Construction of the track began in 1966, when it opened as a dirt-surfaced oval. In 1972 the racing surface was paved with asphalt, transforming the venue into the configuration it is best known for today. The paved track measures 0.455 miles (0.732 km) in circumference and became a member of the NASCAR Advance Auto Parts Weekly Series, cementing its place within the national network of short-track venues. The Hackett family became central to the track's identity when Russell and Valastra Hackett assumed ownership and operation in 1977. They steered the facility through more than three decades of racing until 2010, when Russell handed operations to the next generation — Darren and Renee Hackett — for the 2011 season.
Caraway Speedway attracted national NASCAR attention across several eras of the sport. The track hosted three NASCAR Busch Series races between 1982 and 1983, placing Asheboro on the map as a venue capable of supporting the series that served as NASCAR's primary developmental ladder at the time.
Through the 1990s and 2000s the venue welcomed eight NASCAR Southeast Series events, spread across 1996 to 2005. This extended run gave regional talents consistent opportunities to compete under the NASCAR banner at a demanding short-track circuit.
The most sustained national presence came through the NASCAR Whelen Southern Modified Tour. Caraway hosted 60 Whelen Southern Modified Tour events, covering the inaugural season of the series in 2005 all the way through its final season in 2016. That 60-race tally represents one of the deepest associations any single track held with the modified touring series during its entire operational lifespan. The track record for the Whelen Southern Modified Tour at Caraway Speedway stands to George Brunnhoelzl III, who lapped the oval in 15.648 seconds at an average speed of 104.678 mph.
Beyond the NASCAR umbrella, Caraway Speedway built a relationship with the CARS Tour (Championship Auto Racing Series), hosting three events between 1998 and 2012. After a hiatus the series returned to the track in 2021, reaffirming Caraway's relevance to the Southeast's top regional stock car series.
Outside of major touring series events, Caraway Speedway functions primarily as a weekly short track, running Saturday-night programs. Events are scheduled with a 7:00 pm start time, a deliberate choice intended to allow fans to spend time with drivers after the racing concludes — a tradition characteristic of grassroots short-track culture in the American South. The track hosts a variety of weekly class divisions alongside Whelen Southern Modified Series events and other visiting touring series throughout the season.
Caraway Speedway represents the enduring character of the American short track: a family-owned, community-anchored facility that has served regional motorsport for six decades. Its longevity through multiple ownership transitions and shifting national touring-series landscapes reflects both the track's quality as a racing surface and the dedication of the Hackett family to the sport. The return of the CARS Tour in 2021 confirmed that the Asheboro oval remains a relevant competitive venue well into the contemporary era of Southeast stock car racing.