The circuit was constructed in 1946 by Stanley Schetrompf at the site of the former Conococheague Amusement Park, situated between US Route 40 and the banks of the Conococheague Creek. The project cost approximately $60,000 and originally featured a seating capacity for 3,000 spectators. To establish the venue, Schetrompf entered into a working agreement with Roy Richwine, the owner of Williams Grove Speedway.
Initially known as Conococheague Speedway, the track hosted its inaugural event on August 29, 1948, following two weather-related postponements. The first feature race, a 30-lap stock car event covering 15 miles, was won by NASCAR driver Curtis Turner, who finished with an eight-second lead in a Ford. The facility was renamed Hagerstown Speedway following the conclusion of the 1949 season.
In 1962, the track was purchased by Wayne Stouffer, Woody Pool, and Durham Lewis, a group supported by the DC Ramblers Motorcycle Club. Their primary objective was to host AMA Motorcycle races. Wayne Stouffer assumed sole ownership in 1972 and oversaw the facility's transition into a premier half-mile banked dirt track on the East Coast.
Frank Plessinger acquired the speedway in 1981 and initiated a series of modernizations. Under his tenure, the facility expanded to include 20 metal grandstand sections, two of which are named in honor of former owners Schetrompf and Stouffer. In the 1980s, a 1/10-mile Quarter Midget track was constructed behind turn 2 to accommodate junior racing. In 2013, Plessinger appointed his daughter, Lisa Plessinger, as the track promoter.
The speedway has seen a significant reduction in serious accidents due to advancements in safety gear and track innovations. The last reported driver fatality occurred in 1969 when Frank Gorinchky died following a multi-car collision.
A notable incident occurred during a 30-lap Late Model race in 1996 involving driver Jack Bland. While attempting to block an overtaking maneuver on the backstretch after turn 2, Bland’s car struck the guardrail, disintegrated, and was launched into the air. The vehicle flipped and was struck at high speed by another competitor. Although the car was destroyed and required the use of the Jaws of Life for extraction, Bland sustained only a broken leg. The event has been called the worst crash in dirt Late Model history.
While primarily a dirt oval for late models and sprint cars, Hagerstown Speedway has hosted a diverse range of categories. The track has a long history with the AMA American Flat Track motorcycle series, holding national events intermittently between 1964 and 2010.
The venue has also hosted several major national sanctioning bodies, including:
NASCAR and ARCA: The track hosted the NASCAR Midget Division in 1958 and ARCA Menards Series events in the 1960s and late 1980s. Ken Schrader notably won the Hagerstown ARCA 150 in 1990.
Open Wheel: The World of Outlaws Sprint Cars visited the track frequently between 1985 and 2012. Other open-wheel series include USAC Silver Crown, USAC National Sprint Cars, and the All Star Circuit of Champions (ASCoC).
Special Events: For several decades, the track has hosted Monster Jam. It also serves as a venue for tractor pulls and concerts.
Hagerstown Speedway remains a significant stop for the Lucas Oil Late Model Series and the Pennsylvania Sprint Speedweek. In 2020, Kyle Larson won the 30-lap Speedweek feature at the track. The most successful driver in the circuit's history is Gary Stuhler, a National Dirt Late Model Hall of Fame member who has recorded over 100 Super Late Model victories at the facility.
In 2020, the track entered its first formal sanctioning agreement with FASTRAK and the ULTIMATE Super Late Model Series. However, the season was heavily disrupted by the COVID-19 pandemic. After a brief reopening in late May, the remainder of the 2020 season was canceled following incidents where spectators failed to follow health protocols and engaged in confrontations with track officials.
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