The team was formed in late 1997 to compete in the Pep Boys Indy Racing League by six owners: team manager John Barnes, Indianapolis car dealer Gary Pedigo, former radio personality Mike Griffin, television production executive Terry Lingner, Indianapolis Colts quarterback Jim Harbaugh, and Indianapolis director of corporate government affairs Doug Boles. Mike Kitchel served as Director of Public Relations. The primary car carried the number 4, which reflected Harbaugh's jersey number with the Colts.
The team debuted in 1998 with the #4 Pennzoil G-Force GF01B-Oldsmobile Aurora L47 V8 for Scott Goodyear. The car carried an unusual yellow and black paint scheme — Pennzoil departed from their traditional all-yellow livery in favour of a Sam Bass design reflecting the company's new NASCAR sponsorship of Dale Earnhardt Inc., with Bass choosing black to represent Earnhardt's signature colour. Goodyear debuted at the Indy 200 at Walt Disney World Speedway, qualifying 21st and retiring after 132 laps with a suspension failure. He collected a best finish of second at the New England 200 at New Hampshire International Speedway and finished seventh in points with 244 points.
In 1999, Goodyear won the MCI WorldCom 200 at Phoenix International Raceway after starting third and leading a race-high 134 laps. He also won the Longhorn 500 at Texas Motor Speedway and held the championship lead after the MBNA Mid-Atlantic 200 at Dover before finishing ninth in the final standings with 217 points. A second entry, the #43 car for Dave Steele, raced at Indianapolis in 1999 but Steele crashed in practice, suffered a concussion, and failed to qualify.
For 2000, the team switched to an all-yellow Pennzoil livery. Goodyear took pole and led a race-high 65 laps at the Belterra Resort Indy 300 at Kentucky Speedway, finishing second to Buddy Lazier. He won the season-ending Excite 500 at Texas Motor Speedway after leading 39 laps, with Eddie Cheever second and Lazier fourth. Goodyear finished the championship second to Lazier by 18 points.
Sam Hornish Jr. joined the team in 2001, driving the #4 Pennzoil Dallara IR01-Oldsmobile Aurora L47 V8 as Goodyear moved into semi-retirement. Hornish won the season opener at Phoenix after leading 140 of 200 laps, then won the Infiniti Grand Prix of Miami at Homestead-Miami Speedway after leading 142 laps. He clinched the championship at the Delphi Indy 200 at Chicagoland Speedway and won the final race at Texas, finishing with 503 points — 105 ahead of Lazier.
In 2002, Hornish drove the #4 Pennzoil Dallara IR02-Chevrolet V8. He won the Grand Prix of Miami again, leading 166 laps, and won the Yamaha Indy 400 at California Speedway by passing Jaques Lazier on the final lap. He battled Hélio Castroneves and Gil de Ferran of Marlboro Team Penske for the points lead throughout the season, ultimately winning the championship with 531 points after winning the Delphi Indy 300 at Chicagoland by 0.0024 seconds over Al Unser Jr. and the Chevy 500 at Texas. Dan Wheldon made his series debut in the #15 Pennzoil car for the team at Chicagoland and Texas.
In 2003, Hornish drove the #4 Pennzoil Dallara IR03-Chevrolet V8, but the Chevrolet engines were outpaced by the Honda and Toyota units fielded by teams joining from the Champ Car World Series. Mid-season, Cosworth built a revised Chevrolet engine dubbed "Chevworth," after which Hornish recorded three wins and had a streak of six consecutive finishes no worse than sixth. He entered the season finale at Texas 19 points behind joint leaders Scott Dixon and Castroneves but retired after 176 laps with a spray issue, finishing fifth in the championship with 461 points. The team also fielded #44 and #98 entries at the Indianapolis 500 for Robby McGehee and Billy Boat, both of whom did not finish.
Tomas Scheckter replaced Hornish — who left for Team Penske — in 2004. Team Menard merged into the organisation as Menard-Panther Racing and ran Mark Taylor in the #2 car; Taylor was replaced mid-season by Townsend Bell after repeated crashes. Bell collected five top-ten finishes in ten starts. Following the season, Menards departed to sponsor Vítor Meira at Rahal Letterman Racing.
In 2005, Scheckter and Tomáš Enge drove the team's two Chevrolet entries. Scheckter won the Bombardier Learjet 500 at Texas Motor Speedway — the final race victory in Panther Racing's history — after leading 119 of 200 laps. Buddy Lazier made appearances during the season, as did Bell. General Motors announced in August 2005 that they were withdrawing from the IndyCar Series, leaving Panther as their last full-time team; Royal Dutch Shell also departed after the season.
For 2006, the team cut to a single car — the #4 Dallara IR05-Honda — for Vítor Meira. Meira finished in the top three four times during the season and ended fifth in the final standings with 411 points, the highest-ranked driver outside Team Penske and Chip Ganassi Racing. In 2007, Kosuke Matsuura joined as a second driver in the #55 with Panasonic sponsorship and in association with Autobacs Racing Team Aguri. Matsuura achieved a top-five finish at Michigan.
For 2008, Meira finished second at the Indianapolis 500, earning more than one million dollars for the team. Dan Wheldon replaced Meira in 2009 with the U.S. National Guard as the primary sponsor. Wheldon finished second at Indianapolis; veteran Scott Sharp competed in the #16 Patron entry for the team at the 500. Wheldon again finished second at Indianapolis in 2010; the team also ran a limited schedule with Ed Carpenter, who scored a second place at Kentucky.
In 2011, Firestone Indy Lights champion J. R. Hildebrand signed a multi-year deal to drive the #4 National Guard car. At the 2011 Indianapolis 500, Hildebrand was leading on the final lap when he crashed in the final corner, coasting across the finish line to place second. Dan Wheldon, driving the #98 William Rast entry for Bryan Herta Autosport, won the race — completing an irony in which the former Panther driver took the win his former team had just missed. Hildebrand remained with the team in 2012; Panther Racing and Dreyer & Reinbold Racing formed a strategic alliance ahead of that year's 500, with the partnership securing Panther's second Chevrolet engine contract. In 2013, Hildebrand was released after the Indianapolis 500; Ryan Briscoe, Oriol Servià, and Carlos Muñoz drove the #4 for the remainder of the season.
In 2014, Panther Racing sued Rahal Letterman Lanigan Racing and IndyCar, alleging bid rigging that cost the team the National Guard sponsorship worth $17.2 million. Without the sponsorship, the team did not field an entry for the start of the season. Carlos Huertas tested for the team at Sebring. By April only a skeleton staff remained; the team's equipment was sold to KV Racing Technology to field a fourth entry for James Davison at the 2014 Indianapolis 500. The remaining assets were auctioned on 23 July 2014, and the team was officially listed as defunct in September 2014.
In 2003, Panther Racing won the Infiniti Pro Series with Mark Taylor, who won 7 of the 12 races and graduated to the IndyCar Series in 2004. Hideki Mutoh finished second in the 2007 Indy Pro Series for Super Aguri Panther Racing. In 2008, Panther fielded two cars in the Indy Lights Series: Dillon Battistini won four races before departing for Team Moore Racing for the final round; Brent Sherman competed in all 16 events. In 2009, Pippa Mann and Martin Plowman drove for Panther in Indy Lights, both finishing outside the top ten in the final standings.
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