After losing the championship to Michael Andretti in 1991, Rahal (with partner Carl Hogan) acquired the assets to the former Pat Patrick Racing team, with Rahal becoming an owner-driver. The team was an immediate success in 1992, producing four wins for Rahal and his third CART championship, making him the last owner-driver to win the CART title, and the last driver to win a race in his own car until Adrian Fernandez did so in 2003. In 1993, Rahal attempted to develop his own Rahal-Hogan chassis, but reverted to the Lola chassis after failing to qualify for the 1993 Indianapolis 500. In 1994 the team brought the Honda engine into the CART series. Except for a second-place finish at , he and teammate Mike Groff struggled to show the full potential of an engine that would soon dominate the series. In 1995 at Long Beach Rahal became the 10th driver in Championship Car history (including AAA, USAC, and CART) to start 200 races in his career. Despite no wins, Rahal finished a strong 3rd in the 1995 standings using the Mercedes engine.