The Museum of American Speed is recognized under Article 501(c)(3) (Museum of American Speed). This means the museum is federally recognized. Located in Lincoln, Nebraska, it covers a total of 150,000 square foot. It was established in 1992 by the Speedway Motors founder, Bill Smith, also known as Speedy, and his wife Joyce Smith(Museum of American Speed). Having been in the motor industry for the better part of his life, Bill Smith and wife decided to do something to preserve the legacy of the industry, and the best they could do was to open a museum facility. Smith was a racing enthusiast and was also involved in hot rodding for over six decades.