Brexton Busch on local dirt tracks across the United States, supported by sponsorship from Lucas Oil and Servpro. The team also operated Rowdy Manufacturing, a Super Late Model chassis constructor, until that operation was also suspended alongside the Truck Series program.
KBM leaves behind a legacy as one of the most prolific driver development programs in NASCAR's support series, having launched the careers of Erik Jones, Christopher Bell, William Byron, Noah Gragson, and Harrison Burton, all of whom went on to compete at the Cup Series level.