The announcement sees the Melbourne driver extend his relationship with Schwerkolt which began when Team 18 campaigned a Holden run out of Walkinshaw Racing in 2015.
Holdsworth continued with Schwerkolt when the forklift magnate moved to set up his own single-car squad this year.
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“It's great to sign a multi year contract with Preston Hire Racing,” said Holdsworth.
“After all the blood sweat and tears put in from everyone involved, I'm looking forward to helping the team reach its true potential over the next few seasons.
“It's awesome to have some continuity heading into next year.”
Contract negotiations between Schwerkolt and Holdsworth were put on hold in June when the driver was injured in a crash at Hidden Valley.
Holdsworth returned to action at Sandown earlier this month, finishing 12th alongside co-driver Karl Reindler.
“I am extremely excited to have Lee re-signed for a two-year extension, it is great for continuity of both team and driver partnership together,” said Schwerkolt
“We can really now focus on building Team 18/ Preston Hire Racing for the future.
“Lee is a great ambassador for our brand, a special person and also a mate and I am very proud to have him to continue on this journey together.
“We are really excited about getting results for the future and the next two years.”