The two racers along with Smith's wife, Megan, and a family friend, were on their way to a ski slope in Vail when the accident happened about 8:45 a.m., said David Ferroni of the Furniture Row Racing team.
Smith drives for Furniture Row.
Smith tweeted: "Thank you to everybody for the well wishes, everybody is doing fine, shaken up but healthy. Had somebody looking out for us this morning."
Smith and Menard, who drives for Richard Childress Racing, will compete Sunday in the Sprint Cup race in Las Vegas.