Robotech toys were based on at least two separate Japanese toys lines ("Macross" and "Climber Genesis Mospeada"). Harmony Gold of the US combined three separate non-related Japanese cartoons into "Robotech" which prominently featured transforming planes: Valkyries/Veritech. The Valkyrie/Veritech would be able to change into three forms: Fighter (plane), Gerwalk (half plane, half robot), and Battroid (robot).
Japan had quite a few of these transforming toys (produced by a now defunct company known as Takatoku). In the US, Mattel released a few of the same transforming toys. There was also a large, non-transforming version of the Valkyrie/Veritech that could hold an action figure in the cockpit. Several action figures were made of characters from the cartoon series.
The story was based upon Earth characters on the Super Dimensional Fortress-1 (SDF-1) fighting against an alien race (the Zentradi).
According to the Robotech series, latter characters flew "new" transforming planes called Alpha fighters (these were actually based on a completely separate cartoon series in Japan). The Alpha fighters could also change into the aformentioned three forms. Along with this "new" series were motorcycles driven by the main characters that would separate to become body armor for said characters.
There were a few other non-transforming enemy vehicles available (Zentradi pods and Officer pods) as well as the transforming Hovertank and SDF-1.
One would immediately recognize the Macross/Robotech Valkyrie/Veritech toy as "Jetfire" from "The Transformers" (Hasbro had the rights to make a character based on the old Takatoku molds...in fact, some Jetfires feature the Macross symbol on a wing). Ban Dai had recently bought the rights to Takatoku's molds and reissued several of the old toys. Also, in the late nineties, some of the old Robotech toys were re-released under the "Exo-squad" toy series.