For 1976, Penske signed a sponsorship deal with Citibank and entered a brand new PC3 for Watson. In spite of a fifth place scored at the South African Grand Prix at Kyalami, the PC3 was evolved into the PC4, which was much more competitive, allowing Watson to score two podiums in France and Britain. Then, in the Austrian Grand Prix, the team scored their only F1 win. So far this has been the last time an American constructor won a F1 race. Still, at the end of the year, Penske decided to withdraw from the sport to concentrate solely on Indycar racing, selling the remains of his European operations to Günter Schmid of Germany.