The team was originally formed as PK Racing ahead of the 2003 Champ Car season by Australian businessman Kevin Kalkhoven and former Formula One team manager Craig Pollock, who acquired the remnants of the PacWest Racing team. In its first season, PK Racing fielded one car with several drivers including Patrick Lemarié, Bryan Herta, Max Papis, and Mika Salo. Salo scored the team's best result that year with a third-place finish late in the season.
For 2004, the team was significantly restructured and renamed PKV Racing — the initials reflecting partners Dan Pettit, Kevin Kalkhoven, and Jimmy Vasser, as Pollock departed and Pettit and veteran driver Vasser joined as co-owners. The team expanded to two cars, fielding entries for Vasser and rookie Roberto González. Vasser scored the team's best finish that season with a second place at Toronto, though the overall results were modest.
In 2005, PKV replaced González with former Champ Car champion Cristiano da Matta. Da Matta delivered the team's first win at Portland and finished 11th in the championship. Vasser recorded two third-place finishes and placed sixth overall.
For 2006, PKV ran full-season entries for veteran Oriol Servià and rookie Katherine Legge. Vasser drove a third car at Long Beach in what was effectively his retirement from racing. Servià scored a third place at Cleveland and finished 11th in the championship, while Legge struggled to results and placed 16th overall.
The 2007 driver lineup paired Neel Jani with Tristan Gommendy. Mario Domínguez substituted for Gommendy at Edmonton, and Oriol Servià replaced Gommendy for the final two races due to sponsorship issues. The team's standout results were Jani's pair of second-place finishes at Toronto and San Jose.
Following the unification of American open-wheel racing in 2008, PKV Racing transferred to the IndyCar Series and rebranded as KV Racing Technology, with Pettit stepping away from ownership. Craig Gore and John Fish joined as new partners, bringing their Team Australia branding from Walker Racing along with driver Will Power to partner Servià. Power won the Champ Car finale — the 2008 Toyota Grand Prix of Long Beach — in a race that also counted toward the IndyCar Series championship.
Under the KV Racing Technology banner, the team enjoyed a lengthy IndyCar career that included Tony Kanaan's victory in the 2013 Indianapolis 500, Sébastien Bourdais winning at Toronto in 2014, and multiple wins in Detroit. The team formally ceased operations in February 2017, when Kalkhoven and Vasser confirmed the end of KV Racing Technology and the sale of equipment and technical data to Juncos Racing.
PKV Racing bridged the final years of the Champ Car era and the post-unification IndyCar landscape. The team provided competitive machinery to a wide range of international drivers and helped develop Katherine Legge as one of the few women to contest a full season in top-level American open-wheel racing. The organization's continuity from PK Racing through PKV to KV Racing Technology made it one of the longer-running open-wheel programs of its generation in North America.