The PJ Colt was built by the Vel Miletetich / Parnelli Jones organization under the direction of George Bignotti in 1970. Al Unser had been very successful in the Vel’s Parnelli Jones team’s Lola T150 in the latter half of the 1969 season, winning three races and adding three second-place finishes. For 1970, the team’s chief mechanic George Bignotti decided to fabricate the team’s own evolution of the Lola at the team’s workshops in Torrance, California. The cars to be called Colts, or PJ (for Parnelli Jones) Colts. It was said at the time that Bignotti acquired a T150 monocoque from Lola and copied that, but whether the Lola monocoque was used to construct either of the team’s two 1970 Colts is not known. The car was powered by turbocharged V8 Ford 150 ci V8 engine, producing 780 bhp at 9600 rpm. Hewland’s LG500 4-speed gearbox was retained from the Lola design. Al Unser drove Colt to his first Championship winning 5 paved ovals and track races – at Phoenix, Indianapolis, West Allice and Trenton speedways, and at Indianapolis Raceway Park road course. To his 5 wins on paved tracks, Unser added 5 victories on dirt ovals, driving Vel’s Parnelli King – Ford Dirt Champ car.
Unser captured his first out of his four wins in Indy 500 in 1970. It marked the first time brothers had been victorious at the Brickyard, since Al’s brother Bobby had won the 1968 classic. Unser started from the pole and led for 190 of the 200 laps, giving up the front running position only while making pit stops. George Bignotti scored his fourth of a record seven victories as Chief Mechanic.
| Season | Series | Event |
| 1970 | USAC National Championship | Indianapolis 500 |
| Driver | No. | Entrant |
| Al Unser | 2 | Vel’s Parnelli Jones Ford |
| Chassis | Engine | Car Name |
| PJ Colt `70 | Ford | Johnny Lightning “500” Spl. |
| Scale | Manufacturer | Collection |
| 1:43 | Replicarz | |
| Cat. No. | Quality | Rarity |
| R43009 | 
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