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Lamar got down on bended knee last month to ask for Taylor's hand in marriage while her parents watched, Taylor's rep tells PEOPLE.
Taylor, 31 and a mother of two, told PEOPLE in July that she wanted to find the right man, but wasn't in a hurry. "If I have a date, then I have a date, but it's all about (sons) Jake and Hunter right now."
Taylor's 11-year-old twins, Jake and Hunter, are from her three-year marriage to Arena Football League player Matt Martinez, which ended in 1996.
Lamar, 26, is considered an up-and-coming star on the NASCAR circuit. He drives the No. 77 Dollar General Chevrolet in the NASCAR Busch Series.
Marrying a racecar driver might seem like an odd choice for Taylor, who was involved in a near-fatal car accident in 2001. But she has always stayed in touch with her wild side: She still enjoys riding her Harley-Davidson Road King.
"I'm not one to worry – what's the point?" she told PEOPLE in July. "We are only here for a short amount of time. You have to live your life. I know that."
Taylor, who was one of the faces of Cover Girl and a Sports Illustrated swimsuit model, today is focused on building a fashion and beauty empire – last year she launched the fragrance Begin by Niki Taylor and opened the Franklin, Tenn., clothing boutique Abbie & Jesse's. She's also working on a collection of spa goods and the '07 launch of a denim line.
