A massive crash heading into the kink during the third hour of racing at the 24 Hours of Daytona.

The number 62 Ferrari was slowing on the track after the International Horseshoe, and the Gainsco Chevrolet collided with the rear of the Ferrari at high speed.

Badly wrecked #99 GAINSCO / Bob Stallings Racing Corvette DP Chevrolet Photo by: Trevor Horn

Memo Gidley was driving the Daytona Prototype, while Matteo Malucelli was driving the Ferrari.

Stay tuned for more information on the condition of the drivers.

UPDATE 1:

Reports from team radio suggest that Malucelli was having electrical issues causing his car to lose drive. Gidley has yet to be extracted from the car.

RSR Racing's Alex Tagliani said Gidley, who has been pulled from the car, and is heading to the hospital.

"Our thoughts and prayers are going to the Gainsco team," he said.

"He is in good hands with the doctors there. Lets cross our fingers."

Team mate Darren Law said that they are skipping the infield care centre and bringing Gidley to hospital.

"This stuff happens, it's racing, but you never expect it to be your car. The biggest concern is Memo is ok," said Law.

"They are taking him to the hospital, they are skipping infield care."

Update 2:

Memo Gidley is reportedly conscious after the accident, according to Marshal Pruett via Twitter who spoke to Bob Stallings.

Both drivers are awake and alert, and are being tended to at Halifax Medical Center. They will be held overnight. No word on injuries have been released at this time.

Update 3:

Memo Gidley has undergone surgery on his arm and his leg after the scary accident with Malucelli during the third hour of racing in the 24 Hours of Daytona.

"He is currently under observation and further evaluation at Halifax Health. We will continue to provide updates as they are available," the team said in a statement.

Video of the accident