As a young man, he attended stock car races at Catamount Stadium.

After graduating college, Phelps worked in New York City for American Home Products as a brand manager for Chef Boyardee and later at Guinness.

[5] In September 2018, it was announced that Phelps would be named the fifth President in NASCAR's history, succeeding Brent Dewar.

[8] Phelps has also overseen significant innovation of NASCAR's schedule, including the new exhibition event the Busch Light Clash at the LA Coliseum that debuted in 2022,[9] the NASCAR Chicago Street Race that debuted in 2023 and was named "Sports Event of The Year" at Sports Business Journal's 2024 Sports Business Awards,[10] NASCAR's first Cup Series points race in Mexico in 2025,[11] and the introduction of a new in-season tournament format debuting in the summer of 2025.

[12] Under Phelps’ leadership, NASCAR launched NASCAR IMPACT in 2023, the sport's social responsibility and sustainability platform, which included committing to a number of important sustainability benchmarks, including the goal of net-zero operating carbon emissions by 2035.