The New Zealander will drive Car #19 alongside team-mate David Reynolds' #26, in a nod to the oil brand's year of establishment, 1926.
It comes after Lee Holdsworth, whose seat Payne takes as the veteran retires, drove Car #10 this year, and Andre Heimgartner ran with #7 on the corresponding entry last year.
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Payne, meanwhile, has also used #10 since joining the Super2 Series with Grove late last season.
Team Owner Stephen Grove said, “With our 2023 driver line-up, the change to #19 and #26 signifies a new era for both us and Penrite, welcoming Matt Payne alongside long-time Penrite ambassador, David Reynolds.
“It's great that we've had the opportunity to run numbers that mean so much to Penrite and showcase such a long and established business.
“Partners like Penrite, an Australian, family-owned brand showcase the true Australian spirit of business and we're excited to promote their product.”
#19 was used most recently in 2021, by Team Sydney/Tekno Autosports, which morphed into PremiAir Racing at the start of the 2022 season.
Tekno opted for #19 when it competed as the third Dick Johnson Racing entry in 2010, making for a numerical sequence given the other Falcons which the Gold Coast-based squad ran were #17 and #18 at the time.
Holdsworth led the way for the Grove squad in Practice 1 at this weekend's Valo Adelaide 500, earning ninth on the timesheet despite spending more than 10 minutes of the half-hour in the garage due to an oil leak/over-breathe.
Practice 2, also scheduled for half an hour, is due to get underway today at 13:15 local time/13:45 AEDT.