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Bruton Smith

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Ollen Bruton Smith
Born (1927-03-03) 3 March 1927 (age 99)
Oakboro, North Carolina, U.S.
Died22 June 2022(2022-06-22) (aged 95)
Occupation(s)Entrepreneur, motorsports executive
Known forFounder and CEO of Speedway Motorsports, Inc. and Sonic Automotive; promoter and innovator in stock car racing

Ollen Bruton Smith (March 3, 1927 – June 22, 2022) was a prominent American entrepreneur and executive in the motorsports industry, widely recognized as the proprietor of two publicly traded corporations: Speedway Motorsports, Inc. (SMI) and Sonic Automotive. He held the positions of vice president and general manager at Charlotte Motor Speedway before advancing to CEO roles at both SMI and Sonic Automotive. Smith played a pivotal role as an innovator and promoter throughout the emergence of stock car racing beginning in the 1950s.

Originating from near Oakboro, North Carolina, Smith collaborated with driver Curtis Turner in 1959 to develop the banked Charlotte Motor Speedway located in Concord, North Carolina. Following the initial financial collapse of the track and his subsequent bankruptcy, he rebuilt his wealth through ventures in automobile dealerships. By 1975, Smith regained a stake in the speedway and assumed the general manager role. During the 1980s, he expanded his business interests beyond motorsport; throughout the 1990s and early 2000s, he grew his portfolio by acquiring several race tracks, utilizing capital raised from taking SMI public on the New York Stock Exchange in 1995. In 1997, he established Sonic Automotive, which evolved into one of the largest dealership networks in the United States, while simultaneously serving as CEO of both enterprises.

Smith is regarded as an influential yet sometimes divisive figure within the motorsports business community. Known for his lavish expenditures and meticulous attention to detail, he elevated Speedway Motorsports’ venues into premier facilities and strengthened Sonic Automotive’s market standing. Industry veterans such as Humpy Wheeler and Eddie Gossage have commended his leadership qualities. His career was marked by legal challenges and controversies, including disputes related to his divorce and his resistance to constructing a drag strip at Charlotte Motor Speedway.

He was instrumental in fueling the enduring rivalry between SMI and NASCAR-owned International Speedway Corporation (ISC), which was established by NASCAR founder Bill France Sr. This competition has significantly influenced NASCAR’s commercial environment through ongoing litigation and strategic confrontations that have impacted the sport’s heritage and development.

Early life

Smith was born on March 3, 1927, in Oakboro, North Carolina, to parents James Lemuel Smith and Mollie C. Smith. As the youngest among nine siblings, he was raised on a farm outside Oakboro. Despite their diligent efforts, his family faced financial hardships, prompting Smith to leave farm life at an early age.[1] Beginning at age eleven, he trained as a boxer with ambitions of becoming a middleweight champion, dedicating five years to the sport before deciding to quit.[2] During childhood, Smith also harbored aspirations of owning a train or trucking company after being inspired by films on those subjects.[3]

At eight years old, Smith attended his first automobile race at the Charlotte Speedway. In 1946, he began selling used vehicles directly from his front yard, maintaining this enterprise for approximately five years.[4][5]

Following his graduation from Oakboro High School in 1944, Smith took employment at a hosiery mill and purchased his first race car at age seventeen for $700 (adjusted for inflation).[6] He briefly competed professionally in racing and recorded wins against early NASCAR figures such as Buck Baker and Joe Weatherly. However, due to his mother’s disapproval and prayers, Smith ultimately ended his driving career.[7]

NSCRA and the emergence of a rivalry with the France family

At just 17 years old, Smith began organizing stock-car races in a cornfield he dubbed the "Dust Bowl" located in Midland, North Carolina. In 1949, he assumed control of the National Stock Car Racing Association (NSCRA), an organization established in 1948 that directly competed with NASCAR, which was also founded that same year. Early that year, Smith introduced a "Strictly Stock" division featuring newer stock cars. In response, NASCAR president Bill France Sr. created his own "Strictly Stock" division and scheduled its inaugural race on June 19, 1949—the very day NSCRA had planned its event. This confrontation marked the beginning of a prolonged rivalry between the Smith and France families, which later intensified following Smith's establishment of Speedway Motorsports and France’s founding of the International Speedway Corporation.

