Olofsson won back-to-back Swedish Formula Three championships in 1977 and 1978. He simultaneously competed in the FIA European Formula 3 Championship, finishing runner-up in both the 1977 and 1978 seasons — a strong result in what was then the primary European single-seater development series.
Olofsson became a prominent figure in Japanese motorsport as a works Nissan driver. He won three consecutive Japanese Touring Car Championship titles, establishing himself as one of the most successful foreign drivers in that era of Japanese tin-top racing. He also competed in the Japan GT Championship (JGTC).
In 1991, Olofsson won the Spa 24 Hours, sharing a Nissan Skyline with David Brabham and Naoki Hattori. The victory was emblematic of Nissan's dominance in Group A touring car racing during that period.
From 1988 to 1995, Olofsson competed six times in the Bathurst 1000 in Australia, all with Fred Gibson's Gibson Motorsport team. His first appearance in 1988 partnered him with Glenn Seton in a Nissan Skyline HR31 GTS-R, but both the Sandown 500 warm-up race and Bathurst itself were ended by gearbox failures within laps of the start.
In 1989 he returned with George Fury in a HR31 Skyline, finishing fourth. After two years away he was back in 1992 — the final year of Group A — driving a Nissan Skyline R32 GT-R with Neil Crompton and finishing third outright. Even as Australian touring cars moved to a V8 formula from 1993, Gibson continued to invite Olofsson back: he finished fourth with David Brabham in a Holden VP Commodore in 1993, sixth with Colin Bond (the 1969 race winner) in a VP Commodore in 1994, and fourth again with Steven Richards in a Holden VR Commodore in 1995.
Olofsson's greatest international result came at the 1997 24 Hours of Le Mans, where he drove a Gulf McLaren F1 shared with Jean-Marc Gounon and Pierre-Henri Raphanel. The trio finished second overall and won the GT1 class, a remarkable achievement at an event dominated by purpose-built prototype machinery.
Olofsson retired from racing at the end of 1997. He subsequently worked in driver management, supporting Swedish racing drivers competing in the Swedish Touring Car Championship. He died in his sleep on 22 January 2008, aged 55.
Olofsson's career bridged multiple eras and continents of motorsport. His European F3 runner-up finishes in consecutive years, his Japanese touring car dominance as a Nissan works driver, his multiple Bathurst 1000 appearances over eight seasons, and his GT1 class win at Le Mans add up to a record of sustained versatility and competitiveness across four different countries' racing landscapes. He remains one of Sweden's most accomplished racing exports of his generation.
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