Joseph Riddick “Rick” Hendrick III is a retired race car driver worth $1 billion. He owns Hendrick Motorsports, a NASCAR team. Hendrick is the co-owner of the stock car racing team JR Motorsports. His partners on the team are Kelley Earnhardt Miller, Dale Earnhardt Jr., and L. W. Miller. As an entrepreneur and businessman, Hendrick runs the Hendrick Automotive Group.
Dive into the wealth of NASCAR legend Rick Hendrick! From car dealerships to racing teams, see how he amassed his fortune and the assets he enjoys.
Rick Hendrick’s Biography
Early Life
Rick Hendrick was born on July 12, 1949, to Joseph Hendrick Jr. and Mary Hendrick. He was raised with his brother John in South Hill, near Palmer Springs, Virginia. He attended Park View High School and enrolled at North Carolina State University.
Though he played professional baseball, he realized it was not his thing and turned to cars. He built his first drag race car when he was 14 years old. At the age of 16, he competed in the Chrysler-Plymouth Troubleshooting Contest and won the Virginia division.
Personal Life
Rick Hendrick met his wife Linda at an ice cream shop. The couple later married and had two children together – a son named Ricky and a daughter named Lynn Crlson. Ricky picked after his father to become a track racer. Ricky died in a plane carrying Hendrick Motorsports crew crashed in 2004. The plane accident killed nine others, including Rick Hendrick’s sibling John.
In 2011, Hendrick and his wife were on a plane that crash-landed at Key West International Airport. Lynne was not hurt much, but Hendrick suffered a fractured clavicle and three broken ribs.
Hendrick has life-threatening cancer, chronic myelogenous leukemia, discovered on November 1996. He has been in remission since 1999.
In 1997, U.S. District Judge Lacy Thornburg found Hendrick guilty of mail fraud. She sentenced him to one-year home detention, three-year probation, and a $250,000 fine.
Rick Hendrick pleaded guilty to the charges. The ruling barred Hendrick from Hendrick Automotive Group or Hendrick Motorsports. President Bill Clinton pardoned the track legend in 2000.
Career
Rick Hendrick started his journey to a massive net worth with a 1931 Chevrolet he built at 14. He participated in the Sprint Cup, Nationwide, and Camping World Truck Series. He founded an exceptional boat-drag racing team in the late 1970s. The team won three consecutive championships with a world record of 222.2 mph.
He later partnered with and sponsored several NASCAR race car drivers. Dale Earnhardt gave Rick his first NASCAR victory in the 1983 Mello Yello 300. In 1984, Rick started Hendrick Motorsport as All-Star Racing. Driver Geoff Bodine won the team its first victory in 1984 at Martinsville.
Rick Hendrick is one of the most successful team owners in NASCAR. He is the sole owner of Hendrick Motorsports and a partner owner of JR Motorsports. The other JR Motorsport co-owners are Dale Earnhardt Jr. and Kelly Earnhardt Miller.
Hendrick Motorsports headquarters are on a 430,000-square-foot facility in Concord, North Carolina. Hendrick has 600 employees in that facility. According to Hendrick Motorsports, Jeff Gordon will take over leadership when Rick retires.
Over his career, Hendrick Motorsports and JR Motorsports have given Hendrick many victories. He has seen 345 race wins with 16 Drivers’ championships and 290 pole positions.
Rick established his foot in automobile dealerships at a young age. At 23, he was the general sales manager of a used car lot he opened after college. In 1976, Hendrick purchased a Bennettsville, South Carolina. This made him the youngest Chevrolet dealer at 26. Rick later established the Hendrick Automotive Group.
It is now the largest privately held automotive organization in the U.S. It employs over 10,000 people. In 2016, the auto dealership earned a massive revenue of $9 billion.
Take a Look at HOW did Rick Hendrick made his MONEY!:
Awards and Honors
Besides his huge wealth, Rick Hendrick’s career has won him many awards and honors. In 1996, he received one of the highest civilian honors in South Carolina, The Order of the Long Leaf Pine. The same year, he won the Horatio Alger Award. Another addition to the list is the Bill France Award of Excellence Hendrick. Rick received this award at the 2009 Sprint Cup Series Awards Ceremony.
