The company was founded in 1984 by Danny Maher, marketing a four-seat homebuilt aircraft based on the Long-EZ design.
The RRL announced their goal was to "produce an airframe that will be consistent for all competing Rocket Racers.
"[4] On May 26, 2010, Scott and Duane Swing bought back full ownership of Velocity Inc from the Rocket Racing League.
In 1995, Velocity introduced the gull-wing doors, calling the plane the Standard Elite (abbreviated to "SE").
When the Swings purchased Velocity from Danny in 1992, their retractable gear became a factory option to the kit.
It reduced the size of the keel down the center of the cabin, giving more room in the back seat.