Racemasters was formed in 1998 but the means for its creation was the result of a 40-year journey by Jim Russell. In 1969 Jim sold his slot car company: Russkit, to Aurora Plastics Company and moved to West Hempstead, New York, to accept a position with Aurora Plastics Company to head the Hobbycrafts division. This segment of the business dealt with the hobby side of the HO scale slot cars that had become such a staple for the company. He hired a new team and proceeded to re-make the product line dramatically improving the design and performance of the cars. He also oversaw the renaming of the product range AFX in 1971. As a result of these changes, AFX grew dramatically over the next 5 years to about $45 million and became the clear market leader.