Larry Perkins again ran Special Vehicles Racing in 1989, with Perkins teaming with Win Percy and finishing second at Sandown. For the Bathurst 1000, Perkins teamed with Tomas Mezera with Percy and Neil Crompton driving the second car. The race for both cars ran smoothly for the team, with Perkins and Mezera finishing sixth and Percy and Crompton finishing behind them in seventh. The end of 1989 saw the end of Perkins contract with HSV, the team would be conducted in-house and the Holden Racing Team was born.
1991 saw Grice replace Crompton as the second driver for HRT and also saw a move from the VL Commodores used for the past 3 years to the newer VN Commodores. 1991 also saw the championship dominated by the Nissan Skyline GT-Rs due to a championship which allowed highly sophisticated cars to complete with more basic vehicles. Due to a decision between TWR and Holden, it was decided that HRT would only compete in as many races that they could manage within their budget. At the Bathurst 1000, Percy and Grice teamed together to score a second place for the team, with the second car of Crompton and Brad Jones failing to finish the race. Percy finished eighth overall in the championship and Grice finished fifteenth.
1992 saw the arrangement between Holden and TWR regarding the budget of the team have the greatest effect with HRT only competing in three rounds of the Australian Touring Car Championship. The only real success the team had in 1992 was a third place by Mezera and Jones at the Sandown 500. Following the 1992 season, the category was overhauled to become the V8 Holden versus Ford challenge that the V8 Supercars championship is today.
1993 was the first season of the new championship series using Holden Commodores and Ford Falcons powered by five litre V8 engines. It was also the year in which the 1987 World 500cc motorcycle champion, Wayne Gardner was signed to drive for HRT to be the second driver to Mezera. Both drivers competed in all nine rounds of the championship with the best result a second place to Mezera at Symmons Plains. Overall Mezera finished in seventh place and Gardner finished in fourteenth. Both cars failed to finish at the Sandown 500, and Mezera and Percy did not finish and Gardner and Jones finished in third place after qualifying third and fourth respectively at the Bathurst 1000.
1994 saw the return of Peter Brock to a factory Holden team to team with Mezera. Brock also brought with him the sponsorship of Mobil and the team became the Mobil Holden Racing Team. The team was competitive throughout the season, with Brock taking the round win at Eastern Creek and second places at Sandown, Symmons Plains, Philip Island and Oran Park. For the endurance events, HRT hired Brad Jones and Rickard Rydell to drive the second car. At the Sandown 500, Jones was partnered by 1993 Formula Ford Champion Craig Lowndes due to a scheduling clash for Rydell, the pair finishing fifth with Lowndes raising a few eyebrows, with Brock and Mezera finishing 6th after qualifying first. At the Bathurst 1000, Mezera and Brock did not finish the race, however Jones and Lowndes (who HRT decided to race in place of Rydell due to Lowndes pace at Sandown) finished second. Brock finished the championship in third place, with Mezera in ninth.
Brock and Mezera continued to race for the team in 1995 with Lowndes and Greg Murphy joining the team for enduros. The year was successful with numerous top three results for both Brock and Mezera. However, at both the Sandown 500 and Bathurst 1000, neither car finished either race. Brock finished the championship in third place and Mezera in fifth place.
Lowndes joined Brock to drive for the team on a full time in 1996. This year was one of the most successful years for HRT by winning both the Sandown 500 and Bathurst 1000. Lowndes also became the youngest driver to win the Australian Touring Car Championship. Both Mezera and Murphy rejoined the team for the endurance races, with Lowndes and Murphy winning both events. Brock finished the championship in fourth position.
1997 saw Lowndes head to Europe to compete in F3000 so Murphy joined Brock as the drivers for HRT. The year also saw a number of mechanical failures that prevented HRT from following on from the success of 1996. One highlight of the year however was the one-two finishes at both Symmons Plains and Wanneroo. Just before the Eastern Creek round of the series Peter Brock announced his retirement from full-time racing with the V8 Supercar Bathurst 1000 to be his final race. Overall, Murphy and Brock finished the year fourth and sixth respectively. Lowndes returned to drive in the endurance events to join Mark Skaife as the co-drivers. Lowndes and Murphy finished in first place at the Sandown 500, however neither car finished the Bathurst 1000.
Lowndes returned to HRT in 1998 and joined Skaife as the drivers for the championship. Lowndes continued the success of 1996, by winning the championship for the second time in his second full year of V8 racing. Murphy and Mark Noske joined the team for the enduros and after qualifying the cars first and second at Sandown, Lowndes and Skaife finished in second position. At Bathurst, Lowndes and Skaife finished sixth and qualifying first, and Murphy and Noske failed to finish the event. Skaife finished third in the championship.
The team drivers remained the same for the 1999 season, with Lowndes winning his third championship for the team and Skaife finishing third. The team finished first and second in four of the thirteen rounds of the championship season. Paul Morris and Cameron McConville joined the team for the Queensland 500 and Bathurst 1000, with Lowndes and McConville finishing third at the Queensland 500 and second at the Bathurst 1000. Skaife teamed with Morris to finish third at Bathurst.
