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11REPORT: Petty Enterprises to close shop, merge with GEM

You don't have to be a NASCAR fan to bemoan the latest reports that Petty Enterprises is closing down. The team is one of the oldest and best known racing outfits in stock car racing, or in any other type of racing for that matter. Lee Petty, winner of the very first Daytona 500 in 1959, was its founder, and his son Richard Petty became the best-known driver in the sport's history, wracking up a record 200 victories. But after 60 years in operation, Petty Enterprise is shutting down.

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