"This has been an exciting couple of months for Richard Petty Motorsports," said team owner Richard Petty. "We are looking forward to getting back into the Nationwide Series full time and seeing what Michael Annett can do in an RPM Ford Mustang.
"Michael has improved every season he has raced in the Nationwide Series and has the dedication and drive to be a success," Petty added.
The new team will be run out of RPM's existing shop at Concord, NC, and Annett will continue to be backed by long-time sponsor Pilot Flying J.
"Richard Petty is a NASCAR legend and this opportunity further extends our commitment to Michael and the sport," said Mark Hazelwood, Pilot Flying J's executive vice president. "We look forward to a great partnership."