In 2014, Rick added the Automotive News Lifetime Achievement Award to his long list of honors. Rick was inducted into the International Motorsports, NASCAR, and Motorsports Hall of Fame of America in 2013, 2017, and 2020, respectively.
Endorsements
Rick Hendrick and his motorsports have collected many endorsements. The list of sponsors includes Chevrolet, Ally, Axalta, and Siemens, among others. Hendrick Motorsports is reportedly worth around $315 million and returns approximately $172 million. It is among the most recognized and most successful NASCAR race teams.
Charity Work
Rick Hendrick does not spend his life earnings on his personal life alone. He is also involved in philanthropic work. He co-founded the Hendrick Marrow Program with his wife Linda in 1996. The organization raises funds for the Be The Match Foundation. It also steps in to pay transplant costs for patients who cannot afford them.
The retired track legend also supports children’s causes. He supports Levine Children’s Hospital in Charlotte. He also supports The Hendrick Foundation for Children, which his brother created.
Rick and Linda created the Hendrick Family Foundation in 2016. Rick’s Hendrick Marrow Program is part of the Hendrick Family Foundation. The foundation funds and supports charitable organizations and programs started by Hendrick Motorsport drivers. Such organizations include the Chase Elliott and Jimmie Johnson foundations.
Rick Hendrick’s Assets
Hendrick’s primary residence is a 12,803-square-foot house in Charlotte, South Carolina. He acquired the six-bedroom house in 2000 for $3.65 million.
Yacht and Private Jet
Rick owns The Wheels Yacht, a masterpiece in luxury yachts. The $35 million yacht has state-of-the-art luxury features and top-notch engineering. Trinity Yachts built and delivered The Wheels to Rick Hendrick in 2009. To add to his luxury acquisitions is a $15 million private jet, Gulfstream G-V.
Cars
Rick Hendrick and cars are inseparable. Besides owning one of the largest auto dealerships in the U.S., he also owns an impressive car collection. His collection comprises some of the finest and rarest cars in the world.
Hendrick Heritage Center contains over 200 rare cars, including 120 Corvettes. Among the Vettes are the 2020 C8 Corvette Stingray, the first ZR1, and Corvettes from the 1950s. Additionally, he owns two special Vettes. One was once owned by King Leopold III of Belgium, and one by Mexico President Gustavo Diaz Ordaz.
One special inclusion of Hendrick’s collection is the 1931 Chevrolet he built at 14.
How Does Rick Hendrick Spend His Money?
Rick Hendrick lives a lavish life with his family. Besides his large car collection and a massive home in Charlotte, Rick owns a private jet and yacht. His jet is worth $15 million. His $35 million yacht has an annual consumption of $3 million.
Additionally, Hendrick is an active philanthropist with several foundations. The Rick Family Foundation supports all the foundations begun by Hendrick Motorsports drivers.
He has had life-threatening cancer since 1996 and has been in remission since 1999. The cost of his treatment is not public knowledge, but it is not small.
FAQs
How Much Does Rick Hendrick Make Annually?
Rick Hendrick has several income streams. The primary ones are his time as a race car driver, team owner, and businessman. The retired racer earns an annual income of around $100 million from these sources.
How Much is the Hendricks Family Worth?
Rick Hendrick is married to Linda Hendrick. There is not much information about what she does. As such, we take Hendrick’s net worth of $1 billion as his family’s net worth. Rick and Linda have two children. Their son Ricky Hendrick was a retired stock car racer who died in a plane crash in 2004. At the time of his demise, Ricky was worth $15 million.
Conclusion
Rick Hendrick is a wealthy, retired race car driver. The owner of Hendrick Motorsports, JR Motorsports, and Hendrick Automotive Group is worth $1 billion. He met his wife at an ice cream parlor and have two children. Hendrick’s son, Ricky, retired from stock car racing before dying from a plane crash in 2004.
