​In 1992, the Salinas Valley Memorial Hospital Foundation's special events committee was challenged to develop a new fundraising event that would be both exciting for the participants, and profitable for the Foundation. In response to that challenge, a car show and festival concept was created based on the interest expressed and pledges of support from local car enthusiasts, and in 1993 the inaugural Cherry's Jubilee Motorsports Festival was held at Laguna Seca.

From 1993 - 2013, Cherry's Jubilee was a cornerstone event on the Monterey Peninsula, raising millions of dollars to support local healthcare at Salinas Valley Memorial Healthcare System.