It was renamed to PKV Racing, as businessman Dan Pettit and veteran driver Jimmy Vasser replaced Pollock as co-owners.

In 2005, PKV replaced Gonzalez with former series champion Cristiano da Matta, who took the team's first win at Portland.

For 2006, the team fielded full season entries for veteran Oriol Servià and rookie Katherine Legge.

Australian businessmen Craig Gore and John Fish brought 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 a race which also counted towards the IndyCar Series championship.

The team added Tony Kanaan in a third car, the #82, as a tribute to the late Formula One and Indy 500 champion Jim Clark.

For 2012, Sato would leave KV for Rahal Letterman Lanigan Racing, replaced by former Formula 1 driver Rubens Barichello.

[3] On 30 October 2012, HVM Racing's Simona de Silvestro joined KV for the 2013 IndyCar Series season.

The team had moderate success in 2014, with Saavedra claiming his first pole at the Grand Prix of Indianapolis and Bourdais taking his first IndyCar win at Honda Indy Toronto.

Without proper funding, Kalkhoven and Vasser attempted to sell the team to Indy Lights owner Trevor Carlin, but the deal fell through.