On August 21, 2021, Jesse Iwuji announced the formation of his new team, Jesse Iwuji Motorsports, that will compete full-time in the NASCAR Xfinity Series in 2022. He also announced that Emmitt Smith, a former NFLrunning back, would co-own the team with him.[1] In December 2021, Iwuji announced the sponsor for his team, which would be the Equity Prime Mortgage company.[2]
On December 9, 2022, Jesse Iwuji Motorsports filed a US$4.125 million lawsuit against Equity Prime Mortgage for breach of contract.[3] In February 2023, EPM filed a counterclaim on JIM.[4]
Iwuji started the 2022 season with a 27th place finish at Daytona, and followed with two top thirty finishes at Auto Club and Las Vegas.[7] At Phoenix, Jesse Little replaced Iwuji as a last-minute decision for an unknown reason, he would fail to qualify. Iwuji returned the following week at Atlanta, finishing 27th. After the team failed to qualify for a second time at Circuit of the Americas, it was announced on March 31 that Kyle Weatherman will drive the 34 car at Richmond, where he would finish 28th.[8] Although he was only scheduled for a one race deal, Weatherman returned the following week at Martinsville, giving the team their best-career finish of 16th. He beat that result after finishing 12th at Darlington. Iwuji and Weatherman would split the driver's seat for the rest of the season. At New Hampshire, Weatherman finished in 10th, giving JIM their first-career top ten and their best finish to date. After Noah Gragson and Landon Cassill were disqualified from second and third place, Weatherman would later be scored in the eighth position.[9] In the August race at Daytona, Iwuji survived numerous wrecks and earned his career best finish of 11th. He received sponsorship from Coca-Cola Zero Sugar in that race. On September 28, it was announced that Kaz Grala would drive the 34 car at the Charlotte Roval, finishing 35th after being involved in a late incident.[10] The team ended the season with one top ten and ten top twenties, finishing 29th in owner's points.[11]