The 1992 GM Goodwrench 500 was the second stock car race of the 1992 NASCAR Winston Cup Series season and the 27th iteration of the event.

At race's end, Junior Johnson & Associates driver Bill Elliott would manage to dominate the late stages of the race to take his 35th career NASCAR Winston Cup Series victory and his first victory of the season.

North Carolina Motor Speedway was opened as a flat, one-mile oval on October 31, 1965.

In 1969, the track was extensively reconfigured to a high-banked, D-shaped oval just over one mile in length.

Kyle Petty, driving for SABCO Racing, would win the pole, setting a time of 24.420 and an average speed of 149.926 miles per hour (241.283 km/h) in the first round.