After another delay due to a perceived lack of funds that lasted throughout 2004, groundbreaking commenced in mid-2005, with the facility holding its first races in September 2006.

[7] In November 2000, Kentucky Speedway developer Jerry Carroll proposed to the Jasper County board of supervisors plans to build a $76 million, 40,000-seat, 1 mile (1.6 km) track in Newton, Iowa.

The opposition claimed that building the site would be a nuisance for the rural residents and later tacked on Lowrie's unproven record of success.

[18] On April 16, 2003, the Newton City Council unanimously approved a proposed project for a $30 million, 7⁄8 mile (1.4 km), 25,000-seat, multi-use racing facility headed by the U.S. MotorSport Entertainment Corporation and its CEO, Paul Schlaack.

However, although the city planned to invest $9 million into the facility, they opted to wait to build the track until Schlaack found enough investors for the project.

[21][22] Although plans were made to hold groundbreaking in spring of 2004, construction was delayed in June due to a lack of funds for the now-$50 million project.

[23][24] In February 2005, progress on the project resumed when developers announced that they had gathered enough funds; by this point, the budget had increased to $70 million, and the opening year was delayed until 2006.

[38][39] Two months later, developers secured a $40 million loan from Wells Fargo in replacement of UBG Financial, who seemingly abandoned the project.

[41] After the Maytag factory closed in May, the facility was depended on heavily by the Newton area to replace the economic bloodline of the city.

[45] The race and its preliminary sessions were marred with excessive tire wear, with mandatory competition cautions being implemented prior to the event.

[48][49] In late February 2008, chief financial officer Jerry Jauron replaced Stan Clement as the track's president.

[53] Jauron left shortly thereafter in September,[54] handing over the track's control to Doug Fritz, the senior director of marketing for NASCAR.

[57] Two months later, The Des Moines Register reported that the facility had been sold to the sanctioning body of NASCAR for $10 million,[58][59] with Jimmy Small taking over Fritz's position of leadership.

[70] When the track reopened to full capacity in July 2021 for the NASCAR fourth-tier ARCA Menards Series, attendance was reported at 5,000, putting future events in jeopardy.

[72] On October 2, 2023, reports by The Athletic claimed that NASCAR, in seeking a replacement for a failed attempt of trying to lure a Cup Series weekend at the Circuit Gilles Villeneuve for the 2024 season, opted to choose Iowa Speedway as a backup option.

[74] In February 2024, Eric Peterson, a NASCAR regional director for corporate sales, was appointed to replace Hyatt as the track's president.