CHARLOTTE, N.C. – A visionary and transformative figure in both business and entertainment, Ollen Bruton Smith, the founder and executive chairman of Sonic Automotive (NYSE:SAH), Speedway Motorsports and Speedway Children’s Charities died today of natural causes. He was 95.
Born March 2, 1927, Smith was the youngest of nine children and grew up on a modest farm in Oakboro, North Carolina. As a member of the Greatest Generation, Smith learned the value of hard work early in life. With an inspiring determination and relentless optimism, Smith built a business empire through the automotive and motorsports industries and left a legacy to inspire generations of his family, friends and colleagues.
“My parents taught us what work was all about,” Smith said in 2008. “As I look back, that was a gift, even though I certainly didn’t think so at the time. A lot of people don’t have that gift because they didn’t grow up working. But if you are on a family farm, that’s what you do. Everything is hard work.”
Smith founded Speedway Motorsports by consolidating his motorsports holdings in December 1994, and in February 1995, he made it the first motorsports company to trade on the New York Stock Exchange. Today the company owns and operates 11 motorsports entertainment facilities: Atlanta Motor Speedway, Bristol Motor Speedway, Charlotte Motor Speedway, Las Vegas Motor Speedway, New Hampshire Motor Speedway, Sonoma Raceway, Texas Motor Speedway, Dover Motor Speedway, Nashville Superspeedway, North Wilkesboro Speedway and Kentucky Speedway.
Speedway Motorsports also owns and operates subsidiaries SMI Properties, U.S. Legend Cars International, Performance Racing Network and zMAX Micro Lubricants.
In January of 1997, Smith founded Sonic Automotive and took it public on the New York Stock Exchange (NYSE:SAH) in November of the same year. In just a few years, Smith grew Sonic into one of the nation’s largest companies, and in 2000 it was first officially recognized as a Fortune 500 company based in Charlotte, North Carolina. Sonic Automotive is now a Fortune 300 company and one of the nation’s largest automotive retailers with over 160 retail dealerships in over 23 states, representing 25 automotive brands. Since inception, Sonic Automotive dealerships have received many nationally recognized awards and accolades for exceeding customer satisfaction and automotive retail brand performance standards.
In 2014, Smith’s passion for automotive retail continued with the creation of EchoPark Automotive. A subsidiary of Sonic Automotive, EchoPark Automotive is the company’s high growth segment rooted in providing high quality pre-owned vehicles, while delivering a world-class guest experience. The company currently operates over 40 EchoPark Automotive locations nationwide.
Smith’s first job outside the family farm came at age 12 when he went to work at a local saw mill. Two days after graduating from Oakboro High School, Smith took a job in a hosiery mill, before he eventually made a purchase that would lead him to two successful business careers.
“I bought a race car for $700. The whole idea at that time was that I was going to be a race car driver,” Smith once explained. “I learned to drive, but that career didn’t last long.” Smith’s mother had other ideas and prayed to a higher authority. “She started fighting dirty,” laughed Smith in a 2005 interview with Motorsport.com. “You can’t fight your mom and God, so I stopped driving.”
Smith sold his first car, a 1939 Buick sedan, for a small profit and continued to sell cars from his mother’s front yard. The young entrepreneur also promoted his first race before he was 18 years old.
“There was a whole lot of unrest with the drivers and car owners at that time,” Smith continued. “We had a meeting and I was unlucky enough to be appointed a committee of one to promote a race. I had never done that, but I promoted a race in Midland, North Carolina, and I made a little bit of money, so I thought I’d try it again.”
In his early 20s, Smith’s career as promoter and car salesman took a turn when he was drafted by the U.S. Army during the Korean War. Smith served two years stateside as a paratrooper, then returned to selling cars and promoting auto races featuring the burgeoning National Association for Stock Car Auto Racing (NASCAR). Through a rough era for the sport, Smith was one of the first professional promoters to pay good purses, tend to the needs of the fans and find unique ways to promote events at speedways he leased around North Carolina.
“I’m a frustrated builder who had a knack for promoting races and it’s been fun to always try and push the sport to greater heights for the fans,” Smith told the Associated Press in 2015.
In 1959, he partnered with NASCAR driver Curtis Turner and built his first permanent motorsports facility, Charlotte Motor Speedway. The track opened in June 1960 with a 600-mile race, the longest ever in NASCAR’s history.
In the years that followed, Smith found success opening several automotive dealerships. Opened in 1966, his first dealership was Frontier Ford in Rockford, Ill, where he married and started a family. While growing his automotive business, Smith’s passion for auto racing never wavered.
“I love the racing business. I want to contribute more and more,” Smith said in 2015. “You hear us preach about ‘fan friendly.’ I think that is a driver for me to just do more things. I enjoy the contributions I’ve been able to make to the sport.”