In 1951, Smith leased Charlotte Speedway from Buck Baker, Roby Combs, and Ike Kiser to promote racing events. That same year, discussions took place between Smith and France about merging their sanctioning organizations; however, Smith was drafted into the United States Army as a paratrooper during the Korean War. Upon his return in 1953, he discovered that NSCRA had dissolved due to ineffective leadership during his absence.

Career in promotion following military service

After being honorably discharged in 1953, Smith moved back to his family home in Concord, North Carolina, residing with his mother. Throughout the 1950s, he worked in automobile sales and promoted local short-track races across the Carolinas, including locations such as Concord, Shelby, and Piedmont. In a 1982 interview, former Charlotte Motor Speedway president Humpy Wheeler credited Smith with elevating stock-car racing's professionalism by instituting a requirement for drivers to wear suits and ties during publicity photo sessions. Smith was also recognized for his confrontational approach with drivers, maintaining strict control over operations.[8] By 1955, his earnings from race promotions throughout the Carolinas reached $128,050 when adjusted for inflation.[8]

Charlotte Motor Speedway and financial collapse

By the late 1950s, stock-car racing experienced significant growth across the Southeastern United States. With new venues like Darlington Raceway emerging,[9] Smith collaborated with entrepreneur John William Propst Jr. to develop a $2 million racetrack. When Propst withdrew due to health reasons in 1958, Smith invited Virginia-based driver and timber businessman Curtis Turner to join the venture. Although initial negotiations stalled, Smith proceeded to announce plans for a competing speedway project, committing to personally sell 100,000 shares and assuming the role of vice president.[8] Construction commenced in summer 1959 and was completed by June 1960 in time for the 1960 World 600 event.[10][11]

The first race encountered multiple challenges including unfinished facilities and subpar track conditions.[12][13] Financial strain arose from inadequate collateral provided by both Smith and Turner, resulting in unpaid debts owed to creditors. Smith later acknowledged losses exceeding $150,000 during construction.[8][14] In 1961, creditor Owen Flowe initiated bankruptcy proceedings against the speedway over an outstanding $90,000 debt.[15] A last-ditch financial rescue attempt from the International Brotherhood of Teamsters was unsuccessful,[16] culminating in Chapter 10 bankruptcy filings and removal of all company officers and board members.[15] Appointed trustee Robert Nelson Robinson uncovered liabilities exceeding $500,000 alongside a federal inquiry into stock sale practices used to finance the track.[8] Facing imminent foreclosure threats in 1961, both Smith and Turner were removed from board positions; however, Smith remained involved as promotional director.[17]

In 1962, Smith faced indictment for neglecting to file tax returns for the years 1955 and 1956.[18] He was convicted in 1963 and received a $4,000 fine along with a suspended one-year jail sentence.[19] Following these developments and his removal from the board, Smith departed from involvement with the speedway. Two years later, when nominated for board reinstatement, his candidacy was met with boos and jeers.[20]

Automobile dealership tycoon, gradual reentry into Charlotte

After being unsuccessful in regaining a position on the Charlotte Motor Speedway board, Smith shifted focus toward establishing ownership of a new-car dealership. Beginning his career as a salesperson at a Ford dealership in 1966, he quickly advanced to managing dealerships located in Colorado and Rockford, Illinois. His operation in Rockford flourished, leading to his election as president of the Rockford New Car Dealers Association. Subsequently, Ford offered him the opportunity to operate a dealership in Houston, Texas. By 1980, having expanded his portfolio to ten dealerships, Smith decided to sell or close all but two—those in Houston and Charlotte—citing a desire to escape rigid schedules and bureaucratic constraints after a distressing flight incident.

During the mid-1970s, Smith utilized profits from his dealerships to significantly increase his ownership in Charlotte Motor Speedway, growing his shares from approximately 40,000 in 1973 to nearly half a million out of 1.88 million total shares. Although initially downplaying any plans to reclaim control, he foresaw profitability following R.J. Reynolds Tobacco’s sponsorship of NASCAR’s Grand National Series starting in 1970. By February 1974, Smith had accumulated sufficient stock to assume the role of chairman of the board, succeeding Richard Howard as president.

