Parks was an accomplished automobile writer and hobbyist, and co-founder and first editor of the magazine Hot Rod in January 1948.

In 1951, he founded the National Hot Rod Association, which stands today as the largest motorsports sanctioning body in the world, and became its president for several decades after leaving the magazine business.

His wife, Barbara, who preceded him in death in 2006, worked for the NHRA as its Chief Secretary in its formative years.

Parks played a part in promoting drag racing outside of the United States, organizing tours to England in 1964 and 1965, in collaboration with Sydney Allard, and to Australia in 1966.

Prior to his death, he was chairman of the Wally Parks NHRA Motorsports Museum in Pomona, California.