<P> The track is often referred to as paper clip - shaped and is banked only 12 ° in the turns . The combination of long straightaways and flat, narrow turns makes hard braking going into turns and smooth acceleration exiting turns a must . The track was paved in 1955 and in 1956 it hosted its first 500 - lap event . By the 1970s, a combination of high - traction slick tires and high speed was putting excessive wear on the asphalt surface . In 1976 the turns were repaved with concrete (a rare concept in the 1970s). By 2004, the then 28 - year - old concrete had shown significant wear . On April 18, 2004 a large chunk of concrete had become dislodged from the track's surface and caused severe damage to the body of Jeff Gordon's car . In reaction to this, the track was fully repaved with new concrete and asphalt . </P> <P> Until 1999, Martinsville was notorious for having two pit roads . The backstretch pit road was generally avoided because if a team had to pit there during a caution, any car pitting on the front stretch had the advantage of pitting first and not having to adhere to pace car speed upon exiting their pit road . This was rectified when pit road was reconfigured to extend from the entrance of turn 3 to the exit of turn 2 . This move allowed for a garage to be built inside the track, and leaves Bristol as the only active NASCAR track with two pit roads . </P> <P> The first NASCAR sanctioned event was held on July 4, 1948 . In 1951, only four cars were running at the finish, the fewest of any race held at the speedway . In 1960, Richard Petty became the youngest winner at Martinsville, at 7003831800000000000 ♠ 22 years, 283 days; to date Petty has the most wins (15). In 1991, Harry Gant became the oldest winner at 7004188830000000000 ♠ 51 years, 255 days . It was Gant's fourth win in a row, earning him the nickname Mr. September . </P> <P> Ownership of the track was a joint venture of brothers Jim and Bill France, Jr., and H. Clay Earles, the majority owner, along with daughters Dorothy Campbell and Mary Weatherford, and Dorothy Campbell's children, Sarah Fain and Clay Campbell . In 2004, the track was sold exclusively to the France family for over $200 million as a result of an estate sale following the death of Weatherford . </P>

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