Conflict intensified between Smith and Howard throughout 1975, marked by mutual allegations and disputes over financial authority. By mid-year, Smith had purchased roughly 80,000 shares from Howard’s family and increased his holdings to nearly 800,000 shares by October, aiming for majority control. Media outlets speculated about Howard’s potential exit amid concerns regarding his conservative financial approach contrasted with Smith’s ambition to elevate the speedway into a premier facility. At the annual stockholders' meeting on January 30, 1976, Howard stepped down as president and was succeeded by Humpy Wheeler, signifying Smith’s effective assumption of leadership at the speedway.

Expansion initiatives, acquisition of racetracks, and formation of Speedway Motorsports

From the late 1970s through the early 1980s, Smith diversified his investments by acquiring shares in companies such as PCA International and Republic Bank and Trust. In 1977, he purchased a private jet previously owned by Ugandan leader Idi Amin. By June 1979, Smith had established Sonic Aviation, a charter jet service enterprise. In September 1980, he became the largest shareholder of North Carolina Federal Savings and Loan Association with a 9.99% stake. Two years later, in 1982, Smith divested from Republic Bank and PCA International.

In the summer of 1982, Smith joined the board of North Carolina Federal Savings and Loan Association while holding more than 10% ownership. The following year involved legal battles concerning stock control—Smith's companies faced accusations of unlawfully acquiring 54% ownership—but after key officials resigned and a takeover bid by Roland International Corporation collapsed, Smith secured control.

By 1985, Smith had become the sole proprietor of Charlotte Motor Speedway. During the 1990s, he broadened his racetrack portfolio by purchasing Atlanta International Raceway for $19.8 million in 1990 with intentions to upgrade its facilities. In 1992, he installed permanent lighting at Charlotte Motor Speedway which increased attendance for night races despite sustaining a minor injury during the installation event. Additionally, Smith introduced Legends Car racing as an affordable option for grassroots racers.

Smith founded Speedway Motorsports, Inc. (SMI) in 1994 and launched an initial public offering of 4.5 million shares at $18 each early in 1995. By 1999, SMI’s share price had nearly tripled alongside overall U.S. market growth. Earnings supported construction of Texas Motor Speedway in Fort Worth where Eddie Gossage was appointed as track manager.

In late 1995, Smith partnered with Bob Bahre to acquire North Wilkesboro Speedway. Subsequent acquisitions included Bristol International Raceway and Sears Point Raceway in 1996 followed by Las Vegas Motor Speedway in 1998—significantly expanding Smith’s presence across prominent NASCAR venues.

Sonic Automotive

In February 1997, Smith founded Sonic Automotive, a company specializing in car dealerships. By August of the same year, he launched the company’s initial public offering on the New York Stock Exchange, targeting a capital raise of $104 million when adjusted for inflation. At that point, Sonic managed 20 dealerships, including two that Smith had retained from his earlier ownership. Industry analysts found the IPO "puzzling," given the overall downturn in publicly traded automotive dealership firms. Before the year concluded, Smith expanded operations into Atlanta, Georgia, as well as Fort Mill and Rock Hill, South Carolina, advancing his concept of an "auto mall"—a concentrated grouping of dealerships representing multiple car manufacturers near a central flagship location. This approach mirrored broader industry consolidation trends where larger entities absorbed independent dealerships.

Sonic Automotive maintained consistent growth through the late 1990s and into the 2000s, entering the ranks of the Fortune 500 by 2000. In 2002, speculation arose about Smith’s retirement following an announcement regarding his son Scott as a potential successor. Smith refuted these claims, emphasizing that retirement or succession plans were not imminent and likely decades away, a view supported by board member William Belk.

Later business ventures

Throughout the 2000s, Smith broadened his business interests by acquiring several prominent race tracks, including the New Hampshire International Speedway and Kentucky Speedway in 2008. Additionally, he secured full ownership of North Wilkesboro Speedway in 2007.

