Deputies said they clocked Busch doing nearly three times the posted speed limit, according to the Statesville Record and Landmark. Busch allegedly was clocked at 128mph (206kph) in a 45mph (72kph) zone while driving a yellow Lexus LFA, a two-seat sport coupe produced as a concept car and production model.
"I was test driving a new sports car and I got carried away," Busch, who was stopped between the towns of Troutman and Mooresville, said in a statement. "I went beyond the speed I should have been going on a public road. I apologize to the public, my fans, sponsors and race teams for my lack of judgment.
"I take responsibility for my actions, and I can assure you that something like this will never happen again."
A spokesman for Joe Gibbs Racing, the team for which Busch competes in the Sprint Cup and Nationwide series, told FOXSports.com the team is gathering additional information and had no comment at this time.
Iredell County Sheriff's Office Sgt. Chris Stone, who cited Busch, told the Record and Landmark he asked the driver why he was going so fast.
"He said, 'This is just a toy,'" Stone told the paper. He said Busch told him the car was on loan from the manufacturer.
According to the newspaper, officers said it is standard procedure to cite and release a person rather than arresting them and requiring a bond to be posted.
"A bond is an assurance you will appear in court," Sgt. Darren Campbell said. "He had ID and lived in the area so there was no need for a bond."
There is a chance Busch could lose his driver's license.
Busch is currently on NASCAR probation for a post-race incident with Kevin Harvick earlier this month. The probation applies to all NASCAR events.