Lee Petty founded the operation and brought it its first starts at Occoneechee Speedway, winning the team's inaugural race in its fifth start at Heidelberg Raceway. Lee claimed the NASCAR Grand National championship in 1954, added further wins through the decade, and won the inaugural Daytona 500 in 1959. His sons Richard and Maurice also drove for the team early in their careers. A severe crash during 100-mile qualifying races for the 1961 Daytona 500 effectively ended Lee's active driving career.
Richard Petty took over as the team's primary driver and transformed Petty Enterprises into NASCAR's dominant force across three decades. He won his first race for the team in 1960 at Charlotte Fairgrounds Speedway and began accumulating victories at a pace unmatched in the sport's history. His 1967 season — 27 wins from 48 starts, including ten consecutive victories — represented the peak of the team's statistical output.
With STP beginning a long sponsorship arrangement in 1972, the car adopted the iconic combination of Petty Blue and STP Red that became one of the most recognized liveries in American motorsport. Petty won six of his seven championships while driving the No. 43 car: 1964, 1967, 1971, 1972, 1974, 1975, and 1979. His seventh and final Daytona 500 victory came in 1981, and his 200th career win arrived at the Firecracker 400 at Daytona in 1984.
Maurice Petty served as chief engine builder throughout this period, and Dale Inman handled crew chief duties across most of Richard's championship years. The family-operation structure — Richard driving, Maurice building engines, cousin Dale leading the crew — was central to the team's efficiency and longevity.
Richard Petty retired at the end of the 1992 season after a farewell "Fan Appreciation Tour" that took him to every race on the calendar.
Following Richard's retirement, the team underwent a series of driver changes and gradual decline. Rick Wilson, Wally Dallenbach Jr., John Andretti, and Bobby Hamilton drove the No. 43 in successive seasons. Hamilton won twice for the team — at Phoenix in 1996 and Rockingham in 1997 — providing brief revival. Andretti won at Martinsville in 1999 in what proved to be the final victory for Petty Enterprises as an independent entity.
The team lost longtime sponsor STP in 2000 and cycled through General Mills backing without recovering its competitiveness. Kyle Petty joined as a driver and later CEO, and the team expanded to multiple cars. Tragedy struck in May 2000 when Kyle's son Adam Petty was killed in a practice crash at New Hampshire Motor Speedway, becoming the fourth member of the Petty racing family to die in motorsport. Bobby Labonte joined as lead driver for 2006–2008 with former Hendrick Motorsports crew chief Robbie Loomis, but the pairing could not deliver wins.
By late 2008, the team's primary sponsor General Mills had departed to Richard Childress Racing, and owner Boston Ventures could not secure replacement sponsorship. The No. 43 and No. 45 cars were left without funding.
In January 2009, Petty Enterprises merged with Gillett Evernham Motorsports to form Richard Petty Motorsports, adopting a logo similar to its predecessor. The merged team continued racing the No. 43. In 2021 it became Petty GMS Motorsports and in 2023 rebranded as Legacy Motor Club, with Jimmie Johnson purchasing a co-ownership stake. The team's famous "Petty Blue" color — created by accident in 1958 when available paints were mixed to cover the car — remains on the No. 43 to the present day.