To advocate for NASCAR’s decision to locate the NASCAR Hall of Fame in Charlotte, Smith committed $50 million toward funding a Lynx light-rail route linking Charlotte Motor Speedway to uptown Charlotte, passing close to the site of the original Charlotte Speedway. Nonetheless, city officials dismissed the monorail proposal due to its high expense and dependency on extending service to the speedway.

In 2019, Smith privatized Speedway Motorsports by having Sonic Financial Corporation—another one of his entities—purchase all outstanding shares of SMI. Rick Hendrick, founder of Hendrick Motorsports, remarked that Smith remained engaged in business activities up until his death, including championing sponsorship of zMax micro-lubricant on Hendrick’s vehicles despite being physically immobile.

Legal issues and controversies

Over his career, Smith was involved in various legal disputes and business controversies.

Legal battles

Following the development of Charlotte Motor Speedway, Smith encountered financial difficulties accompanied by litigation. In 1962, he was indicted for failing to file tax returns for 1955 and 1956 and was convicted in 1964. He later explained that a neighbor he had hired to manage his taxes was responsible for the oversight. In December 1985, twenty-one former shareholders filed suit against Smith, accusing him of unjustly removing 640 minority shareholders and undervaluing stock after merging Charlotte Motor Speedway, Inc. with Lone Star Ford. After a judge permitted all former shareholders to join the lawsuit in 1986, Smith settled by paying $1.9 million.

In 1997, Smith engaged in a bidding contest with Roger Penske over acquisition of North Carolina Motor Speedway (Rockingham Speedway). Penske initially bid $29.4 million; Smith responded with $48.3 million and subsequently increased his offer to nearly $72 million. However, majority stakeholder Carrie DeWitt declined Smith’s proposal due to concerns about abandonment similar to what occurred at North Wilkesboro Speedway after prior ownership changes. Penske ultimately acquired the track. Subsequently, Smith and other shareholders filed suit against Penske in the North Carolina Supreme Court, demanding $50 per share or approximately $17.7 million total. In 2000, the court appraised the stock at $23.47 per share and awarded Smith over $3.6 million.

In 2005, Richard Duchossios—the former owner of Kentucky Speedway—filed a lawsuit against NASCAR alleging monopolistic practices by NASCAR and International Speedway Corporation. When Speedway Motorsports purchased Kentucky Speedway in 2008, Duchossios offered to transfer this lawsuit to Smith. The case was dismissed in 2008 with an appeal denied in 2009.

In 2010, Smith initiated legal action against Las Vegas entertainer Wayne Newton over an overdue loan personally guaranteed by Newton that Smith had acquired from Bank of America. Seeking foreclosure on Newton’s ranch, Casa de Shenandoah, Smith claimed Newton had pledged his home and a $2 million jet as collateral for the loan. The lawsuit was voluntarily dropped later that same year.

North Carolina Federal Savings and Loan Association

In June 1983, a year after joining the North Carolina Federal Savings and Loan Association's board, Smith was confronted with a lawsuit from the institution accusing him and his enterprises of unlawfully acquiring 54% of its shares in an attempted takeover. Smith dismissed these allegations as "absurd" and threatened to file counterclaims against every board member. Following a company meeting on August 1 that approved a merger with four smaller savings and loans, Smith’s supporter Humpy Wheeler labeled management as "complete deceivers," prompting Smith to suspend merger negotiations. The initial merger vote was declared invalid, with a new vote scheduled for August 19. Subsequently, the board issued a letter declaring that while Smith had consented to the merger, they opposed ceding control to him; the lawsuit was intended to guarantee his adherence. Shortly after, Smith sold 9.08% of the stock to Herman Smith, a real estate developer from Fort Worth.

One of the targeted acquisitions, Perpetual Savings and Loan, unexpectedly withdrew from North Carolina Federal’s merger plans in September and chose instead to be acquired by Old Stone Corporation based in Providence. On September 7, minority shareholder Bill Smith filed a $10.4 million lawsuit against the board, blaming them for company losses; Bruton Smith indicated his readiness to testify in support. The Federal Home Loan Bank Board delayed its ruling on the July lawsuit for several months. On December 21, an agreement was reached between Smith and the board; by January 1984, the board withdrew from the dispute and issued cease-and-desist orders against Smith for violations of federal securities laws.

