The team was formed in 1969 by former USAC racer Parnelli Jones and his business partner Velko "Vel" Miletich.

Unser repeated the Indy 500 win in 1971 with a new Colt built without the left side chassis offset that had been made illegal by 1971 rules, ending the season in fourth place in the USAC drivers points while teammate Joe Leonard won the championship.

Jones was unable to find a replacement title sponsor and despite improvements made to the car the team folded only three races into the 1976 season.

Andretti only learned of the Formula One team's future from journalist Chris Economaki, as he sat in the car on the grid for the Long Beach Grand Prix.

The car debuted at the Speedway in 1975 in a modified Indy version of the Formula One Parnelli chassis, although it was not run regularly until late in 1976.