After Retirement
In 2006, the International Kart Federation established the Lake Speed Achievement of Excellence karting award in honor of the 1978 World Karting Champion. The award was presented for the first time at the IKF 2-Cycle Sprint Grand Nationals August 3–6 at Fontana, California. The inaugural recipient was Matt Johnson of Las Vegas, Nevada. Nick Johnston of Northridge, California was awarded the honor in 2007. The award went to Taylor Miinch in 2008. And the recent 2009 winner of the award goes to Mike Botelho Jr. of Reno, Nevada. The recipient of the award could be a driver, team, kart shop or any combination thereof, and the winner is determined primarily on sportsmanship, achievement and professional appearance during the race event.
Today, Speed resides in Kannapolis, North Carolina with his wife Ricé. Speed has four grandchildren by Lake Jr., his son from his first marriage. The couple also have two daughters and a son: Sara Ann, who has recently been married to Seth Arey and is residing in Concord; Maurie, a graduate of Azusa Pacific University with a degree in theater arts; and Chris, the other child... On occasion, Speed still drives karts, and has four wins in Historic Stock Car Racing Association events on Daytona's 3.56-mile road course in 2002 and 2003 driving one of his old 83 Purex-sponsored Ford vehicles.
Lake currently races in the World Karting Association National Road Racing Series schedule, in the Spec 125 TaG 1 and 2 classes. On July 30, 2010 Lake Speed was inducted into the Mississippi Sports Hall of Fame
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