Marcus Smith: Electric and driverless vehicles 'important part' of Speedway Motorsports future

Speedway Motorsports and NASCAR work hand-in-hand during the season, and both companies are invested in future technologies. When it comes to electric and driverless vehicles, fans can expect SMI and NASCAR to be heavily involved in the industry.

As NASCAR works on attracting new OEMs, technology will play a pivotal role. Everyone talks about the level of tech that Formula One has, and it is a huge reason why companies choose to invest in the sport.

Marcus Smith, CEO of Speedway Motorsports recently talked about those industries and how NASCAR fits into that picture. Speaking to High Point University President Nido Qubein for Business North Carolina, Smith delved into the topic.

“You’ve got a lot of technology in NASCAR now. Every race team is using predictive technology to understand strategy on the track in an event,” Smith explained. “Lots of aerodynamic and performance technology is developed and tested in the NASCAR world. At our events specifically, we provide a really nice opportunity to test mobility options.

“We work with advanced mobility companies on driverless vehicles, battery electric vehicles and all sorts of OEM testing opportunities. It’s an important part of our future. I imagine a day when maybe you hop in a car that can drop you off, and then it gets other people. Sort of an advanced Uber idea where you don’t have to drive, but it’s more automated.”

Speedway Motorsports Inc. owns and operates 11 race tracks. Charlotte Motor Speedway probably being the most notable. Smith’s family has operated the company since his father Bruton Smith founded it in 1959.

How Speedway Motorsports is involved in NASCAR lawsuit

While Speedway Motorsports is not directly named in the 23XI Racing and Front Row Motorsports lawsuit against NASCAR, they are somewhat involved. It is all in the initial argument that the teams filed in the lawsuit.

“The France family has used NASCAR to acquire and maintain a monopsony position over premier stock car racing teams through, among other anticompetitive actions, acquisition of other racing circuits and racetracks, anticompetitive agreements that restrict the availability of racetracks that are suitable for premier stock car racing…”

Those agreements with other racetracks would involved Speedway Motorsports. There is more. The complaint names the fact NASCAR bough International Speedway Corporation in 2019, and followed it with:

“When paired with NASCAR’s practice of entering into anticompetitive agreements requiring independently owned racetracks to agree to not host any other premier stock car racing events as a condition of those tracks being awarded a Cup Series event, this acquisition substantially foreclosed any potential new competitor from being formed…”

So, Speedway Motorsports is sort of named here. They are partners with NASCAR and important for its business practices. 23XI Racing and Front Row believe those practices are anticompetitive and need to change.