After watching many drivers grounded due to lack of funding, Peterson founded one of the nation’s largest fire sprinkler design/installation companies, Automatic Fire Sprinklers, Inc. in order to financially assist him in pursuing his passion for racing. The corporation enabled Peterson to enjoy decades of racing.
Through his various racing connections, he became aware that the Indy Racing League was forming a new ladder series at that time called the Indy Pro Series (now called Firestone Indy Lights/FIL). He was one of the first drivers asked to join the series. During the inaugural season, Peterson was bombarded with sponsorship and driver offers, so he created AFS Racing.
Since retiring as a driver, Peterson has transitioned into a mentoring role. He has a unique eye for upcoming talent with drivers such as Alex Lloyd, Raphael ‘Rafa’ Matos, J.R. Hilderbrand, Charlie Kimball, Martin Plowman, Sebastian Saavedra and his long-time team mate and family friend Arie Luynedyk Jr. all driving for his team, AFS Racing.