Jeff Stec
Encyclopedia
Jeff Stec is an entrepreneur
and NASCAR
team owner.
He was a member of the Mu Tau chapter of the Kappa Sigma Fraternity, and graduated from Austin Peay State University
in 1993 with degrees in exercise science and business management. He soon worked his way up through the ranks and formed Peak Fitness in the Charlotte
area in 1999 and began expanding it into a national fitness club franchising
company early in 2005.
In 2005 Stec also purchased SCORE Motorsports to field the #66 Ford
sponsored by Peak Fitness, with Hermie Sadler
and Mike Garvey
running the car.
In the 2006 season, the Peak Fitness Racing team changed numbers from #66 to #61 to allow Haas CNC Racing
to use the #66 for their Best Buy
Sponsorship. The team also tabbed Kevin Lepage
for the 2006 season driving duties. In the first quarter of 2006 Stec sold the #61 team to Front Row Motorsports
.
In April 2009, Jeff Stec confirmed that locations in Raleigh and Cary, North Carolina will be closed by the end of June 2009. A subsidiary of Stec's Peak Fitness filed Chapter 11 bankruptcy, citing between $500,000 and $1 million in debt.
http://www.charlotteobserver.com/2011/07/11/2446688/former-peak-fitness-execs-indicted.html#storylink=misearch
Entrepreneur
An entrepreneur is an owner or manager of a business enterprise who makes money through risk and initiative.The term was originally a loanword from French and was first defined by the Irish-French economist Richard Cantillon. Entrepreneur in English is a term applied to a person who is willing to...
and NASCAR
NASCAR
The National Association for Stock Car Auto Racing is a family-owned and -operated business venture that sanctions and governs multiple auto racing sports events. It was founded by Bill France Sr. in 1947–48. As of 2009, the CEO for the company is Brian France, grandson of the late Bill France Sr...
team owner.
He was a member of the Mu Tau chapter of the Kappa Sigma Fraternity, and graduated from Austin Peay State University
Austin Peay State University
Austin Peay State University is a four-year public university located in Clarksville, Tennessee, and operated by the Tennessee Board of Regents. It is accredited by the Southern Association of Colleges and Schools .-History:...
in 1993 with degrees in exercise science and business management. He soon worked his way up through the ranks and formed Peak Fitness in the Charlotte
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
area in 1999 and began expanding it into a national fitness club franchising
Franchising
Franchising is the practice of using another firm's successful business model. The word 'franchise' is of anglo-French derivation - from franc- meaning free, and is used both as a noun and as a verb....
company early in 2005.
In 2005 Stec also purchased SCORE Motorsports to field the #66 Ford
Ford Motor Company
Ford Motor Company is an American multinational automaker based in Dearborn, Michigan, a suburb of Detroit. The automaker was founded by Henry Ford and incorporated on June 16, 1903. In addition to the Ford and Lincoln brands, Ford also owns a small stake in Mazda in Japan and Aston Martin in the UK...
sponsored by Peak Fitness, with Hermie Sadler
Hermie Sadler
Herman Marion Sadler III is an American race car driver/announcer and professional wrestling promoter from Emporia, Virginia. He is also an advocate for autism research, as his daughter Hailie Dru, was diagnosed with the disorder in 2001...
and Mike Garvey
Mike Garvey
Mike Garvey is a NASCAR Nextel Cup driver. He formerly drove the #51 Marthon Oil Chevy for Competitive Edge Motorsports in the Nextel Cup Series. He was a long-time competitor in the American Speed Association....
running the car.
In the 2006 season, the Peak Fitness Racing team changed numbers from #66 to #61 to allow Haas CNC Racing
Haas CNC Racing
Stewart-Haas Racing, formerly known as Haas CNC Racing, is a NASCAR racing team based in Kannapolis, North Carolina, which runs Chevrolet Impalas. The team is owned by Tony Stewart and Gene Haas, and runs the #14 Office Depot/Mobil 1 Chevrolet Impala driven by Stewart and the #39 United States...
to use the #66 for their Best Buy
Best Buy
Best Buy Co., Inc. is an American specialty retailer of consumer electronics in the United States, accounting for 19% of the market. It also operates in Mexico, Canada & China. The company's subsidiaries include Geek Squad, CinemaNow, Magnolia Audio Video, Pacific Sales, and, in Canada operates...
Sponsorship. The team also tabbed Kevin Lepage
Kevin Lepage
Kevin Lepage is a NASCAR driver. He currently drives the #52 car, for Jimmy Means Racing in the NASCAR Nationwide Series. Lepage is the only NASCAR driver from Vermont to qualify for the Daytona 500.-Early career:...
for the 2006 season driving duties. In the first quarter of 2006 Stec sold the #61 team to Front Row Motorsports
Front Row Motorsports
Front Row Motorsports is a team that competes in the NASCAR Sprint Cup. The team began running part-time in 2004 as Means-Jenkins Motorsports under a partnership with Jimmy Means and restaurant entrepreneur Bob Jenkins, with Jenkins becoming the full team owner in 2005...
.
Lawsuits and Bankruptcy
In April 2008, Jeffrey R. Stec was listed as a defendant in a lawsuit against Peak Fitness by North Carolina Attorney General Roy Cooper. Stating that Stec and Peak Fitness engaged in a pattern of deceptive conduct, deceptive advertising, instructing sales personnel to misrepresent contract terms and club closings.In April 2009, Jeff Stec confirmed that locations in Raleigh and Cary, North Carolina will be closed by the end of June 2009. A subsidiary of Stec's Peak Fitness filed Chapter 11 bankruptcy, citing between $500,000 and $1 million in debt.
External links
http://www.charlotteobserver.com/2011/07/11/2446688/former-peak-fitness-execs-indicted.html#storylink=misearch