Speed to race in ARCA in 2008

The American driver, who will make his ARCA race debut this weekend at Talladega, could also make occasional appearances in NASCAR's more prominent championships during the year.

"I'm really excited to race ARCA because it's an opportunity to learn a completely new animal for me - stock car racing - without being put under a huge spotlight," said the 24-year-old.

"One of the great things about ARCA is that you have a whole field full of young guys like me just trying to make a name in this sport. It's hard to judge the level of competition I'll face next year, but that's just part of the fun."

Team Red Bull's competition vice president Gunther Steiner added that while Red Bull were happy for Speed to pursue a career in stock cars, they were keen to see him work his way through the ranks, rather than tackle the Nextel Cup immediately.

"Red Bull started investing in Scott's racing career a long time ago, so when he wanted the chance to drive stock cars, we wanted to help integrate him into the sport by earning his way up through the ranks," said Steiner.

"Scott's a very technical driver with a lot of raw talent. He'll be facing a lot of new challenges next year, but there's no doubt that he has the skills to someday make it to the highest level in NASCAR."

Speed qualified seventh at Talladega on Thursday night, just one place behind 2007 IndyCar Series champion Dario Franchitti, who will make his stock car debut in the same race.