Racing has been a part of Timothy Peters' life as far back as he can remember. He cut his teeth racing go-karts and earned 10 World Kart Association National Titles. Peters moved to Late Models and experienced instant success. He was the Late Model track champion at Orange County Speedway located in Rougemont, NC in 2002 and 2003. In 2004, Peters was crowned Late Model track champion at South Boston Speedway located in Virginia, defeating runner-up and Sprint Cup Series star, Denny Hamlin. Peters also captured victory in the prestigious 2005 Bailey's 300 Late Model race at Martinsville Speedway.

In 2005, 24-year old Timothy Peters first entered the NASCAR Truck Series circuit. He raced 16 of 25 races that season, beginning with the Kroger 250 at Martinsville Speedway in Virginia on April 9, where he started 25th and finished 18th. Peters' best finish that season was at Dover, where he started 4th and gained his first Top-10 by finishing 6th. He concluded the 2005 truck season, 28th in final points-standings while competing on a limited basis.

In 2006, Peters raced in both the NASCAR Truck and Nationwide series. He competed in 17 Truck Series races for his team owner, the late Bobby Hamilton. During the season, Peters scored his season best finish at Milwaukee (6th place) and had the most successful qualifying effort in his career at O’Reilly Raceway Park where he started in the 4th position. Peters left the team midway through the season to join the driver development program at Richard Childress Racing. He made his first start for Richard Childress Racing at Memphis Motorsports Park on October 28, 2006, qualifying in the 10th position and finishing 13th in the final rundown.

The 2007 NASCAR Nationwide Series saw Peters competing in 7 of the 35 scheduled races for that series, with a best finish of 13th at Phoenix International Raceway on April 20.  His most outstanding qualifying effort (4th) came at Nashville Superspeedway on June 9. Peters made two starts in the Truck Series that year, posting a season-best 9th place finish at Martinsville Speedway on March 31, 2007.  During the 2007 Nationwide Series, Peters drove the No. 21 Auto Zone entry alongside teammate Kevin Harvick.

In 2008, Peters made eight starts in the Camping World Truck Series for the newly-formed Premier Racing team. The team had its debut at the Lowe’s Motor Speedway on May 16th, 2007. During the 2008 season, the team scored its best finish of the season at Martinsville (10th) on October 18th, and their best starting position (7th) was secured on August 20th at the Bristol Motor Speedway.

2009 brought more change when Peters, while running a full schedule in the Truck Series, moved from Premier Motorsports to Red Horse Racing for the Michigan International Speedway event in June and everything seemed to fall into place. Earning his first career pole at Nashville Superspeedway, and first ever victory in the Truck series on October 24th at Martinsville Speedway, 2009 proved to be Peters' best season so far. He ended up the season with an impressive eighth place finish in the points standings.

The 2010 season proved to be successful with a win at Daytona International Speedway at the season opener and a overall career best of 6th in the season points standings.

With his sights set on the 2011 Camping World Truck Series Championship, Timothy Peters teams up with veteran crew chief Butch Hylton, who will call the shots for the No. 17 team. With plenty of experience under their belts, the duo believes this will be their year to shine.