Team owner, Wayne Peterson, first worked with Gerald Smith in 1970 when Gerald was the owner/crew chief of a short track team with his brother Randy Smith driving. Wayne purchased a Dodge from Bobby Allison in 1972. The Peterson-Smith team was formed in 1973 with Wayne Driving and Gerald as crew chief. The team ran this Dodge in select superspeedway races in NASCAR's Late Model Sportsman Division (now the NASCAR Nationwide Series) and The NASCAR Modified series through 1977. In 1978, Wayne purchased a Nascar Dash Series car. The team ran select races in the Dash Series through 1982 with both Wayne and Randy driving. In 1980 Gerald and the team built a second Dash car to be driven by Randy.
Then in 1982, Wayne and Gerald went to work full time for the Digard Winston Cup team with Driver Ricky Rudd. Gerald worked as a mechanic and Wayne as the engine tuner with engine builder Robert Yates. Wayne and Gerald then purchased a Winston Cup Buick Regal from the Digard team and promptly qualified for the Winston Cup races at Rockingham and Atlanta later that year. The car was wrecked at Atlanta. The team decided that due to the cost and level of competition, this new team should run in the ARCA Series until proper funding/sponsorship could be found.
The team continued to upgrade their equipment, purchasing a new car every other year or so while running select events in the ARCA Series. The team did continue to run the occasional Winston Cup race through the mid 1990's when funding allowed. The team formed a close alliance with James Hylton, fielding the primary or a second car for that cup team. The team also fielded a cup car at the Daytona 500 in association with driver Greg Sacks, sponsored by the U.S. Navy during Desert Storm. The team normally fielded cars for Wayne and various drivers who wanted to try the Winston Cup or the Cup like car in the ARCA Series.
In the 1990's the team began running more of the ARCA Remax Series events including the short tracks, dirt tracks, and road courses. Many drivers worked with Peterson Motorsports to get experience and develop the skills needed to run on the superspeedways.
The team ran the full ARCA season in 1998 with Brian Conz driving most of the races and finishing a career best 10th in the final ARCA Series driver points.
In 1999 the team fielded cars for several different drivers including Wayne Peterson, Brad Baker and Bill Flowers with the team finishing 17th in the series owner points.
In 2000 the team had Mike Harmon driving most of the races and finished 16th in driver points and 17th in the series owners points.
In 2001 the team ran the full ARCA season with six different drivers, such as Chase Montgomery, Tim Mitchell and Brian Conz and Tim Turner, occasionally running 2 cars at several events. The team's #6 car finished 10th in the Series owner points in 2001 and Tim Mitchell finished a carrer best 14th in the series driver points.
In 2002, the team ran at leas two cars in all of the ARCA Remax Series races, Car # 6 and car # 06. Tim Mitchell drove most of the season in one of the cars and finished 18 in the final 2002 series driver points. Car #6 and #06 finished 20th and 27th in series owner points. Chase Montgomery and his father Ray Montgomery started an associated team as #27 and finished 6th in final driverand owners points
In 2003, Brian Conz ran in the # 6 for most of the season, finishing 18th in the driver points in 2003. The #06 had several different rising drivers during the season and finished 22nd in the final series owner points in 2003, followed by the #6 in 25th position.
2004 saw the team grow to a 4 car team. Wayne had the #06 and #6, with various drivers, and finished 21st and 22nd in the final series owner points in 2004. Michael Peterson ran #0 and #16 and finished 26th and 36th respectively in the final series owner points for 2004. Tim Mitchell piloted the #0 to a 16th place in the final driver points for 2004.
2005 Wayne ran car #16 and #6 and finished 25th and 32nd respectively and Michael ran #06 and #0 finishing 26th and 37th respectively in the final series owner points for 2005. Tim Mitchell was listed as owner of a 5th team car, #09, which finished 54th in the final series owner points for 2005. Tim Mitchell driving #0, finished 17th in driver points and Ricky Gonzalez finished 25th in the driver points for 2005.
In 2006 Peterson Motorsports made arrangements with David Bean to field the #6 car for Dexter Bean, and with Mike Allgaier to field #16 for Justin Allgaier, and with Joe Miller to convert the #0 to #32 for Blake Bjorklund. Blake won at Salem In., won rookie on the year, and finished 5th in driver points. Justin won at Springfield IL., and finished 10th in driver points. Dexter finished 12th in driver points. Tim Mitchell drove the #06 to 18th in driver points and 34th in owner points. Car #0 only ran a partial season to finish in 47th in owner points for 2006.
In 2007 Peterson Motorsports continued the arrangements with David Bean to field the #6 car for Dexter Bean, finished 3rd in driver points, and with Mike Allgaier to field #16 for Justin Allgaier, won at Salem IN., and finished 4th in driver points, and with Joe Miller for #32 and various development drivers with a win in Lakeland Fla. and 7th overall in owner points. Tim Mitchell drove the #06 to 17th in driver points and 23th in owner points. Car #0 only competed in a limited ARCA season to finish in 32nd in owner points for 2007. Each Team improved from the 2006 performance.
In 2008 the season has satrted with a 21st place finish with Tim Mitchell in car #06. Butch Jarvis had a good qualifing lap, but failed to make the race in #0 car.