The speedway was constructed in 1974 by Leslie W. Brown, a real estate broker based in Evans Mills, New York. The facility operated under Brown’s tenure for a single year before he filed for bankruptcy. In early 1975, ownership transitioned to a group of investors from the Watertown Speedway, comprising Bob Thurston Sr., Douglas Atkinson, and Thomas Coughlin. This partnership managed the track for several seasons until 1981, when Bob Thurston Sr. acquired the interests of Atkinson and Coughlin to become the sole proprietor.
Under the stewardship of the Thurston family, the speedway entered a period often characterized as its "glory years" during the 1980s and 1990s. A pivotal administrative shift occurred during the winter of 1982–1983, when Thurston brought the circuit under the DIRTcar racing sanctioning banner.
The facility faced a significant operational crisis in 1995 when a severe storm struck the track, destroying the VIP towers. Despite the extent of the damage, the Thurston family opted to rebuild. Supported by members of the local racing community, the speedway completed repairs and resumed competitive operations within three weeks of the event. The Thurstons maintained control of the venue until the conclusion of the 2000 season.
In the summer of 2000, John Wight of Baldwinsville, New York, purchased the speedway. His tenure was marked by the introduction of Big Block Modifieds as the premier racing class. While Wight continued to support the venue despite fluctuations in attendance and car counts, he also utilized the track as a base for his sponsored racing teams, which included drivers such as Billy Decker, Pat Ward, and Pat O'Brien.
Late in the 2003 season, the track was sold to Charlie and Billy Caprara of the F.X. Caprara car companies. Under their management, the facility was renamed Caprara Bros. Can-Am Motorsports Park. The Caprara family operated the venue in conjunction with Thunder Alley Speed Park, located nearby.
Ownership changed again following the 2009 season when the track was acquired by Tiger Chapman, a Rochester-based businessman and racer originally from Cape Vincent. In 2017, the Caprara family briefly resumed operations, reinstating 358 Modifieds as the headline class for Saturday night programming. In December 2017, the speedway was sold to driver Tyler Bartlett.
The speedway hosts a regular schedule of auto racing on Friday nights throughout the summer months. The primary competitive classes are sanctioned by DIRTcar and include:
358-Modifieds
Sportsman and Limited Sportsman
Thundercar
Crate Sprint Cars
While the Big Block Modifieds served as the top class during the early 2000s, the 358 Modifieds currently headline the premier events at the half-mile oval.
Can-Am Speedway remains an active fixture in the New York dirt racing circuit. In a move to formalize the preservation of its competitive history, the track announced the inauguration of its first Hall of Fame induction ceremony in 2025. The venue continues to operate as a cross-border attraction, maintaining its historical ties to the DIRTcar sanctioning body.