LATEST, 4.45pm: Targa Australia CEO Mark Perry said the past two days had been a tragic time.
"This has been a devastating few days for the Targa family," he said.
"We feel greatly for the family and friends who have lost those so precious to them."
A further statement will be made once the next of kin process has been completed by police.
4.25pm: AN eyewitness to a tragic fatal crash during Targa Tasmania on Saturday has described the impact of the collision as sounding like an explosion.
The resident of Lower Wattle Grove, near Cygnet, said he was watching the cars come past late on Saturday morning when he saw the driver lose control.