The team was formally announced in January 2006, purchasing Roger Penske's former facility after Penske relocated. Because Toyota had not yet received manufacturer clearance for the 2006 Cup season, Red Bull fielded Dodge vehicles in its limited 2006 appearances, sourcing cars from Bill Davis Racing. The team did not choose a primary driver until June 25, 2006, when Brian Vickers announced his commitment on the Speed Channel program Wind Tunnel. Former champion driver Bill Elliott made the team's first on-track appearance at Lowe's Motor Speedway in the No. 83 Dodge but failed to qualify. A. J. Allmendinger was announced as the second driver in October 2006, and the team made two additional non-qualifying attempts at Atlanta and Texas to close the year.
For 2007, the team moved to Toyota as its manufacturer and entered Vickers in the No. 83 and Allmendinger in a second car. Both drivers failed to qualify for the 2007 Daytona 500. The season proved difficult; Allmendinger's team accumulated 19 DNQs and finished 43rd in owner points. Vickers managed five top-ten finishes, including a fifth-place result in the Coca-Cola 600 where he led 76 laps, but also failed to qualify for 13 races, finishing 38th in owner points.
The 2008 season marked a clear improvement, particularly for the No. 83. The addition of crew chief Kevin Hamlin — who brought nine Cup victories from his prior work with Richard Childress Racing drivers including Dale Earnhardt — helped the No. 83 qualify for every race and secure a Top 35 owner points exemption following the spring Bristol event. Allmendinger qualified on pole for the Las Vegas race and posted a tenth-place finish at the Brickyard 400. He also won the Sprint Showdown non-points event, making him eligible for the All-Star Race. However, Allmendinger announced his departure to Richard Petty Motorsports following the season.
Scott Speed replaced Allmendinger in the renumbered No. 82 car for 2009, and Vickers achieved the team's breakthrough result: a Cup Series victory at Michigan International Speedway in August, the first win in team history and the second of Vickers' career. This performance helped Vickers earn a spot in the 2009 Chase for the Sprint Cup at Richmond, the first Chase berth for any Red Bull NASCAR driver. Despite the Chase appearance, Vickers finished 12th in the final standings after an underwhelming playoff run.
In 2010, Vickers experienced medical problems on May 21 that forced him out for the remainder of the season. Multiple drivers substituted, including Casey Mears, Reed Sorenson, Mattias Ekstrom, Boris Said, and Kasey Kahne. Scott Speed was released at season's end and subsequently filed a lawsuit against Red Bull. The team's on-track struggles, combined with difficulties reaching the 18-to-34 demographic that Red Bull targeted as a brand, set the stage for withdrawal.
For 2011, Kahne drove the No. 4 (formerly No. 82) full-time while Vickers returned to the No. 83. On June 20, 2011, the Associated Press reported that Red Bull was planning to leave NASCAR at the conclusion of the season. Despite this announcement, Kahne delivered the team its final victory at the November race at Phoenix Motor Speedway. A third car, the No. 84, was fielded for development driver Cole Whitt in the season's final two events. The team officially closed on December 8, 2011, with its cars, owner points, and equipment purchased by former TRG Motorsports executive Ron Devine to form BK Racing.
Red Bull Racing Team represented an ambitious crossover between a global energy drink brand and NASCAR's American heartland audience, a marketing experiment that never fully translated into strong television ratings or sustained on-track results for the organization. The team's brief window of success — centered on Vickers' 2009 Michigan victory and Chase qualification — demonstrated that the equipment was capable when properly funded and crewed. The team's closure was cited as evidence that NASCAR's audience demographics posed structural challenges for brands relying on youth marketing.