Headquartered in Zionsville, Indiana[1] and Hilliard, Ohio, it is co-owned by 1986 Indianapolis 500 winner Bobby Rahal, former television talk show host David Letterman, and businessman Mike Lanigan.

Likewise, Danny Sullivan left the Patrick Racing team, following a dismal season with the Alfa Romeo engine.

By the winter of 1991, however, Patrick Racing started to collapse due to financial and legal issues regarding the Alfa Romeo engine.

In 1992, the team won the IndyCar World Series title on their first try, with owner-driver Bobby Rahal driving a Lola T92/00 to 4 victories during the season.

[citation needed] At Indianapolis, the engine proved uncompetitive, and Rahal risked missing the race for the second year in a row.

In early 1996,[8] Rahal's longtime friend, and avid race fan, comedian David Letterman, purchased a small share of the team.

[9] The team placed three cars in the top eight for the Toyota Indy 300 during March 25, 2006, qualifying (Patrick third, Rice sixth, Dana ninth), and expected good things to come the next day for the race at Homestead-Miami Speedway.

During the final practice Sunday morning, Vision Racing's Ed Carpenter crashed in turn two and the car slid down the 20-degree banking.

Dana died in the hospital later that afternoon, and the entire team, including Patrick and Rice, withdrew immediately.

Before the 2006 Monterey Sports Car Championships,[citation needed] Rahal Letterman Racing announced that the team would be fielding a Porsche 997 GT3-RSR in the American Le Mans Series in 2007.

They were unable to find sponsorship to field a third car for 2004 Indianapolis 500 champion Buddy Rice, who moved to Dreyer & Reinbold Racing.

However, after 11 races, the team released Simmons and picked up former Champ Car driver Ryan Hunter-Reay,[10] who earned a 7th-place finish at the Honda 200.

Consistent finishes gave Ryan and the team the Rookie of the Year award despite making only six starts.

The team scored a win at the IndyCar Series event at Watkins Glen International and Hunter-Reay finished 8th in points.

[12] With the sponsorship of DAFCA they participated in the 2009 Indianapolis 500, where driver Oriol Servià, after starting on the ninth row, advanced to tenth place but completed only 98 laps before being forced to quit due to mechanical problems.

[14] Rahal ran in the top ten until a blocking penalty shuffled him back in the standings, and he finished 12th.

[15] The team signed Jay Howard to drive the #88 car with Service Central sponsorship for the 2011 Indy 500.

[16] The team returned to full-time IndyCar competition for 2012, running a single Dallara-Honda for Takuma Sato, who achieved two podium finishes at São Paulo and Edmonton.

Michel Jourdain Jr. returned to the team in a second car for the Indianapolis 500, where Sato came close to victory, crashing out on the final lap while attempting to pass Dario Franchitti for the lead.

[17] After rotating through a series of drivers, including Jourdain, Jay Howard, and Mike Conway, Graham Rahal returned to RLL to contest the full 2013 season.

However, he would have a breakout year in 2015, snapping a six-year winless streak at Auto Club Speedway and dueling Justin Wilson to win at his home track at Mid-Ohio.

Rahal would end the 2015 season fourth in points after consecutive bad races at Pocono and Sonoma.

The team also ran a third car for the first time in a race 2019 Indianapolis 500, with Jordan King finishing in 24th place.

Initially, the third car was only scheduled to run the 2021 Indianapolis 500 with Santino Ferrucci behind the wheel but after Ferucci's top ten finish in the 500 Hy-Vee gave additional sponsorship for the car to run at Detroit, Mid Ohio, and Nashville with Ferucci driving four races.

[21] In 2024 Pietro Fittipaldi replaced Harvey as a full-time entry and Takuma Sato returned to the team as a fourth driver in the Indy 500.

Despite being their first season with the car, the team claimed several GT poles, a 1–2 victory at Long Beach, and a win at Lime Rock Park.

For 2015, the team would make several changes to its lineup, this time with ALMS champion Lucas Luhr replacing Müller in the No.

In 2017, the 100 team reverted to the #24, with Martin Tomczyk replacing Luhr as Edwards' teammate, and Alexander Sims as Auberlen's new partner in the 25.

[36] He was replaced at Daytona by Augusto Farfus, who, along with co-drivers De Phillippi, Colton Herta and Philipp Eng, won the race in the GTLM class.