O. Bruton Smith & family

$1.00 B

Ranked #1940 in World

About O. Bruton Smith & family

Ollen Bruton Smith, an American motorsports icon and accomplished businessman, played a pivotal role in shaping the auto racing industry from 1927 to 2022. As the visionary behind Speedway Motorsports, Inc. (SMI) and Sonic Automotive, Smith's innovative approach to racetrack ownership and car dealership operations left an indelible mark on the sector. Born in Oakboro, North Carolina, he ventured into business by promoting stock-car events and later founded Charlotte Motor Speedway, despite financial hurdles. Smith’s aggressive business tactics and strategic acquisitions, including notable racetracks and the establishment of Sonic Automotive, underscored his influence and legacy in motorsports. His commitment extended beyond the race track, with philanthropic efforts like Speedway Children's Charities, showcasing his impactful contributions to both the sport and society.

Born

March 02, 1927 in Oakboro, North Carolina, U.S.

Died

June 22, 2022 (aged 95)

Source Of Wealth

Nascar Racetracks

Industries

Automotive

Citizenship

United States

Residence

Charlotte, North Carolina

Spouse

Bonnie Jean Harris (Married: 1972; Divorced: 1990)

Children

5, including Marcus

Ollen Bruton Smith was born on March 3, 1927, in Oakboro, North Carolina. He grew up on a farm with eight siblings and worked from a young age to support his family. Smith developed an interest in boxing and dreamed of becoming a middleweight champion. He attended Oakboro High School (now West Stanly High School) and gained his first job in a hosiery mill after graduating. At the age of 17, he bought his first race car for $700 and briefly raced but stopped due to his mother's opposition.

O. Bruton Smith & family: Family

Bruton Smith was married to Bonnie Jean Harris from 1972 until their divorce in 1991. They had five children together, one of whom died in infancy. Smith's divorce was highly publicized and resulted in a significant financial settlement. He was an evangelical Christian and involved in religious organizations. Smith established Speedway Children's Charities in 1982 to support child-related causes.

O. Bruton Smith & family: Career Highlights

Bruton Smith's career highlights include:

Promoted stock-car events as a 17-year-old in Midland, North Carolina.
Took over the National Stock Car Racing Association (NSCRA) in 1949.
Created the "Strictly Stock" division, leading to a rivalry with NASCAR.
Leased the Charlotte Speedway in 1951 but was drafted into the Korean War.
Returned to promoting local short-track races after his honorable discharge in 1953.
Partnered with John William Propst Jr. to build a $2 million racetrack in Charlotte.
Collaborated with Curtis Turner, but the partnership fell through.
Announced his intention to build a new speedway to rival Turner's.
Construction of Charlotte Motor Speedway began in 1959 and was completed in mid-1960.
The track faced numerous issues during its first race, leading to bankruptcy.
Smith was ousted from the board of directors and later indicted for tax filing issues.
Pursued his dream of owning a new-car dealership after leaving the speedway.

Joined a Ford dealership in Charlotte and later moved to Colorado and Illinois.
Became a successful car dealer and president of the Rockford New Car Dealers Association.
Offered an opportunity by Ford to open a new dealership in Houston, Texas.
Expanded his business to ten dealerships but decided to sell or close down all but two locations.
Increased his stake in Charlotte Motor Speedway in the mid-1970s.
Became chairman of the board of directors in 1974, replacing Richard Howard.
Bought nearly 800,000 shares and planned to become the majority stockholder.
H. A. "Humpy" Wheeler replaced Howard as president, completing Smith's takeover.
Acquired stock in various companies, including PCA International and Republic Bank and Trust.
Founded Sonic Aviation, a charter jet service company, in 1979.
Became the largest shareholder of North Carolina Federal Savings and Loan Association.
Took control of the company after a dispute and legal battles.
Bought all remaining stock in Charlotte Motor Speedway in 1985, becoming the sole owner.
Purchased Atlanta International Raceway in 1990 and made improvements to Charlotte Motor Speedway.
Created Legends Car, a new division of short-track racing.
Incorporated Speedway Motorsports, Inc. (SMI) in 1994 and took it public in 1995.
Bought North Wilkesboro Speedway, Bristol International Raceway, Sears Point Raceway, and Las Vegas Motor Speedway.
Incorporated Sonic Automotive, a car dealership business, in 1997.
Took the company public on the New York Stock Exchange, raising $104 million.
Aimed to create an "auto mall" with multiple dealerships near a flagship site.
The company experienced continuous growth and became a Fortune 500 company in 2000.
Continued buying speedways, including New Hampshire International Speedway and Kentucky Speedway.
Acquired full control of North Wilkesboro Speedway from Bob Bahre.
Pledged $50 million towards a light-rail line to connect Charlotte Motor Speedway to Charlotte.
Took Speedway Motorsports private in 2019, removing it from the NYSE.

