Nobody could have predicted that the 1992 Southwest Tour season champion wouldn't have been decided until the final lap of the final race of the season. With a new sponsor for the series in Featherlite Trailers, it looked to be a season of promise for the six year old west coast late model touring series. In what would be the closest points margin in the history of the series to that point, California's Ron Hornaday, Jr. was able to beat defending series champion, Colorado's Rick Carelli 2625-2593 to win the series crown.

Hornaday had three wins on the season, but was forced to wait until the fourth race of the year, the Miller Genuine Draft 100 at Saugus Speedway in April. It wasn't until August when Hornaday was in victory circle again in the Stockton 100 at Stockton 99 Speedway. Hornaday's final victory of the year came at Las Vegas Park Speedway in the Pat Clark Pontiac 100. Hornaday maintained a strong and consistent run all throughout the year with 13 top 5 finishes and 14 top 10s.

Carelli scored an amazing eight victories in 1992, tying the 1989 record set by Dan Press. Carelli won the second race of the season at Mesa Marin Raceway in March and followed that victory up with two more in a row, at Cajon Speedway in the Budweiser 100 and the Budweiser 100 at Las Vegas. Carelli won again at Stockton in the April Coors 100 and continued his wins in beer sponsored races with a win in the late July Olympia 100 at Eureka's Redwood Acres Raceway. The tour visited Carelli's home track, Colorado National Speedway in August and he was able to score the victory in the Colorado's Best Chevrolet Dealers 100. At Orange Show Speedway in October, Carelli made it a season sweep of all the beer sponsored events with a win in the Coors 100. His final victory of the year came at the next race in Bakersfield, the October Classic 200. Yet still, with that amazing season run, Carelli came up short to Hornaday in the standings.

1990 champion, Doug George had a solid but quiet season with a third place points finish. George won two races during the middle portion of the year, both at Mesa Marin in the California Republic Bank 200 in May and the Emporium Western/Wrangler Firecracker 100 in June. Bryan Germone had another solid top five points finish, but unfortunately it was another winless season for the Sebastopol, California driver. Brett Bell rounded out the top five points runners. Steve Portenga was sixth followed by Bob Lyon in seventh, Will Harper in eighth, Blair Aiken in ninth and Dan Bishop in tenth.

Other drivers who won during the season were Jon Paques who won at the twisty Sonoma road circuit in the GM Parts/Goodwrench 200, Dan Press who won the Featherlite Trailer 100 at Saugus in September, Tobey Butler who won the prestegious Skoal Copper World Classic at Phoenix International Raceway, while Winston Cup driver, Ken Schrader won the season finale that was also held at Phoenix. Portenga beat Aiken to win rookie of the year honors for the series.