In 2004 Ray looked to be in good shape after a respectable 2003 season. Ray acquired sponsorship from Renovac for the opening rounds on his #13 Panoz G Force-Honda and would have a 2nd place start at the Indy Japan 300 at Twin Ring Motegi. But prior to the Indianapolis 500 the team was without sponsorship but Ray was able to get sponsorship from Rent-A-Center due to the company being based in Ray's home town of Plano, Texas. After Indianapolis Ray fielded his own cars without sponsorship at the Bombardier 500 at Texas Motor Speedway and the SunTrust Indy Challenge at Richmond International Raceway getting a 7th-place finish at Texas. But soon a lack of sponsorship caught up to Ray as he had to withdraw from the following race, the Argent Mortgage Indy 300 at Kansas Speedway. Ray would quietly finish 23rd in points and the team closed up shop at the end of the season.