Coyote Cars is licensed by Grand-Am as a manufacturer of Daytona Prototype race cars for competition in the Grand-Am Rolex Sports Car Series. After obtaining the Daytona Prototype license from race car manufacturer Fabcar in September 2007, the Cheever Group deployed the personnel and resources resulting in the CC/08/1 design. The new car was configured in record time and features a complete revision of the previous technical design yielding a new body shape and a car that is lighter without sacrificing strength. From a marketing aspect, the Cheever Group looked into auto racing history to bring back the Coyote name.

"We did this in honor of the great success A.J. achieved in his driving career, much of it behind the wheel of race cars bearing the Coyote name," said Cheever. "It's a great racing heritage, and I sincerely admire his achievements both as a driver and as a manufacturer."

Foyt has no personal business stake in Cheever's Coyote Cars venture, but he does have a supportive interest in reviving the Coyote name.

"I respect Eddie Cheever, he was a good Formula One driver and an Indy 500 champion," said Foyt. "Normally I don't do things like this but he (Cheever) wants to make the Coyote name come back to the way it was when I was building cars and winning races. It went dormant since I retired from driving so I'm looking forward to him building a good car."