The Virginia 500 was held at Martinsville Speedway on April 24, 1966, before a crowd of approximately 10,500 spectators. A field of 40 cars took the green flag, with Jim Paschal earning the pole position at 76.345 mph. The race was slowed by just one caution period for eight laps, allowing the leaders to maintain a fast pace throughout the 500-lap event. Paschal drove the No. 14 Friedkin Enterprises Plymouth to what appeared to be a narrow victory over Paul Goldsmith, averaging 69.156 mph and earning $4,550 for the win.
The finish, however, was surrounded by confusion. Paul Goldsmith was initially flagged as the winner. After NASCAR officials completed a scoring recheck, it was determined that Jim Paschal had actually completed the full race distance first. Paschal was officially declared the winner by 12 seconds over Goldsmith, giving him his 21st career Grand National victory. Richard Petty finished third, followed by Elmo Langley in fourth and G.C. Spencer in fifth. Following the race, David Pearson continued to lead the Grand National championship standings, holding a 2,902-point advantage over Goldsmith.
