As he was passing, the car in front also pulled out to pass and pushed Mr Loveridge's ute into an oncoming logging truck.
He had nowhere to go.
Mr Loveridge and Mr Holloway were airlifted to hospital by the Lowe Corporation Rescue Helicopter.
The crash blocked the Napier-Taupo Rd in both directions. Mr Holloway broke his femur and injured his shoulder.
Mr Loveridge broke bones in both feet, a hip, his nose and fractured every finger and de-gloved a hand.
He was transferred to Waikato Hospital and has had five surgeries since.
"I'm getting there, I suppose. It depends how you look at it. I'm lucky to be alive but unlucky to be in that situation."
His other passengers suffered minor injuries. The driver of the logging truck was shaken but unharmed.
Mr Loveridge is considered Hawke's Bay's outstanding stockcar driver and was one of the country's best last summer.
He had only recently recovered from a broken foot, suffered while racing for the Maulers at the Huntly Teams Champs last November. Last season he won the East Coast, Hawke's Bay, Gisborne Classic, Huntly Speedfest, Kuru Cup and Peter Barry titles.
He was extremely disappointed about missing the Rotorua meet and the rest of the season.
He had a long road to recovery in front of him and was already sick of day-time television.
It would be next season at least before he would be well enough to race.
However, he insisted he would not let the accident stop him getting back behind the wheel.
The serious crash unit is investigating.
