On this day in 1948, the popular car racing company, NASCAR, was founded. NASCAR racing went on to become one of America’s most popular spectator sports, as well as a multi-billion-dollar industry.

The driving force behind the establishment of NASCAR was William “Bill” France Sr, a mechanic and auto-repair shop owner from Washington, D.C. In the mid-1930s, he moved to Daytona Beach, Florida. The Daytona area was a gathering spot for racing enthusiasts, and Bill France became involved in racing cars and promoting races. After seeing how racing rules could vary from event to event and how dishonest promoters dealt with prize money, France felt there was a need for a governing body to promote racing. He gathered members of the racing community to discuss the idea, and NASCAR was born, with its official incorporation in February 1921. France was NASCAR’s first president and played a key role in shaping its development in the sport’s early years.

NASCAR held its first Stock race on June 19, 1949, at the Charlotte Speedway in North Carolina. 13 thousand fans watched Glenn Dunnaway finish the 200-lap race first in his Ford. However, Jim Roper collected the $2,000 prize after Dunnaway was disqualified for illegal rear springs on his vehicle.

In the early years of NASCAR, competitors drove the same types of cars that people drove on the streets, like Buicks, Cadillacs, Oldsmobiles, among others, with minimal modifications.

In 1972, France’s son, William France Jr., took over the presidency of NASCAR. Over the next three decades, the younger France was instrumental in transforming NASCAR from a regional sport in the southeast of the U.S. into one with a global fan base. France Jr. led NASCAR into a new era of corporate sponsorships and billion-dollar TV contracts. Today, NASCAR has three national series, as well as four regional series and two international series. The organization has over 1,200 races at 100 tracks across North America.