O. Bruton Smith & family: Companies

Bruton Smith founded and led several companies, including:

Speedway Motorsports, Inc. (SMI)
Sonic Automotive, Inc.
Sonic Aviation
North Carolina Federal Savings and Loan Association

O. Bruton Smith & family: Major Achievements

Bruton Smith's major achievements include:

Building Charlotte Motor Speedway, one of the most iconic racetracks in the world.
Transforming Speedway Motorsports into a multi-billion dollar company.
Turning Sonic Automotive into one of the largest car dealership businesses in the United States.
Establishing Speedway Children's Charities to support child-related causes.

O. Bruton Smith & family: Awards & Achievements

Bruton Smith received numerous awards and achievements, including:

Induction into the NASCAR Hall of Fame
Induction into the International Motorsports Hall of Fame
Named one of the "100 Most Influential People in the Automotive Industry" by Automotive News
Awarded the Horatio Alger Award for Distinguished Americans
Received the Golden Plate Award from the American Academy of Achievement

O. Bruton Smith & family: Personal Life & Legacy

Bruton Smith was known for his extravagant spending and attention to detail. He transformed racetracks owned by Speedway Motorsports into world-class facilities and turned Sonic Automotive into one of the biggest car dealership businesses in the United States. His actions and decisions had a significant impact on the sport of stock car racing. Smith passed away on August 22, 2022, at the age of 95.

O. Bruton Smith & family: Trivia

Some interesting facts about Bruton Smith include:

He was a licensed pilot and owned several private jets.
He was a close friend of former President Donald Trump.
He was a big fan of boxing and attended many fights throughout his life.
He was known for his love of animals and had a pet monkey named "Clyde" that he would often bring to work.
He was a major donor to various charities and organizations, including the Salvation Army and the American Red Cross.

Wealth History

Timeline

March 3, 1927

Ollen Bruton Smith is born in Oakboro, North Carolina.

1949

Smith takes over the National Stock Car Racing Association (NSCRA).

1951

Smith leases the Charlotte Speedway.

1953

Smith returns to promoting local short-track races after his honorable discharge from the Korean War.

1959

Construction of Charlotte Motor Speedway begins.

Mid-1960

Charlotte Motor Speedway is completed.

1962

Smith is indicted for tax filing issues.

1964

Smith is found guilty of tax filing issues.

1974

Smith becomes chairman of the board of directors of Charlotte Motor Speedway.

1979

Smith founds Sonic Aviation, a charter jet service company.

1985

Smith buys all remaining stock in Charlotte Motor Speedway, becoming the sole owner.

1990

Smith purchases Atlanta International Raceway.

1994

Smith incorporates Speedway Motorsports, Inc. (SMI).

1995

SMI goes public.

1997

Smith incorporates Sonic Automotive, a car dealership business.

2000

Sonic Automotive becomes a Fortune 500 company.

2019

Smith takes Speedway Motorsports private.

August 13, 2022

Ollen Bruton Smith passes away at the age of 95.

O. Bruton Smith & family : FAQs

What is O. Bruton Smith's net worth?

As of 2017, O. Bruton Smith's net worth was $1.00 billion.

What are O. Bruton Smith's main sources of wealth?

O. Bruton Smith's main source of income comes from Nascar Racetracks.

In which industry does O. Bruton Smith primarily operate?

O. Bruton Smith is primarily involved in the Automotive industry.

Is O. Bruton Smith dead?

Yes, O. Bruton Smith died on June 22, 2022 (aged 95).

How many children does O. Bruton Smith have?

O. Bruton Smith has 4 children.

Who was Ollen Bruton Smith and what is his legacy in motorsports?

Ollen Bruton Smith was an American motorsports executive and entrepreneur, known for owning Speedway Motorsports, Inc. and Sonic Automotive. He played a pivotal role in the rise of stock car racing, transforming racetracks into world-class facilities and significantly impacting the sport.

What were Bruton Smith's early life and initial involvement in racing?

Born in Oakboro, North Carolina, Smith developed an early interest in racing and promoted stock-car events as a teenager. Despite a brief racing career, he became a significant figure in motorsports through his entrepreneurial efforts and later ownership of major racetracks.

How did Bruton Smith become a key figure in the auto dealership industry?

After a successful career in motorsports promotion and track ownership, Smith ventured into the auto dealership business, founding Sonic Automotive in 1997. Under his leadership, the company grew into one of the biggest car dealership businesses in the United States, becoming a Fortune 500 company.

What legal challenges and controversies did Bruton Smith face in his career?

Throughout his career, Bruton Smith faced numerous legal battles and controversies, ranging from tax filing issues to antitrust lawsuits against NASCAR and disputes over business acquisitions. Despite these challenges, Smith remained a prominent and influential figure in auto racing and business.

How did Bruton Smith contribute to philanthropy and community through motorsports?

Bruton Smith established Speedway Children's Charities in 1982, demonstrating his commitment to philanthropy and community engagement. Through his extensive involvement in motorsports, he used his platform to support child-related causes, leaving a lasting impact beyond the racetrack.