The series was governed by rules called out under the FIA Group 7 category with unrestricted engine capacity and few other technical restrictions.

The Group 7 category was essentially a Formula Libre for sports cars; the regulations were minimal and permitted unlimited engine sizes (and allowed turbocharging and supercharging), virtually unrestricted aerodynamics, and were as close as any major international racing series ever got to have an "anything goes" policy.

Some Group 7 cars were also built in Japan by Nissan and Toyota, but these did not compete outside their homeland (though some of the Can-Am competitors occasionally went over to race against them).

There was good prize and appearance money and plenty of trade backing; the series was lucrative for its competitors but resulted, by its end, in truly outrageous cars with well over 1,000 horsepower (750 kW) (the Porsche team claimed 1,500 hp (1,100 kW) for its 917/30 in qualifying trim[1]), wings, active downforce generation, very light weight and unheard of speeds.

Racing was rarely close—one marque was usually dominant—but the noise and spectacle of the cars made the series highly popular.

Can-Am remains a well-remembered form of racing due to its popularity in the 1960s and early 1970s, the limited number of regulations allowing extremely fast and innovative cars and the lineup of talented drivers.

Jim Hall, Mark Donohue, Mario Andretti, Parnelli Jones, George Follmer, Dan Gurney, Phil Hill, Denny Hulme, Jacky Ickx, Bruce McLaren, Jackie Oliver, Peter Revson, John Surtees, and Charlie Kemp all drove Can-Am cars competitively and were successful, winning races and championship titles.

The McLaren team was considered very "multinational" for the times and consisted of team owner and leader Bruce McLaren, fellow New Zealander Chris Amon and another "kiwi", the 1967 Formula One world champion, Denny Hulme, team manager Teddy Mayer, mechanics Tyler Alexander, Gary Knutson, Lee Muir, George Bolthoff, Frank Zimmerman, Tom Anderson, Alan Anderson, David Dunlap, Leo Beattie, Donny Ray Everett, and Haig Alltounian (all from the US), Don Beresford, Alec Greaves, Vince Higgins, and Roger Bailey (UK), Tony Attard (Australia), Cary Taylor, Jimmy Stone, Chris Charles, Colin Beanland, Alan McCall, and Alistair Caldwell (NZ).

The M6 series of cars were powered by Chevy "mouse-motor" small-block V8s built by Al Bartz Engines in Van Nuys, California.

Nine months later, Bruce McLaren lost his life, on June 2, 1970, at Goodwood when the rear bodywork of his prototype M8D detached during testing resulting in a completely uncontrollable car and a fatal high-speed crash.

Team McLaren continued to succeed in Can-Am after Bruce's death with a number of other drivers, but the works Porsche effort with a turbocharged flat-12 engines and a high development budget meant that they could not keep up with the 917.

Prepared by Roger Penske and driven by Mark Donohue and George Follmer these cars won six of the nine races.

[3] Jim Hall's Chaparrals were very innovative, following his success in the United States Road Racing Championship (USRRC).

Although far too mechanically complex to survive in racing environments, the theory was sound, and would appear in Formula One a few years later in the BT46B "Fan Car" of 1978.

Well-established European manufacturers like Lotus, CRD, in the form of their Merlyn Mk8 Chevrolet, Ferrari and BRM, appeared at various times with limited success, while March tried to get a share of the lucrative market in 1970–71, but could not establish themselves.

American specialist marques like McKee, Genie and Caldwell competed, alongside exotica like the astonishing four-engined Macs-It special.

British-born mechanic and engineer Peter Bryant designed the Ti22 (occasionally known as the Autocoast after one of the team's major backers) as an American-built challenger to the British McLarens and Lolas.

The car made extensive use of titanium in its chassis and suspension, and Bryant experimented with aerodynamics and with early use of carbon-fibre to reduce weight.

Spiraling costs, a recession in North America following the oil crisis, and dwindling support and interest led to the series being canceled and the last scheduled race of the 1974 season not being run.

This grew steadily in status, particularly during the USAC/CART wars of the late 70s and early 80s, and attracted some top road-racing teams and drivers and a range of vehicles including specials based on rebodied single seaters (particularly Lola F5000s) and also bespoke cars from constructors like March as well as smaller manufacturers.

Their top prototype class was named Can-Am, but the series would fold before the end of 1999 before being replaced by the Grand American Road Racing Championship.