CNN says that police received a tip that another vehicle was at the scene when the Porsche Carrera GT spun and crashed into a light pole last Saturday afternoon, but it isn't clear as to whether the two cars had been racing or if the second car may have pulled out in front of the Porsche causing it to lose control. Either way, the report says that speed was definitely a factor in the crash.
The accident took place on Hercules Street in Valencia, California close to Rodas' Always Evolving performance shop, and the report says that people who were at the shop attending a car show event for Walker's Reach Out WorldWide charity heard the crash and saw the billowing smoke. Some from the event showed up at the scene with fire extinguishers, but the fire was too intense for them to have any effect.
UPDATE: As of 5:21pm, CNN is reporting that LA County Sheriff's office investigators probing the accident have ruled out the involvement of a second vehicle and are now focusing on the Porsche's speed.