The track opened in 1965 as Hangtown Speedway, taking its name from Placerville's colorful Gold Rush-era nickname. It established itself as a regional fixture for dirt track racing in the Sierra Nevada foothills, drawing consistent crowds from the Sacramento Valley and the surrounding mountain communities.
For much of its history, the speedway operated as a grassroots venue hosting Northern California regional series. The World of Outlaws sprint car series had made appearances at the track, but these visits became increasingly rare; by the late 2010s the Outlaws had not raced there in approximately two decades. That changed in 2019, when the World of Outlaws sprint cars returned to Placerville after roughly twenty years away, signaling a renewed national profile for the facility.
Also in 2019, the track hosted the Elk Grove Ford Hangtown 100 on November 20, a 100-lap USAC National Midget Series event carrying a $20,000-to-win purse. Kyle Larson won the race, marking the first time the USAC national midget program had ever competed at Placerville Speedway. The event added the track to the national midget circuit's roster and underscored its growing stature.
The 2020 season brought an unprecedented broadcasting arrangement: with spectators banned from attending due to the global pandemic, the track's weekly races were broadcast on FloRacing, giving Placerville a streaming audience well beyond its usual regional reach.
In 2025, Kyle Larson became a partner in promoting the Hangtown 100, deepening his long-standing connection to the facility.
Kyle Larson's association with Placerville Speedway is one of the most well-documented relationships between a top-level driver and a regional short track. Larson made his first sprint car start at the facility and claimed his first sprint car feature win there as well. He considers Placerville to be his home track. Larson and his brother-in-law Brad Sweet both co-own open-wheel racing series that compete at Placerville — Larson through his involvement with High Limit Racing (co-owned with Sweet) and Sweet through his role with the NARC (Northern Auto Racing Club) series — and both actively promote those events on the track's schedule. In October 2025, Larson became a formal partner in promoting the Hangtown 100.
Placerville Speedway hosts weekly racing throughout the dirt track season, with sprint cars forming the cornerstone of its program. The NARC 410 sprint car series, one of the premier regional series in California, regularly competes at the facility. The track also draws national touring series for special events, including the World of Outlaws Sprint Car Series and the USAC National Midget Series. The Hangtown 100 has become one of the signature events on the Northern California dirt track calendar.