After escaping from Korath and his men, Yondu communicates with Peter asking him if he had gotten the Orb. The Milano is used by the Guardians to escape to Kyln and travels to Knowhere to sell the Orb.
During the Battle of Xandar, the Milano is destroyed when Rocket collides against Dark Aster, property of Ronan. Finished the battle, the Nova Corps rebuilt the Milano as repayment for saving Xandar from the destruction.
The guardians use the Milano as their ship and crashland it on Berhert after a run in with the Sovereign. When Ego comes, the Guardians split up with Rocket fixing the ship with Nebula and Groot. However, he was unable to finish repairs because Yondu and his ravagers find them and take them prisoner.
According to James Gunn, Star-Lord's ship the Milano is based on a hot rod: "Its environment is reminiscent of Earth and has a tangible quality - mechanical with chrome and leather and a muscle-car look."