Lowndes' departure opened the door for Jason Bright to join the team in 2001. 2001 also saw a win at Bathurst for Skaife and Tony Longhurst as well as Skaife winning his second championship for the team. Bright finished third in the championships and Tomas Mezera returned to the team for the endurance races.
2002 once again saw Skaife win the championship for the third year in a row, with Bright finishing fourth. HRT won the first eight rounds of the season (Skaife - six wins, Bright - two wins). The endurance races were the next two rounds of the championship and Jim Richards and Mezera joined the team for these two rounds. Skaife and Bright failed to finish the Queensland 500 after qualifying second while Richards and Mezera finished fourth. At the Bathurst 1000, Skaife and Richards teamed together to win the event, ten years after they teamed together to win the event in a Nissan Skyline GT-R with Bright and Mezera finishing third. The last three rounds of the championship were not as successful as the beginning of the season with the best finish a third place for Skaife at Sandown.
In 2003, the parent company of HRT, Tom Walkinshaw Racing, suffered a financial collapse and a new owner had to be found. By mid-2003, it was announced that Mark Skaife would be the new owner. Jason Bright also left the team. Todd Kelly was hired to race in the second car. Jim Richards and Tony Longhurst were co-drivers for the endurance events. Skaife and Kelly drove together at the Sandown 500 and won the race with Longhurst and Richards finishing in tenth. At the Bathurst 1000, Skaife and Kelly were leading the race with ten laps to go, when they were given a mechanical black flag to repair damage to the left rear door sustained in an accident with one of the Brad Jones Racing cars. Skaife and Kelly finished the race in eighth with Richards and Longhurst in fifth.
2004 saw Skaife and Kelly as team mates for the championship. For the enduro events, Jason Plato joined Peter Brock as the co-drivers. Brock came out of retirement again to attempt to score his tenth Bathurst win, however this was not to be after Plato collided with John Cleland driving for Ozemail Racing, after Plato slid into a tyre bundle on pit straight and had tyre and bodywork damage. Brock did not race one lap. Skaife and Kelly finished the race in fourteenth position, two laps down after a belt from the engine broke early in the race. Overall Kelly finished the championship in seventh place and Skaife finished in twelfth after a season of reliability problems.
The championship drivers remained the same for the 2005 season. Both Skaife and Kelly won rounds of the championship with Kelly winning the Shanghai round which was the first V8 Supercar round in South-East Asia. This victory gave HRT their 50th round win, the first team to do so. Skaife and Kelly teamed together to win the Bathurst 1000, and Jim Richards and James Courtney drove the second car, however failed to finish the race.
2006 saw Skaife and Kelly team together for their fourth season together. Overall Kelly finished the season in sixth place and Skaife finished in sixteenth. Both drivers did have success during the season with Skaife winning in Pukekohe and Kelly winning in Surfers Paradise and Phillip Island. For the endurance races, a deal was done between HRT and the Toll HSV Dealer Team so that Garth Tander would drive for HRT with Skaife, and Todd Kelly would drive for the Toll HSV Dealer Team with his brother Rick Kelly. It must be noted that both teams were sharng data and had an engineering partnership with Tom Walkinshaw Racing, and therefore they were grouped by TEGA. This was done to allow Tander and Rick Kelly the best chance at winning the championship as they were first and second in the championship before the enduros. However, the plan backfired with the Skaife/Tander car failing to finish at both enduros. The second HRT car was driven by Jim Richards and Ryan Briscoe and finished in 21st at Sandown and did not finish at Bathurst.
The 2007 V8 Supercar season saw the debut of the new VE Commodores. Skaife and Kelly will continue their partnership as the drivers of HRT in 2007. It was announced that former Ford driver Glenn Seton, a lifelong friend of Skaife, will join the team to participate in the endurance races at Sandown and Bathurst. It will be the first time he has ever driven a Holden Commodore, both road-going and racing. Teamed together for the Endurance Races will be Skaife and Kelly, with Seton and Nathan Pretty in the second car, although appendix surgery for Skaife forced a re-assessment for the Sandown 500, with Tony Longhurst returning to the team. It has not been a good year with HRT, with only a few round wins and top ten positions. For the Bahrain round, Todd Kelly's car was painted to represent a Chevrolet Lumina VE to celebrate ten years exporting cars into the Middle East.
The 2008 V8 Supercar season sees changes for HRT, with Garth Tander replacing Todd Kelly, who has moved to Jack Daniel's Racing as well Rob Crawford becomes Team Manager, and Mathew Nielson both also from Toll HSV Dealer Team will join the team to engineer Garth Tander's car. After the L&H 500, Tander leads Ford driver Mark Winterbottom by 53 points, after taking wins at Hamilton, Winton, and winning the L&H 500 with Skaife.
Skaife managed to produce sufficient evidence and TEGA allowed HRT to continue racing. A commercial settlement(payment) was struck between Skaife and TEGA that ensured that Skaife, and not Holden Motor Sport owner Tom Walkinshaw, had ownership and control over the team. It has been revealed that Tom Walkinshaw owns a 50% stake in Skaife Sports.