Penske entered the Formula One World Championship from 1974 to 1976. Although the cars were built at the British base in Poole, the team held an American licence. In 1971, Penske had sponsored the second McLaren entry in the 1971 Canadian and US GP, entering Mark Donohue, who took the car to a podium finish. The team returned three years later, in the 1974 Canadian GP, with their own chassis, the PC1, a standard tub built around a Cosworth DFV engine and a Hewland gearbox. Donohue took the car to 12th place on its debut. In 1975, Roger Penske mounted a full season attack with the PC1, Donohue managing to score a fifth place in the Swedish GP. However, the car was retired after the French GP and Penske entered a March 751 for the next three races, scoring another fifth in the British GP. However, Donohue crashed the car in the final practice session of the 1975 Austrian Grand Prix at Spielberg and later died from his injuries. Penske missed the Italian race, returning only for the US GP, abandoning the March 751 in favor of the PC1 with Northern Irish driver John Watson.

For 1976, Penske signed a sponsorship deal with Citibank and entered a brand new PC3 for Watson. In spite of a fifth place scored at the South African Grand Prix at Kyalami, the PC3 was evolved into the PC4, which was much more competitive, allowing Watson to score two podiums in France and Britain. Then, in the Austrian Grand Prix, the team scored their only F1 win. So far this has been the last time an American constructor won a F1 race. Still, at the end of the year, Penske decided to withdraw from the sport to concentrate solely on Indycar racing, selling the remains of his European operations to Günter Schmid of Germany.

Activity: 1974 - 1976
Grand Prix: 41
Victories: 1
Best Grid Position: 2nd - J. Watson (Austria 1976)
Fastest Laps: 0
Championship Points: 23