Obama spoke just outside the South Portico of the White House, with drivers from last year's "Chase for the Sprint Cup" lined up next to the President and Johnson's No.48 Chevrolet parked on the driveway.

"It is not every day that we have a championship stock car parked out on the South Lawn," Obama jokingly said during his speech. "Fortunately, we got Jimmie to agree not to do any burnouts or tear up my backyard. I also suggested to Jimmie that, in exchange for free parking, he should let me take the 48 out for a few laps. He said that was fine, but Secret Service didn't think it was fine."

Seven-time NASCAR Cup champion Richard Petty, as well as Oklahoma Gov. Brad Henry and Wounded Warriors from Walter Reed and National Naval Medical Center also partook in the event.

Several former Presidents have also honored NASCAR champions and drivers in the past.

"NASCAR is a uniquely American sport," Obama said. "Since its humble beginnings, when moonshiners raced on the sands of Daytona Beach during prohibition, it's grown into a sport with tens of millions of fans here in America and around the world."

NASCAR's visit to the White House was originally scheduled for August 10, but a rain-delayed race at Watkins Glen, NY forced postponement of the ceremony.