Both factions put forward rival slates for the seven-member board election. On January 10, North Wilkesboro Federal initiated a $13.6 million lawsuit against Smith and North Carolina Federal concerning a failed merger attempt. Nine days later, Florida-based Roland International announced intentions to acquire North Carolina Federal within three weeks. In March, a compromise slate was proposed for the March 30 election. On election day, senior directors Clark Goodwin and Kemp Causey resigned; Graham Harwood was elected president. By May, Roland International abandoned its acquisition plans, effectively granting Smith complete control.

Under Harwood’s presidency, the institution recovered from prior losses by 1986 and once again met federal capital requirements for the first time since 1982. In 1985, North Carolina Federal provided financing for Piper Glen, a $17 million golf community; however, after four years without returns, stock values plummeted from over $10 to around $2 within a week, resulting in annual losses of $1.7 million. The failure of Piper Glen, combined with other problematic real estate projects and non-performing loans to apartment developers, culminated in losses totaling $29.4 million over fifteen months. As a result, on March 2, 1990, the Resolution Trust Corporation took control of North Carolina Federal, replacing it with North Carolina Savings and Loans Association and injecting an $11 million bailout. Smith incurred losses near $4 million due to this takeover but stated he was capable of absorbing the financial hit.

Reaction to Lowe's Motor Speedway dragstrip opposition

On August 31, 2007, Smith announced his intention to construct a dragstrip at Lowe's Motor Speedway (currently known as Charlotte Motor Speedway) to host National Hot Rod Association (NHRA) competitions. By late September, the Concord City Council held a special meeting aiming to potentially halt the project due to concerns about noise pollution, emissions, and their effects on nearby residents and businesses. Smith opposed this meeting, expressing disappointment over the annexation of the speedway by Concord, and proceeded with initial grading work regardless. On October 2, the council unanimously voted to stop construction and rezoned the property. The next day, Smith demanded the speedway be unannexed or threatened to close and demolish it, warning that Concord would face substantial economic repercussions.

On October 9, the council reversed its earlier decision with a 5–1 vote; only councilman Randy Grimes dissented. Smith branded Grimes as an "enemy of the speedway," although plans for relocation had not been finalized. To keep the speedway in Concord, both Concord and Cabarrus County proposed a tax exemption, dedicated a street in Smith's name, and offered an $80 million incentive package. On November 26, Smith confirmed that the speedway would stay in Concord and announced upcoming NHRA events.

Smith’s approach drew significant local criticism for using his financial influence to pressure city officials amid an economic downturn, securing large incentives while disregarding community objections. An editorial in The Observer remarked that any initial win for residents was fleeting.

The conflict resurfaced in September 2009 when Smith filed a $4 million lawsuit against Cabarrus County and Concord concerning roadwork payments tied to the incentive package. Disputes over payment schedules—Smith anticipated reimbursement within nine years whereas the city expected up to four decades—complicated negotiations. The lawsuit was withdrawn in June 2010 but refiled in May 2011. A partial resolution occurred in June 2011 when Concord agreed to pay $2.8 million for road improvements. The suit was dismissed in March 2012 but revived by Smith in 2013 alleging breach of contract related to the incentive agreement. The North Carolina Court of Appeals dismissed the case again due to absence of a formal contract. After appealing to the North Carolina Supreme Court, Smith lost on December 19, 2014, ending more than seven years of legal disputes with Concord.

Marriage and divorce

Smith wed Bonnie Jean Harris on June 6, 1972, in North Las Vegas, Nevada. They met three years earlier when Smith sold her a Ford Thunderbird in Illinois. The couple had five children: Anna Lisa, Bruton Jr., David, Marcus, and Scott. Four children survived; Bruton Jr. passed away as an infant in 1980.

Following Bruton Jr.'s death, their marriage deteriorated. Bonnie filed for divorce in July 1988 after a violent altercation, accusing Smith of threats and abuse. Smith admitted to damaging a portrait but denied other allegations while accusing Bonnie of infidelity and questioning her suitability for custody. In November 1988, he agreed to pay $6,000 monthly child support plus up to $300,000 for a new home and $50,000 for furnishings.

