After the 1988 season, Frey began to accept the fact he probably wouldn‘t get another shot at Indy car racing.
“I had finally come to terms that big-time racing was just wasn‘t going to happen,” Frye said matter-of-factly. “I was going to have to do something else to fall back on. I went to mortuary school. I started to serve an apprenticeship as an embalmer. I got licensed. That was consuming all my time. I eventually had a funeral home built in Wickenburg, Ariz.”
Frey was 42 when he ran his last race in 1993. It was a USAC Silver Crown Series event at The Milwaukee Mile. Frey looks back on his career with few regrets.
“I‘ve thought about this a lot, particularly lately. I wish I hadn‘t been so single-minded to pursue Indy car racing,” he said. “I wish I would have pursued the ARCA stuff and gone from ARCA to NASCAR. I‘m happy for what I did accomplish. There are a lot of guys who didn‘t even get to go as far as I did. I‘m 71 and still have my health.”
Frey sold his funeral home business in 2005. Today, the 71-year-old spends his time riding his motorcycle.
“I‘m a very narrow-minded person,” he noted. “Motorcycles are now my main enjoyment. I‘m generally happy with life. I‘m with a very, very, good lady, Christine.”
He has been inducted into the Little 500 Hall of Fame as well as the Sandusky and Lorain County Speedway Halls 
of Fame.