Aerotech began in 1984 as a research vehicle designed by Ed Welburn, GM's Vice President of Global Design (at the time, he was the assistant chief designer at the Oldsmobile studio.) At the time, Oldsmobile was developing a Quad 4 engine with four valves per cylinder and dual overhead camshafts. The engineers were looking for a vehicle to test the new Quad-4 engine and showcase its potential.

With design inspiration from aerodynamic vehicles of the day, including the Porsche 917, initial sketches were completed in early 1985. A mockup was completed shortly thereafter. An aerodynamicist at General Motors named Max Schenkel fine-tuned the design following wind tunnel testing that revealed aerodynamic inefficiencies. The nose shape became rounded, the air intakes were relocated from the sides to the top of the rear fenders, and additional modifications were made to the canopy area.

The chassis was a modified version of March Engineering's 84C CART platform. It had a 111.3-inch wheelbase, an overall length of 192.2 inches, was 86 inches wide, and stood 40 inches tall (the same height as the Ford GT40 that won Le Mans in the late 1960s). Downforce was created by the car's underbody, employing adjustable panels that changed the amount of airflow that flew through the car's underbody tunnels.

The short-tail version, driven by A.J. Foyt, set a closed-course speed record of 257.123 mph on August 26, 1987, at Fort Stockton, Texas. It also set a 'flying mile' record of 267.399 mph on August 27, 1987, on the Fort Stockton Test Track in Fort Stockton, TX. Foyt hit straightaway speeds of 290+ mph, yet never used all the available horsepower. The specially-prepared turbo-charged, 2-liter, Quad-4 engine produced 900 horsepower. A twin-turbo version produced almost 1000 horsepower. The Aerotech body was designed by GM Design staff and is one of the sleekest vehicles yet developed for a GM car division. The design of the Aerotech includes the capability of adjusting underbody sections to control the distribution of downforce, front to rear.

In 1993 the Aerotech was fitted with a slightly modified production 4.0-liter Aurora V8 engine for a durability event that tested the engine's ability to run long distances at high speed.