Construction of Volunteer Speedway began in 1973, and the track opened for racing in mid-1974. It was built by Hugh and Louise Goan. The first-ever Late Model race winner was Danny Burks of Richlands, VA, driving a '73 Chevy Laguna. The track was initially owned by Ed Turner before Joe Loven and Phyllis Loven operated it. Mitch McCarter, owner of 411 Motor Speedway, leased Volunteer Speedway in 2017 and 2018. In early 2019, Stan Lester, owner of the FASTRAK Racing Series, operated the track alongside Phyllis Loven before it was leased to Landon Stallard. Stallard attempted to sell the track in February 2021 while continuing its operation.
Throughout its history, Volunteer Speedway has crowned numerous champions. Vic Hill of Mosheim, TN, a five-time Super Late Model track champion, holds a record five Super Late Model titles. Other notable Late Model track champions include Herman Collins (1975), Red Ledford (1976), Walter Ball (1977), H.E. Vineyard (1978, '79, '81, '84), Herb Estes (1980), Bill Corum (1982), Bill Morton (1983), Howard Collins (1985), and J.T. Kerr (1989). Super Late Model champions in the 1990s include Herman Goddard (1990), Scott Sexton (1991, '95), Gary Myers (1992), John Utsman (1993), Dave Burks (1994), Randy Ford (1996), Vic Hill (1997, '98), and Dale Ball (1999). In the new millennium, Vic Hill won the 2000 and 2005 Super Late Model championships, Kerry Jones in 2001 and 2007, Mark Douglas in 2002 and 2003, Rick Norris in 2004, Mike Smith in 2006, and Jeff Maupin in 2008 and 2010.
The track record for a 410 Sprint Car is 10.258 seconds, set by Kasey Kahne on March 19, 2010, at an average speed of 140.378 mph. This record was set during time trials for "Kasey's King of Bulls Gap" World of Outlaws Sprint Car Series weekend. The Super Late Model track record is 11.794 seconds, set by Daulton Wilson on December 5, 2021. Previous track records include 11.860 seconds by Vic Hill (May 29, 2017), 12.001 seconds by Wendell Wallace (March 6, 1998), 11.805 seconds by Kenny Adams (August 18, 2000) in a United Sprint Car Series event, 11.743 seconds by Gusty Christenberry (June 10, 2003), 11.696 seconds by Joey Saldana (March 24, 2007) during the World of Outlaws Sprint Car Series' first appearance, and 11.672 seconds by Terry Gray (July 19, 2008).
Volunteer Speedway hosts regional and national dirt track events for various sanctioning bodies. It has welcomed virtually every major dirt racing sanctioning body, including the World of Outlaws Late Model Series and Lucas Oil Late Model Dirt Series. The World of Outlaws Late Model Series has raced at the track in 2004, 2007, 2008, 2018, 2020, 2021, and 2026. Winners include Brian Birkhofer (2004), Chris Madden (2007), Steve Francis (2007), Jimmy Owens (2008, 2018), Shane Clanton (2008), Brandon Sheppard (2020, 2021), Zack Mitchell (2020), and Mike Marlar (2026). The Lucas Oil Late Model Dirt Series held races at the track in 2007, 2008, twice in 2009, three times in 2010, and in each year from 2011 to 2014. Between 2004 and 2020, the track hosted 17 national dirt late model races under World of Outlaws and Lucas Oil sanctions, with Jimmy Owens (3 wins), Scott Bloomquist (2 wins), and Tim McCreadie among the winners.
Other national touring Late Model series that have visited "The Gap" include the National Dirt Racing Association (NDRA), Hav-A-Tampa Dirt Racing Series, Short Track Auto Racing Series (STARS), Xtreme DirtCar Series, United Dirt Track Racing Association, Pro DirtCar Series, Renegade DirtCar Racing Series, Southern All Stars Racing Series, Tennessee Thunder Dirt Car Series, Ultimate Super Late Model Series, and Volunteer Racing Series. Winged sprint car racing has also been featured with the All Star Circuit of Champions and the World of Outlaws (Gumout) Sprint Car Series.
Regional events include the Schaeffer's Oil Iron-Man Championship Late Model Series, FASTRAK Racing Series, American Sprint Car Series, and the Southern Nationals. Weekly classes at the track include Crate Late Models, Steel Head Late Models, Sportsman Late Model, Modified Streets, Classic, Street Stock, and Mini Stock. The track coordinates with nearby 411 Motor Speedway, Smoky Mountain Speedway, and Tazewell Speedway on matters of mutual concern.
Volunteer Speedway offers accessible seating in the front straightaway grandstands. Camping is available on the property, though no hookups for electric or water are provided. Coolers are permitted in the backside pits and tier parking, but glass containers are prohibited, and no coolers, outside food, or drinks are allowed in the front straightaway (main) grandstands.
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