"Time Machine", the band's first single release, barely broke the top 50 in the singles charts. However, after the success of their second album Grand Funk (aka The Red Album), On Time went gold shortly thereafter in 1970, one of four RIAA gold record awards for the band that year. The other two albums reaching gold status in 1970 for GFR were Closer to Home and Live Album.
In 2002, On Time was remastered on CD with bonus tracks and also released in a limited edition box set Trunk of Funk that contained the band's first four albums. The "trunk" has slots for twelve CDs to house the future release of the remaining eight albums that were released by Capitol records. Also included is a pair of "Shinin' On" 3-D glasses, guitar pick and a sticker reproducing a concert ticket.