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Speed always has been part of Buddy Rice's life. The son of a former drag racer, Rice came to the IndyCar Series in 2002 after a running in the Toyota Atlantic Championship, where he won the 2000 series title for DSTP Motorsports. He started and finished second in his first-ever IndyCar Series race for Cheever Racing.

2004 would be his stand out year, finishing 3rd overall in the standings with Rahal-Letterman racing, and winning the 88th running of the Indy 500. He will contest 2008 with Dreyer & Reinbold Racing, whom he finished 9th overall with in 2007.