On January 25, 2006, it was announced that Wallace would cover auto racing events for ESPN and ABC. Despite Wallace's lack of open-wheel racing experience, his assignments began with the IndyCar Series and included the Indianapolis 500 (in a perhaps forgivable lapse, he described a thrilling battle on the last lap as "The most exciting Daytona 500 ever!"). He joined the NASCAR broadcasting team for both networks when they started coverage of the sport in 2007. He signed a six-year deal with ESPN in 2006. He returned to commentate for the 2007 Indianapolis 500 won by Dario Franchitti. He co-hosted "NASCAR Angels" with Shannon Wiseman. Wallace worked with ESPN from 2007-2014 until their contract with NASCAR expired.