Teddy Field's Interscope Racing started off entering Danny Ongais in Formula 5000 in 1975, graduating to USAC racing and the Indianapolis 500 in Parnelli chassis. Field also funded Ongais to make occasional Formula One outings in a Penske during the 1978 season.
Ongais made his CART debut during the 1979 season driving the #25 Panasonic/Interscope Racing Parnelli 6C-Cosworth DFX. At the Indianapolis 500 Ongais crashed in practice and this put Ongais in jeopardy of not being able to compete.
Field also backed the construction in 1980 of an Interscope chassis designed by Roman Slobodinskij for the Indianapolis 500. This was intended to take a turbocharged six-cylinder Porsche engine (similar to the one Ongais and Field were using in their Porsche 935) but a dispute with USAC over turbo boost meant the program was abandoned. The car was eventually fitted with a conventional Ford Cosworth DFX engine and entered in the 1981 500. Ongais led the race but crashed and was critically injured. In 1982 a recovered Ongias gave the car one last start at Indy but that too ended with an accident.
Ongais next drove in CART during the 1983 CART/PPG World Series season, first driving at the 1983 Indianapolis 500 driving the #65 Interscope Racing March 83C-Chevrolet V6. For the 1984 season Ongais took over as owner of Interscope Racing fielding the #25 Interscope Racing March 84C-Cosworth DFX. Ongais finished in 3rd place at the Detroit News Grand Prix at Michigan International Speedway. He also finished in 10th place in points.
Ongais was the Interscope Racing driver until 1987.