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Dreyer & Reinbold Racing eager to fulfill late team owner's wish to become full-time IndyCar team

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Dreyer & Reinbold Racing eager to fulfill late team owner's wish to become full-time IndyCar team
Sport

Sport

Dreyer & Reinbold Racing eager to fulfill late team owner's wish to become full-time IndyCar team

2026-07-23 05:31 Last Updated At:05:40

INDIANAPOLIS (AP) — Each May, Dennis Reinbold would come to the Indianapolis 500 and explain he desperately wanted to return to full-time IndyCar racing.

His dream is on the cusp of becoming reality.

A little more than a month after the Indianapolis-based team owner died at 65, his oldest son, Derek, announced Dreyer & Reinbold Racing had purchased one of the series' 25 charters from Rahal Letterman Lanigan Racing. The transaction paves the way for DRR to run one full-time car next season for the first time since 2012.

Series officials must still approve the move, though that appears to be little more than a formality.

“There are a lot of emotions today,” Derek Reinbold said Wednesday on a conference call. “Let me just start with my dad because he spent years working towards this moment. He believed this team belonged in the IndyCar Series full-time, and he never stopped building toward that goal. He and I were talking through this charter purchase right up until he went into the hospital. Today is bittersweet. I wish he were on this call with us. But I know exactly how he’d feel today because this was his vision, and we’re really proud to finish what he started.”

The late Reinbold became a regular in Gasoline Alley after co-founding the team in 2000, fielding cars, often multiple cars, in each of the past 27 Indianapolis 500s. During that time, DRR employed nearly three dozen drivers though it reached victory lane only one time — when Robbie Buhl won at Walt Disney World Speedway in January 2000.

The team's top finish at Indianapolis came in 2012 when Oriol Servia was fourth. But following that season, DRR came up short on funding and began cutting back its schedule. From 2013-19, DRR's drivers were limited to one race — Indianapolis.

It appeared there may be an opening for DRR when Sage Karam competed in all four events held at Indianapolis Motor Speedway during the COVID-19 season in 2020. But the team returned to just one-race seasons from 2021 through Reinbodld's death following a battle with cancer last month.

Now, all indications are that DRR will return to full-time action next year.

“The first transfer of an IndyCar charter is an important milestone for the IndyCar charter system and demonstrates that the system is working as intended," said Mark Miles, the president and CEO of IndyCar's parent company Penske Entertainment. “The charter system provides teams with a valuable asset encouraging their continued investment in the long-term growth of the sport while also providing new ownership groups with a clear pathway into the series. It’s another step in strengthening the long-term foundation of IndyCar.”

Bobby Rahal's team received three of the 25 charters when they were first introduced in 2024, but when it decided to scale back from three full-time cars to two next season, the idea of helping Reinbold's team get back in the mix just seemed like the right thing to do.

“I have always had tremendous respect for Dennis Reinbold, both as a fellow team owner and as a fellow automobile dealer," the 1986 Indy winner said in a statement. “His dedication to IndyCar and the legacy he built over many years earned the respect of everyone in the paddock. Dennis had expressed interest in acquiring a charter from the time the charter program was established, and we had several discussions with him before his passing. We’re pleased we were able to complete this transaction, and we can’t think of a more deserving organization to receive the charter.”

Rahal also said in the statement that he believes a two-car team will better position RLL to “maximize” its competition level and focus on the introduction of a new race car in 2028.

AP auto racing: https://apnews.com/apf-AutoRacing

FILE - Helicopters fly over the field on the parade lap before the Indianapolis 500 auto race in Indianapolis, May 24, 2026. (AP Photo/Michael Conroy, File)

FILE - Helicopters fly over the field on the parade lap before the Indianapolis 500 auto race in Indianapolis, May 24, 2026. (AP Photo/Michael Conroy, File)

Tesla said Wednesday that its profits fell last quarter as the car company run by Elon Musk shoveled more money into research and development, cutting into profits from a sharp increase in vehicle sales.

The Austin, Texas, company reported second-quarter net income of $1.11 billion, or 32 cents per share. That is compared to earnings of $1.17 billion, or 33 cents per share, in the same quarter last year.

Excluding certain charges, earnings were 33 cents per share, down from 40 cents per share in the prior-year quarter. That fell short of the 53 cents per share forecast by Wall Street analysts, according to FactSet.

Revenue rose 26% to $28.24 billion, beating analysts’ forecast of $26.42 billion.

Spending on research and development surged about 49% from a year earlier to $2.37 billion — higher than its been going back at least four quarters.

Tesla shares fell 2.7% to $363.98 in after-hours trading shortly after it released its latest results. The stock ended the regular trading session 1.3% lower and is down just under 17% this year.

Earlier this month, Tesla reported that it delivered 480,216 cars in the second quarter, a 25% increase from the same period last year and its second straight quarterly gain. The sales also exceeded analysts’ expectations, according to a FactSet survey.

Tesla’s improving sales this year mark a big turnaround from a year ago, when many Europeans refused to buy the company’s cars because of Musk’s embrace of far-right political candidates in elections there.

The vast majority of the company’s vehicle deliveries last quarter were comprised of its Model Y crossover SUV and Model 3 sedan. Tesla rolled out less expensive versions of both models last year in hopes of boosting sales. It also cut the cost of leasing and loans in Europe.

Sales were also helped by a surge of EV buying in general in Europe as gas and diesel prices have risen due to the Iran war.

Just a few months ago, Tesla reported sales had fallen in 2025 for a second year in a row and it had to yield its crown as the world’s largest EV maker to China’s BYD.

Tesla's EV sales accounted for most of the company’s overall revenue, but the company got a boost from its energy generation and battery storage business, which posted revenue of $3.14 billion, a 13% gain compared to the second quarter last year.

The company also benefited from increased subscriptions for its driver assistance feature, available in the U.S., called Full Self-Driving (Supervised).

Among the areas that Tesla has been pouring money into is building out the infrastructure and AI software that underpins its robotaxis and robotics businesses, which Musk has said are the future of the company.

Tesla said it has now rolled out its robotaxi service to seven major metro areas in the U.S., and that it it expects production on its Optimus humanoid robot to begin later this year.

The company has also been investing in building new battery factories and in the infrastructure needed to produce its Tesla Semi and Cybercab.

The company noted that it has begun production of the Cybercab at a factory in Texas, and that the Tesla Semi is on track for production this year at a factory in Nevada.

FILE - A sign for Tesla is displayed at a facility on Wednesday, April 15, 2026, in Portland, Ore. (AP Photo/Jenny Kane, File)

FILE - A sign for Tesla is displayed at a facility on Wednesday, April 15, 2026, in Portland, Ore. (AP Photo/Jenny Kane, File)

FILE - A Tesla vehicle is seen at a Tesla facility Wednesday, April 15, 2026, in Portland, Ore. (AP Photo/Jenny Kane, File)

FILE - A Tesla vehicle is seen at a Tesla facility Wednesday, April 15, 2026, in Portland, Ore. (AP Photo/Jenny Kane, File)

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