Kleiner’s Korner: North Carolina’s First Motor Speedway - Part 3 (The End Comes)
The Charlotte Motor Speedway was promoted in 1924 as the state's entry into big time racing. However, expectations were not met and the track closed after only 3 years.
Attendance, which had peaked at over 50,000 decreased significantly to only 7,500 at its final major race in 1927 and was placed into bankruptcy (Wikipedia). Several auctions were held to dispose of the property which today is home to an industrial park. Twenty-two years later in 1949, another Charlotte speedway opened but also closed soon after due to the building of an interstate running through its parking lot. The Charlotte speedway known to racing fans today opened in 1959 and also was in bankruptcy a few years later. This speedway however, reorganized and has grown to be a major component of the NASCAR circuit. Three times a charm I suppose.
Unless otherwise noted sources include The Concord Daily Tribute, The Concord Times, The Charlotte Observer from 1926-1929 and The Charlotte News (1928).
Art Kleiner
The End is Near: Bankruptcy
Heavy losses were reported in December, 1926 with the threat of bankruptcy looming.
The track's manager, C. W. Roberts, faults the under-financing of the track as the reason for its financial troubles. He notes the Charlotte Speedway is just one of the nations' tracks facing problems. "Definite action must be taken to put automobile racing on a sound financial basis if it is to continue as an American sport."
The remedy: "reorganization and an advertising campaign".
Another reason: "Lack of cooperation" presumably meaning low attendance. (The Goldsboro News Dec. 31, 1926)
Bankruptcy was filed in early January, 1927. (Chattanooga Daily Times Jan. 5, 1927)
Up For Sale
The speedway was put up for sale by way of auction in the spring.
The initial highest bid was $16,500 by Joseph Garibaldi, however higher bids were subsequently made.
Contractors J.F. Boyd and A.P. White stated they wanted to have local interests purchase the speedway. "Everybody with $75 in their pockets from Greensboro to Gastonia have been considered prospective buyers."
A bidding war erupts!
Ultimately the property was sold for $21,500 to J.W. Armstrong and Alfred W. Brown.
Armstrong and Brown actually were the front men for a syndicate headed by C.C. Coddington, who for 25 years was the exclusive Buick distributor in the Carolinas.
Coddington became one of the wealthiest men in the area from his automotive business. (Shelby Daily Star Dec. 4, 1928)
Besides his wealth, another connection with the Vanderbilts is that he purchased the second largest private residence in the state in 1926 (the James B. Duke) - the largest estate being George Vanderbilt's Biltmore.
Interestingly, this J.B. Duke estate on the James River in VA was photographed by Willie K. on his yacht, the Tarantula, in 1913. (Vanderbilt Museum Collection)
Future Uses of the Closed Speedway
Even while the speedway was being sold the Contest Board of the American Automobile Association planned additional races to be held in July, depending on the wishes of the purchasers. (The Yadkin Ripple Mar. 10, 1927)
White and Boyd, if they had won the bidding war, planned a "mammoth recreation field" to include auto, dog and horse racing among other attractions. Unfortunately as noted above they were outbid.
Dodge engineer L. B. Miller planned to conduct speed and endurance tests at the track and had reported leasing it for 60 days.
By June of 1928, the track was dismantled: "a good farm all cluttered up with rotting lumber" . . . "stands silently as a monument to the sportsmanship of the automotive trade of Charlotte."
The salvaged lumber was to be sold . . .
. . . before additional damage due to the weather would decrease its value.
Anyone interested in 3 million feet of lumber?
At least the fox-hunting crowd was able to use the overgrown track!
1955
historicarerials.com
The Site Today
Today's Southland Industrial Park sits on the original site of the Charlotte Motor Speedway
Winning Drivers of the 1924 - 1927 Charlotte Speedway
champcarstats.com
Automobile racing in North Carolina had its ups and downs in the first part of the 20th century but today is well established as racing fans already know.
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