Car racing legend and prominent businessman Bob Jane has died aged 88 after fighting prostate cancer.

Jane is best known for the hugely successful tyre retailer across Australia, Bob Jane T-Marts.

He is also one of Australia's most famous racing car drivers and a four-time winner of the Armstrong 500, which became the Bathurst 1000.

Jane was inducted into the Supercars Hall of Fame in 2000 for his contribution to Australian racing.

His death was confirmed in a statement from three of his children, Courtney, Charlotte and Robert Jane.

"It is with great sadness that we would like to share the passing of our dad, Bob Jane (Robert Frederick Jane)," the statement said.

"After a long and brave fight with prostate cancer, he passed away last evening at 88 years of age, Friday September 28, 2018, surrounded by his loving family.

"It was our privilege to have had him as our dad, whom we loved and cherished. We will miss him deeply and he will forever be in our hearts."

The family said although their dad was a champion of the community, most importantly to them, he was "our loving dad".

Supercars Australia CEO Sean Seamer said Jane was one of the greatest drivers the Australian Touring Car Championship had seen.

"Few will ever win four championships and Bathurst crowns, let alone four 1000 titles a row, the first two of those coming when the Great Race was first held at Phillip Island," he said.

Bob Jane won the very first Bathurst 1000 in 1963 when it was first held at Mount Panorama. ( Supplied )

Falling out with son over business

Jane had a turbulent relationship with his son Rodney who took over Bob Jane T-Marts and the pair were involved in a public family feud in 2013.

Rodney Jane says it is never satisfying fighting with your family. ( AAP: Julian Smith )

Bob Jane argued he was forced out of the company due to ill health and tried to sue his son for $2.9 million which he says he loaned to the Bob Jane Corporation.

Rodney Jane argued that $2.4 million had been repaid and that the remaining $520,000 was a gift from his father.

The court agreed with Rodney. Following the decision, Bob said there was little chance of reconciliation.

In 2014, Jane faced another legal run-in with his son and was fined for breaching a trade ban on using his name to set up new businesses, including a competing rival tyre business.

Jane was very familiar with the courtroom and years earlier had taken his estranged wife Laree to court over a domestic dispute in 2006.

A jury found Laree not guilty of five charges including assault after Jane accused her of threatening to shoot him while holding a large bread knife.

Jane opened the first T-Marts store in Melbourne in 1965.