King Racing made their debut during the 1988 season, fielding the No. 15 and 17 Mac ToolsLola T8700-Buick V6 at the Indianapolis 500 with Jim Crawford in No. 15 and Johnny Rutherford in No. 17. Both qualified mid-pack. Crawford led for eight laps. Crawford was running in second place late in the race. Crawford then ran too low on the track, getting into the grass, and dropped to 6th place during a pit stop to change the damaged tire.
1989–1991
For the 1989 season, the team fielded Crawford again in the No. 15 Mac Tools Lola T8700-Buick V6 at the Indianapolis 500 and qualified in 4th place. Crawford suffered a practice crash. The car was repaired in time to race. Crawford retired with mechanical problems. King Racing did not compete in 1990. They made a return during the 1991 season with Crawford driving the No. 26 Quaker State Lola T9100-Buick V6 and would qualify in 8th place. Crawford would retire with mechanical problems.
1992
For 1992 season King Racing would compete in their first race besides the Indianapolis 500 when Roberto Guerrero drove the No. 36 Quaker State Lola T9100-Buick V6 at the Toyota Grand Prix of Long Beach on the streets of Long Beach; he was however off the pace due to CART ruling not giving V6 engines as much boost. However at the Indianapolis 500 King Racing ran a pair of Quaker State Lola T9200-Buick V6 with Guerrero in No. 36 and Crawford in No. 26. The USAC regulations for V6 engines gave them more boost. As a result, Guerrero would qualify on the pole position setting new one-lap and 4-lap records with a 4-lap average of 232 mph and one lap at 233 mph. Crawford was also fast but had mechanical problems on pole day and recovered to qualify. Guerrero would spin out during the parade lap and would fail to start as a result. Crawford was running in the top 10 when he spun into the wall, collecting Rick Mears. Mears' teammate Emerson Fittipaldi also spun and crashed on the same lap.
For 1993 King Racing would expand to a full-time team with Guerrero driving the No. 40 Budweiser King Lola T9300-Ilmor-Chevrolet Indy V8. Jim Crawford would drive No. 80 and Al Unser Sr. in No. 60. At the Indianapolis 500, Guerrero was involved in a crash with Jeff Andretti. Unser led early on but dropped to 13th. Crawford would spin out early on and would not recover. Guerrero would get a best finish of 4th at the New England 200 at New Hampshire Motor Speedway but was replaced by Eddie Cheever for the last few races of the season. Guerrero would finish 14th in points.
For 1994 Scott Goodyear would drive the No. 40 Budweiser King Lola T9400-Ford-Cosworth XB. At the Indianapolis 500 the team hired Davy Jones to drive a spare car numbered 40T. Goodyear would fail to qualify while Jones would qualify. So Goodyear would replace Jones on race day but retired with mechanical problems early on. Goodyear gave King Racing their only CART win when he drove to victory at the Marlboro 500 at Michigan International Speedway. Goodyear finished 12th in points. The team closed their CART team at the end of the season and their NASCAR team closed at the end of 1995 NASCAR Winston Cup Series.
Scott Goodyear