A trial held in 1990 valued their marital assets at $51.3 million (inflation-adjusted). Smith was ordered to pay Bonnie $21 million—the largest divorce settlement ever recorded in North Carolina history. He appealed seeking reduction; after several hearings including before the North Carolina Supreme Court, they reached a settlement in 1994 for $19.4 million, which included roughly $2 million in legal fees.

As part of this agreement, Smith consented to pay approximately $445,000 to Bonnie's law firm Robinson Bradshaw & Henson. When he failed to fully settle this amount, the firm sued him; Smith countersued alleging misconduct by Bonnie’s attorney. Ultimately he lost and was ordered to cover over $1.5 million in attorney fees, which he fully paid by 2001.

Religious beliefs

Smith embraced evangelical Christianity, reportedly adopting his faith later in life. He held a position on the board of directors for the PTL Satellite Network, an evangelical Christian television broadcaster headquartered in the Carolinas.

Charitable efforts

In 1982, Smith established Speedway Children's Charities following the tragic loss of his infant son, Bruton Smith Jr., in 1980. By June 2022, this organization had contributed more than $61 million toward causes benefiting children.

Financial status

Smith was featured on the Forbes 400 list starting in 2005, ranked as the 207th wealthiest American with an inflation-adjusted net worth near $1.5 billion. He exited the list by 2009, with his last estimated net worth recorded at $1.2 billion in 2008.

Health and passing

Diagnosed with non-Hodgkin's lymphoma in June 2015, Smith underwent successful surgery that same summer. He passed away from natural causes on June 22, 2022, in Charlotte, North Carolina, at age 95. A public memorial service took place on June 30 at Central Church of God in Charlotte, followed by a private interment.

Legacy and recognition

Smith is widely acknowledged as a transformative figure in both auto racing and automotive retail. Humpy Wheeler, former president of Charlotte Motor Speedway, described him as "a formidable presence... when he set his sights on something, he achieved it through sheer determination, even amid NASCAR opposition." Former Texas Motor Speedway president Eddie Gossage hailed Smith as "the best boss imaginable," highlighting his role in elevating several U.S. racetracks to world-class status akin to Charlotte Motor Speedway—the first circuit he owned. Chris Powell, current president of Las Vegas Motor Speedway, lauded Smith’s tireless dedication, referring to him as a "visionary" who viewed "vacation" simply as working elsewhere. Additionally, Smith preserved an enigmatic image; The Charlotte Observer journalist Dick Stilley characterized him in 1982 as "a mystery even to his acquaintances," underscoring the fascination he inspired among industry insiders.

Rivalry between Speedway Motorsports and International Speedway Corporation

The competition between Smith and the France family intensified the rivalry between their respective companies, Speedway Motorsports and International Speedway Corporation (ISC). Prior to NASCAR's acquisition of ISC, both organizations competed fiercely for race dates, resulting in shareholder lawsuits that culminated in the Ferko lawsuit. This legal battle led to major alterations in NASCAR’s schedule that affected the sport’s heritage and fan engagement. Before the lawsuit was resolved, Smith’s efforts to secure a second NASCAR Cup Series event at Texas Motor Speedway sparked rumors that he might launch a competing racing series.

By 2016, however, tensions had eased considerably. The NASCAR Hall of Fame honored Smith alongside Curtis Turner, co-founder of Charlotte Motor Speedway. Then-NASCAR CEO Brian France publicly acknowledged Smith’s contributions, signaling reconciliation between the families after years marked by strained relations and previous Hall of Fame exclusions despite Smith’s strong backing.

Honors and Awards

  • In 2006, Smith was honored with induction into the North Carolina Business Hall of Fame.
  • That same year, the National Motorsports Press Association recognized him by including him in the Stock Car Racing Hall of Fame.
  • The city of Concord paid tribute in 2008 by renaming Speedway Boulevard near Interstate 85 to "Bruton Smith Boulevard."
  • He earned a place in the International Motorsports Hall of Fame in 2007.
  • On January 23, 2016, Smith was officially inducted into the NASCAR Hall of Fame.

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