The PC23 debuted at 1994 Australian FAI Indycar Grand Prix, noted for the sensational debut win of Reynard chassis, qualifying 3rd with Fittipaldi, 5th with Al Unser, Jr., and 6th with Tracy. In the race, which was shortened by 10 laps due to darkness, Fittipaldi scored a 2nd place, while Unser and Tracy retired for electrical problems. At Phoenix, the first oval race of the season, the PC23 scored its first win, with Fittipaldi ahead of Al Unser, Jr. The season continued with six wins in a row, three for Unser: Long Beach, Indianapolis and Milwaukee, where Penske Racing scored a remarkable 1-2-3 win with Fittipaldi second and Tracy third, a win for Tracy at Detroit, and two wins for Unser at Portland, another 1-2-3 sweep for Penske, and Cleveland. In Toronto however, Unser's engine blew, while Fittipaldi finished 3rd, and Tracy 5th, ending an astonishing streak of seven wins in a row. In Michigan, the entire Penske pack retired, but for the next two races, Mid-Ohio and New Hampshire, the Penskes scored two 1-2-3 wins in a row, with Unser as the winner on both occasions. Unser won also in Vancouver, completing his second row of 3 back to back wins of the season. The Road America was won by then-rising star Jacques Villeneuve, his first in CART racing, while Unser clinched the championship ahead of Fittipaldi. Two final events of the season, Nazareth and Laguna Seca were won by Paul Tracy. Unser, Fittipaldi, and Tracy ended the season at first three places in season standings respectively.