Iredell County Sheriff's Office Capt. Darren Campbell said a deputy stopped Busch's 2012 yellow Lexus sports car on a road between Troutman and Mooresville, where the 26-year-old driver lives. It's about 30 miles north of Charlotte.
Campbell said Busch was cited and released upon a written promise to appear in court.
In a statement issued late Tuesday, Busch acknowledged what happened.
"I was test-driving a new sports car and I got carried away," Busch said. "I went beyond the speed I should have been going on a public road. I apologize to the public, my fans, sponsors, and race teams for my lack of judgment."
Busch, who drives for Joe Gibbs Racing, accepted responsibility and said it would never happen again.
In 2006, Busch pleaded guilty to improper driving and was fined $150 after he was ticketed in suburban Richmond, Va., on a reckless driving charge when he pulled out of a gas station and into a fast-food restaurant. Busch said at the time he "chirped" his tires but didn't exceed 10 mph.
Under a misdemeanor reckless driving charge he originally faced, Busch could have received up to one year in jail, a $2,500 fine and a driver's license suspension.
Last month, Busch was placed on probation through June 15 after he and Kevin Harvick confronted each other in the pits after a race at Darlington Raceway.