Parker Racing Discontinues Operations

Ron Parker officially announced he has withdrawn the #72 Parker Racing/MGM Brakes team from competition in the NASCAR Busch Grand National Series for the remainder of the 1999 season.

He also announced Parker Racing, Inc. will cease operations effective immediately with the team members released from employment October 25, 1999 to accept other employment opportunities. All Parker Racing equipment and assets will be sold and the shop closed within the next few weeks.

Parker commented, "After 13 years involvement as a sponsor and almost 11 years as a team owner, I find it necessary to discontinue operations of Parker Racing, Inc. as well as sponsorship involvement of my company, MGM Brakes. For the first 10 seasons of Parker Racing (1989 - 1998), we only had three drivers - a statement of loyalty in which I place a great deal of importance. We went into the 1999 season with high hopes which were dashed early on when we failed to qualify for Daytona for the first time in 11 visits to the season-opener. I have always welcomed the increase in competition from year to year but never expected such a quantum leap from one season to the next. We obviously were unprepared and it didn't get any better. We gave it our best shot, but it wasn't enough to compete at the new competitive level of the NASCAR Busch Grand National Series.

"I have always tried to be a hands-on owner, rarely missing a race. When I first founded Parker Racing, Inc. in 1988, I was able to balance both the race team and the responsibilities as President, Chairman, CEO and Majority Owner of Indian Head Industries. A competitive race team of the new millennium requires 100% devotion of the full team, including the leadership of the team owner. At the same time, the heavy-duty transportation industry is breaking all time records in production and my company, MGM Brakes, demands much more of my time than ever since my purchase of the company in 1984. After our disappointing results at the racetrack, it became quite evident of the difficult choices that had to be made. We have great respect for the NASCAR Busch Series officials and the people affiliated with the regular Busch Series teams and they will be missed. It's been a great ride but it's time to move on to other priorities. Of course I have my family that is of the highest priority."

Parker Racing, Inc. was founded in December, 1988 and was one of the longest-running BGN teams and possibly the only combination owner/sponsor teams remaining in the series. The familiar #72 team experienced four victories, approximately 76 top 10's and over $2 million in winnings. The shop is located in Mooresville, NC and is in the process of selling all shop and race equipment.

Ron Parker's company, Indian Head Industries (and the operating division MGM Brakes) is headquartered in Charlotte, NC with manufacturing plants in Murphy, NC and Cloverdale, CA. For over 40 years, MGM Brakes has become a recognized leader in the heavy-duty vehicle air-brake industry. MGM Brakes are standard-equipment on over 125 makes of commercial vehicles produced in more than 40 countries worldwide.