He owns a dirt late model and dirt open wheel-modified car. Both of these cars, along with his Camping World Truck Series and ARCA series cars, are sponsored by Federated Auto Parts. He owns I-55 Raceway in Pevely, Missouri, and is co-owner of Macon Speedway, near Macon, Illinois, along with Kenny Wallace, Tony Stewart, and local Promoter Bob Sargent. Schrader is married to Ann Schrader and they have two children, Dorothy and Sheldon. The family currently resides in Concord, North Carolina. Even after retiring he still competes occasionally and finished 10th at the 2017 Little 500 sprint car race.