Shank spent $1 million on a Dallara DW12 in anticipation of fielding an IndyCar team last year. But a shortage of engines and difficulty in putting together a sponsorship package kept Shank on the sidelines.
He was able to put together a deal with driver Jay Howard for the Indy 500, but could not secure an engine from one of the three manufacturers.
Schmidt needed the DW12 chassis for Indy Lights champion Tristian Vautier to use in his move to IndyCar.
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