Reynolds has been fined $25,000 by V8 Supercars after referring to the all-female entry as a “pussy wagon” in today's post-practice press conference.
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In a statement distributed by Prodrive Racing Australia, Reynolds apologised for his comment and says he will accept the fine and “any subsequent team sanctions”.
“I unreservedly apologise for a comment I made in a press conference earlier today in relation to my female team-mates,” he said.
“While it was intended to be humorous, I understand it has caused offence.
“As I stated in the press conference I genuinely hope they perform well as they are both highly-talented as they showed today with their pace.
“We all get on very well and I've spent a lot of time with them this week helping them prepare for this race.
“People know I am a little left-of-centre with my humour but I understand today I took it too far.
“I have personally apologised to Renee and Simona and I fully accept the penalty handed down by V8 Supercars and any subsequent team sanctions.”
Prodrive prepares both Reynolds' The Bottle-O Ford and the Gracie/de Silvestro wildcard.
Reynolds has garnered a reputation as V8 Supercars' ‘class clown' during recent seasons through his off-the-cuff comments at press conferences and quirky victory celebrations.