Australian motorsport legend Jamie Whincup has narrowly missed the podium in his final Bathurst 1000 as a full-time driver.

The seven-time Supercars champion crossed the line at the famous Mount Panorama track in fourth, less than a second behind Erebus' Brodie Kostecki.

Whincup was honoured just minutes before stepping into his Red Bull Ampol Commodore for the last time.

Prime Minister Scott Morrison inducted Whincup into the Supercars Hall of Fame, joining Peter Brock, Mark Skaife and Dick Johnson.

"A big thank you to our prime minister for being here for the biggest day in Australian motorsport," Whincup said.

"I want to thank friends and family, not must my family, but all the families, especially Queensland, who've been away for six to eight weeks, we appreciate the effort to keep the (Supercars) championship going. "

"Thank you to the fan base, everyone who's come out, everyone watching at home but, in particular, I'd like to thank my peers."

Whincup will bow out with the respect of his rivals.

Scott McLaughlin, who won three-straight championships between 2018 and 2020, lauded his former arch-rival from America, where he is now racing in IndyCar.

"J-Dub - grateful to have raced you at your peak," McLaughlin wrote on Instagram.

"The undisputed GOAT of Supercars.

"Thanks for making me a better race driver."

Whincup and co-driver Craig Lowndes started the Great Race from 11th on the grid.

The 38-year-old also finished second in this year's championship standings - only behind winner and teammate Shane van Gisbergen - with two race wins, three pole positions and 15 podium finishes.

Whincup bows out with 124 career race wins, 237 podiums and 92 pole positions - the most by any driver in Supercars history.

He will move straight into management next year when he becomes Triple Eight's team principal, taking over from Roland Dane.