Peterson has been involved with the IndyCar Series (formerly known as the Indy Racing League or IRL) since 1997. He participated in the very first event, the Test in the West, to obtain his IndyCar license. Peterson was one of the first drivers asked to join the Indy Pro Series (now known as Firestone Indy Lights/FIL). After the inaugural season, Peterson was approached with sponsorship and driver offers, so he created AFS Racing. Since its inception, AFS Racing has earned over 40 top-five finishes in the FIL and won the series championships in 2008 and 2009 while aligned with Andretti Autosport. Since retiring as a driver and transitioning to a team ownership role, Peterson has become known as mentor for young, talented drivers. He has a unique eye for upcoming talent and has played a part in the careers of drivers such as Alex Lloyd, Raphael ‘Rafa’ Matos, J.R. Hilderbrand, Charlie Kimball, Martin Plowman, Wade Cunningham, Sebastian Saavedra, long-time family friend Arie Luynedyk Jr. and many others. Peterson’s proudest moments, besides the back-to-back championship wins, have been Alex Lloyd’s win in the inaugural Liberty Challenge race of 2006 and Sebastian Saavedra’s award for fastest car of the day during practices for the 2012 Indy 500.
Over the years, Peterson and his team, AFS Racing, has participated in numerous IndyCar events, including the Indy 500. Today, AFS Racing is proud to be running Sebastian Saavedra in the # 17 IndyCar Series KV/AFS Racing entry.