The Eagle Electric started off as the U-21 $ Bill in 1962. The $ Bill raced under many drivers quite unsuccessfully until it was sold to Dave Heerensperger in 1967 to compete under Heerensperger's company name of Eagle Electric. Colonel Warner Gardner drove the boat for three races in 1967 and eight races in 1968 before the boat was destroyed in a crash.
In 1968, the Colonel drove the boat competitively before he was killed and the boat was destroyed in a tragic accident in Detroit. The boat did well to place 3rd in national high points, highlighted by three wins at Guntersville, AL, the Tri-Cities, and Washington D.C.