Price was an inducted member of four halls of fame including the AMA Hall of Fame, National Motorcycle Hall of Fame, Sturgis Motorcycle Hall of Fame, North Carolina Drag Racing Hall of Fame, and the East Coast Drag Times Hall of Fame; and is noted as the Father of the Funnybike. He was instrumental in creating the current style racing transmission. Price also designed the first successful wheelie bar for bikes, allowing more power to the rear wheel without flipping the bike over.