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Update 4/18/2025: I found an old topographical map from 1977 that shows the landing field, drive-in theater, and a speedway all in a row on US-41. It has been seen as a possibility Nick's and Ishpeming Speedway may have occupied the same lot. Nick's was a dragstrip and we know from people who were there that one of the runways at what was then Dexter Landing Field was used for that. Makes sense. The racetrack east of the drive-in is probably Ishpeming Speedway given it was an oval track. The topo map is below.
Source: John McDonald
I had three uncles who raced at this track in the '50s, usually driving flat head Mercs or Fords. There was a drive-in theatre nearby and were both located on M-28 about five miles west of Ishpeming. I may have a picture of the track and if so will send it to you.