The team was founded by Derrick Walker, who purchased the left over assets of the former Porsche Indy team. In the first season, 1991, the team successfully qualified rookie Willy T. Ribbs at the Indy 500. In 1992, the team fielded Scott Goodyear on a full-time basis who won at Michigan and nearly won the 1992 Indianapolis 500. He was joined beginning with the 1993 Indianapolis 500 by Willy T. Ribbs who raced with the team until the end of the 1994 season. The team ran a third full-time car in 1993 for Hiro Matsushita.

Goodyear was replaced at the beginning of the 1994 season by Robby Gordon who raced with the team with Valvoline sponsorship until 1996. Mark Smith was replaced by rookie Christian Fittipaldi in 1995 who finished second in the Indy 500 and finished 15th in points.

As a results of the CART-IRL split in 1996, the Walker team elected to participate in both races with Gordon and Fredrik Ekblom driving in the U.S. 500 and Mike Groff racing in the 1996 Indianapolis 500.

In 1997, Gil de Ferran took over the Valvoline car and was the runner up in the championship that year, despite not scoring a victory. De Ferran stayed with the team until 1999, a year where he finally broke through and scored his first victory for the team, the team's first since Gordon's win at Detroit in 1995.