In 1992, Petty rebounded to a career-best fifth-place finish in points, as well winning two separate races that season at Watkins Glen and Rockingham. The 1992 season would be the only year that he would win multiple races in a season. Kyle came very close to winning the championship in 1992, he had a flat tire at Phoenix (2nd to last race) and broke an engine in the last race otherwise he would have been neck and neck with Elliott and Kulwicki for the title. He duplicated his points finish in 1993 as well as picking up a win in the Champion Spark Plug 500 at Pocono. He dropped ten spots in points in 1994 after he failed to finish higher than fourth, and lost the Mello Yello sponsorship at the end of the season. Coors Light became his new sponsor beginning in 1995, and Kyle won his final career Cup race in the Miller Genuine Draft 500 at Dover. He fell further down to 30th in points after only finishing in the top-ten five times and failing to qualify for the fall race at Bristol Motor Speedway. He improved to a 27th-place points finish the next season despite missing two races due to injury and failing to qualify for the season-ending race at Atlanta. He parted way with SABCO at the end of the season. In 1996, the popular rock group Soundgarden recorded a song called "Kyle Petty, Son of Richard."