The All American Racers team was inactive in single-seaters from 1987 to 1995 and returned in 1996 again building their own chassis and using new Toyota engines. However, this new effort, a combination of new and untested equipment, did not prove to be successful, never winning a race and collecting only occasional points. The car was driven by Juan Manuel Fangio II, nephew of five-time World Champion Juan Manuel Fangio. Fangio II had competed in Formula 3000 and Indy lights in 1980s, and drove for All American Racers in 1989 – 1993 in IMSA GTP championship, where he was a champion of the 1992 and 1993 seasons. He debuted in CART at the end of 1995 season driving PacWest Reynard in three last rounds of the year. Naturally, he was chosen by AAR to return to open wheels in 1996 with the new Eagle. The best what was achieved was 8th place at Road America, and 23rd position in the final points’ standings of the 1996 CART season. AAR continued with Fangio II in 1997, but with Reynard chassis instead of the Eagle. The result was the same – 23rd position in the championship. Fangio II withdrew from racing after 1997, while the AAR team ceased active racing after the 1999 CART season.
| Season | Series | Event |
| 1996 | PPG Indy Car World Series | |
| Driver | No. | Entrant |
| Juan Manuel Fangio II | 36 | All American Racers |
| Chassis | Engine | Car Name |
| Eagle Mk-V | Toyota | Castrol |
| Scale | Manufacturer | Collection |
| 1:43 | Formula Models | |
| Cat. No. | Quality | Rarity |
| FM07 | 
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