The Bathurst champion's expected exit from the squad was made public today in a brief statement from the team.
“Penrite Racing wish to make a statement regarding their 2024 driver line-up," it read.
“Penrite Racing will not be renewing David Reynolds’ contract for 2024.
“We wish Dave the best in his future endeavours.”
The news comes as little surprise, with Motorsport.com having first revealed it was on the cards late last month.
Reynolds is set to join Team 18 alongside Mark Winterbottom, replacing Scott Pye in the #20 Camaro.
It is not entirely clear what that means for Grove Racing's naming rights backer Penrite, which has been closely tied to Reynolds since both driver and sponsor were at Erebus Motorsport.
As for Reynolds replacement, Motorsport.com understands Richie Stanaway has been signed to take over the seat alongside fellow Kiwi Matt Payne.
