Ironically, the event was organized to raise money for Cars for Kids, which was set up by Larry Price after his son recovered from a life-threatening bike accident in 1990. Cars for Kids posted this statement on its Web site...
We as a Cars For Kids organization would like to extend our deepest regrets and sympathy to all the victims and their families who were involved in yesterday's tragedy. This organization began to help children all across the world because of an almost fatal accident 18 years ago. Our intention has always been to help as many children and their families as we possibly could. As an organization we want everyone to know the loss is deep within our hearts and we will carry the scars of each loss forever. At this time the future of Cars For Kids is undecided.
According to the AP, the car is usually driven by Troy Critchley of Wylie, Texas, but no one could say if he was the driver at the time of the crash. Critchley's official Web site only displays a "not available," but can be seen in Google archives.
Amateur video of the crash as well as TV news video is available at WMCTV, but is in WMP format only, so good luck with it. AP has video coverage of the emergency response available to all.
UPDATE: Troy Critchley has been officially identified as the driver of the car at the time of the incident. Updated CNN.com coverage at the "Read" link.
Thanks for the tip, Chris P.
[Sources: The Associated Press, CNN, WMCTV, The Jackson Sun]