Fogarty began his competitive career in SCCA Formula Vee, finishing fourth at the Mid-Ohio Runoffs in 1995. He then moved to the Barber Dodge Pro Series, where he competed from 1996 to 2000 and finished as series runner-up on two occasions.
In 2001 an injury sustained during an Indy Lights campaign with Dorricott Racing interrupted his progress. He recovered to return to Toyota Atlantic in 2002, again with Dorricott Racing, and edged Michael Valiante to claim the series championship. Unsuccessful in a bid to secure a Champ Car drive for 2003, Fogarty raced with Team Rahal and placed 15th before returning to Toyota Atlantic in 2004 with Pacific Coast Motorsports, where he won his second Atlantic championship with six victories.
Unable to secure a Champ Car programme, Fogarty transitioned to sports car racing in 2005, joining Flying Lizard Motorsports in the American Le Mans Series. Racing in the GT2 class alongside Johannes van Overbeek, he finished third in the drivers' championship. His involvement with the ALMS was limited to a handful of starts in 2006.
Fogarty moved to the Rolex Sports Car Series in 2006, joining GAINSCO/Bob Stallings Racing in the Daytona Prototype class. Teamed with Alex Gurney, the partnership produced outstanding results immediately.
In 2007 Fogarty and Gurney set a series record with seven victories and ten pole positions on the way to the Daytona Prototype drivers' championship. The pair finished second in the 2008 standings with one win and eight top-five finishes. They reclaimed the championship in 2009 aboard the No. 99 GAINSCO Riley Pontiac, which produced four victories and six pole positions across the season. Fogarty finished third in the Daytona Prototype points standings in 2010 with one win, then collected two further victories with Gurney in 2011 on the way to fourth place. The GAINSCO partnership continued into 2012 with a Riley-Chevrolet carrying new Corvette-themed bodywork introduced by General Motors.
Fogarty has a strong record at the 12 Hours of Sebring, recording five top-five finishes across five starts, including a second-place overall finish in the prototype ranks in 2012.
Following the withdrawal of the GAINSCO No. 99 entry after an accident involving co-driver Memo Gidley at the 2014 Rolex 24 at Daytona, Fogarty joined Action Express Racing to co-drive the No. 9 Corvette DP with Burt and Brian Frisselle at the 2014 12 Hours of Sebring. He also raced for Extreme Speed Motorsports during 2015 in the LMP2 class with a Ligier JS P2-Honda, finishing 15th overall and seventh in LMP2 at the 2015 24 Hours of Le Mans alongside Ed Brown and Johannes van Overbeek. He participated in the Pirelli World Challenge during 2016 and 2017, representing the GAINSCO programme in a Porsche described as the "Red Dragon" livery.
Fogarty's record of 25 pole positions in Daytona Prototype qualifying and 16 IMSA victories place him among the most successful Daytona Prototype competitors of the GRAND-AM era. His three Rolex Sports Car Series championships — achieved in 2007 and 2009 within the long-running GAINSCO/Bob Stallings Racing partnership with Alex Gurney — represent the core of his legacy in American sports car racing.
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