In 1959, he and stock car racing driver Curtis Turner partnered to construct the Charlotte Motor Speedway, a 1.5-mile (2.4 km) banked racetrack in Concord, North Carolina.

After a period of investing in businesses outside the auto-racing industry in the 1980s, Smith bought numerous tracks in the 1990s and 2000s, using the funds he had made after taking SMI public on the New York Stock Exchange in 1995.

He was embroiled in numerous legal battles and controversies, including his divorce with his only wife and his reaction to opposition of construction of a drag strip at the Charlotte Motor Speedway.

[8] He claimed that on one occasion during his brief racing career, he managed to beat Buck Baker and Joe Weatherly, both of whom are considered early NASCAR pioneers.

[5] Smith began promoting stock-car events as a 17-year-old in Midland, North Carolina, in the middle of a cornfield he nicknamed the "Dust Bowl".

When Smith returned to civilian life two years later, he found that poor leadership in his absence had caused the NSCRA to disband.

With newer, more modern facilities being built, such as Darlington Raceway,[17] Smith partnered with Charlotte businessman John William Propst Jr. to plan construction of a $2 million racetrack.

At the same time, Virginia stock-car racing driver and successful timber businessman Curtis Turner had begun collaborating with track officials across the Carolinas to build a speedway in northern Mecklenburg County.

[22] Internal problems, including a lack of funds and not enough collateral supplied by both Smith and Turner, led to many creditors not being paid.

[16][1] In 1961, grading contractor and creditor Owen Flowe forced the speedway into bankruptcy court, as he was owed $90,000 (adjusted for inflation$, 926,929).

[28] After his failed attempt to rejoin the Charlotte Motor Speedway's board of directors, Smith decided to pursue his other dream of owning a new-car dealership.

By February 1974, he had managed to buy enough stock to be elected chairman of the board of directors, replacing Richard Howard, who became the president of the speedway.

[36] Throughout the late 1970s and early 1980s, Smith acquired stock in numerous companies, including PCA International and Republic Bank and Trust.

[37] In 1977, Smith bought a private jet from Ugandan dictator Idi Amin, who was facing severe financial and political turmoil.

[42] After a nine-month dispute over control of the company, Smith managed to take control in the wake of the resignations of two top officials, chairman Clark Goodwin and president Kemp Causey; this took place after a Florida-based real estate development company, Roland International Corporation, proposed to acquire the savings and loan.

[43] However, in early May, Roland International Corporation abandoned the acquisition, essentially giving full control of the company to Smith.

[45] Smith began buying more racetracks in the 1990s, including the Atlanta International Raceway in 1990 for $19.8 million, saying that he would expand seating and improve other facilities.

In August of that same year, Smith decided to take the company public at the New York Stock Exchange, hoping to raise $104 million (adjusted for inflation$, 197,393,035).

[58] By the end of the year, Smith had bought new dealerships in Atlanta, Georgia, and Fort Mill and Rock Hill, South Carolina.

The court determined the stock to be worth $23.47 per share and awarded Smith more than $3.6 million, a decision that was viewed positively by Penske.

[90] Nine days later, Florida-based real estate company Roland International announced its intention to buy out North Carolina Federal, expecting a deal within three weeks.

[94] The failure of Piper Glen, along with numerous other problems with real estate ventures and bad loans to apartment developers, caused North Carolina Federal to lose $29.4 million in 15 months.

Many within the area felt that Smith had used his wealth and power to massively exploit the city of Concord for tens of millions of dollars.

The Observer editorial board wrote, "We predicted a couple of months ago that the Concord residents would find their victory against Mr. Smith short-lived.

"[104] The dispute was reopened in September 2009, when Smith sued Cabarrus County and the city of Concord for $4 million, demanding quicker payment of funds for roadwork.

[110] The lawsuit was again dismissed, with the North Carolina Court of Appeals stating that Smith and the city of Concord did not have a formal contract.

[16] Bonnie filed for divorce in July 1988 after a June 24 argument in which Bruton was stated to have gone into "a rage", grabbing a fire poker and proceeding to tear down a portrait of her, according to court records.

Humpy Wheeler, the former president of Charlotte Motor Speedway, described Smith as "a force to be reckoned with ... when he wanted something, he got it, just from pure perseverance, despite a lot of animosity from NASCAR".

[126] Chris Powell, current president of the Las Vegas Motor Speedway, praised Smith's work ethic, calling him a "visionary ....

Stockholders of both companies sued each other, culminating in the Ferko lawsuit, which resulted in numerous schedule changes that have had a lasting effect on NASCAR's legacy and popularity.