1997-2006
For the 1997 season, Petty formed his own team, PE2 Motorsports, and fielded the #44 Hot Wheels Pontiac Grand Prix for himself. He had two top-five finishes and finished 15th in points, the highest points placement of all the new teams to run during the 1997 season. He only had two top-tens in 1998, and fell back to 30th in points, causing him to return to Petty Enterprises and run his team from their shop, and became Petty Enterprises' new CEO. He began the 1999 season with two early DNQs, and finished 26th in points despite finishing in the top-ten nine times. He was also commentating for ESPN as a guest to commentate as a NASCAR Driver for NASCAR Busch Series races He had one top-ten early in 2000, the same year in which his son Adam died while practicing for a Busch Series race at New Hampshire International Speedway. He missed the next two races and returned to drive the #44 for the rest of the summer, before moving to the Busch Series full-time to finish out the season in Adam's #45 Sprint Chevrolet. He had four top-tens in the car over a span of fourteen races, and attempted two Cup races with the #45 Sprint PCS Chevrolet in 2000, finishing 31st at Martinsville. He also filled in at the Brickyard 400 for Penske Racing after their regular driver, Jeremy Mayfield had to miss the race due to a concussion; Petty finished 32nd. Steve Grissom drove the #44 Hot Wheels Pontiac for the rest of the 2000 Winston Cup season and qualified 5 races in 2000. Kyle Petty had to drive the 45 Sprint PCS Chevrolet and the #44 Hot Wheels Pontiac and qualified in 19 races in 2000; causing him to finish 41st in the points standings in the 2000 Winston Cup Series.
In 2001, Petty brought the #45 to Cup full-time and switched to Dodge. He failed to qualify for twelve races that season and failed to finish higher than sixteenth, causing him to finish 43rd in points. He qualified for every race in 2002 and had a top-ten at Talladega, raising him to 22nd in the points. After 2002, Sprint left the team and Brawny/Georgia Pacific became his new sponsor. He missed three races in 2003 (including one due to injury) and fell back to 37th in the standings. He moved up four spots in 2004 and had a best finish of 12th. In 2005, he competed in every race for the first time in three years and had two top-tens and finished 27th in points. When Georgia Pacific left after 2005, Wells Fargo, Schwan's, and Marathon Oil became the team's new primary sponsors and Petty duplicated his top-ten total in 2006, but fell five spots further in points.
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