SOUTH BARRINGTON, Ill. (WLS) -- A 5-year-old South Barrington boy is on the fast track to his dreams."I always wanted to race. And I wanted to race too because I like cars," Grayson Dean Walcott said.Grayson has the full, unbridled support of his dad, Nicholas, and his mom Kadijah as he speeds toward his aspirations of Formula 1 racing."He was sitting down once to watch Formula 1 racing and I didn't think anything of it. And two weeks later he comes in the room and says, 'Dada, Dada, the race is about to come on.' He had remembered that the Formula 1 race was every two weeks and he came in the room and wanted to watch Formula 1," Nicholas said.On Saturday Grayson competed for the first time against boys and girls a year or two older than he is. He qualified second on the grid and after two 8-lap heats, Grayson finished 3rd in the feature event.His coach Jim Perry says Grayson shows great promise."Grayson has great potential for a 5-year-old. He's also up there at Qwest Academy and that tells you a little something about the type of kid he is," Perry said.Not only is the venture time consuming, but also money consuming as well."Tires are $200, you can't get on a track without an entry fee, so I would say our operating budget for the season is over $20,000," Kadijah said.Young Grayson already has a role model outside of his dad and he is one of the best race car drivers on the planet."I picked 44 on my car because of Lewis Hamilton. I think the same thing that Lewis Hamilton has 44 and that's why I got 44," Grayson said."A lot of people are giving me very positive feedback. They say that there are some things they can teach the kids and there are some things you can't teach, and he has those things. So as far as he wants to go we are here to support him," Kadijah said.Through it all, Grayson remains persistent to succeed."I'm still learning how to drive a Formula 1 on my simulator," Grayson said.