"I remember everything," Holdsworth told v8supercars.com.au at the Wilson Security Sandown 500.
"As soon as I jumped into the car after Bairdo's stint something felt funny in the right rear. It was squatting more on one side than the other. But the car was handling okay.
"A long time later coming down the back straight something happened with the right rear. I don't know if a tyre went or what, but it spat me sideways and had a big wiggle.
"I got off the throttle because at that stage I was a passenger and I remember going backwards and sideways along the grass and seeing the fence coming up pretty quick. And honestly it was the scariest moment of my life.
"I was just thinking 'what's the best way I can get out of this' because at that stage it was too far in to think about the car - the car was going to get damaged.
"The next thing to think about was myself, so I took my hands off the steering wheel and tried to relax a bit, but what I was thinking at the time was this 'is not going to be good'.
"And I remember hitting the wall, nosing in and collecting the side.
"Before I hit I had actually closed my eyes and put my hands up in the air.
"I dunno what happened when my eyes were closed but I was hoping no-one would collect me. I came to a stop, got my breath back and looked around to see that my limbs were intact.
"I thought there was no way I was going to end up alright out of that.
"My legs copped a fair bit of a battering down in the footwell and I just took a moment to catch my breath before I got out of the car.
"I was very, very surprised when I got out of the car that I could walk.
"I am very lucky to be here without any injury I think."