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NASCAR released the two names Tuesday ahead of the announcement of all nominees Thursday night.
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The first class will consist of five members. They'll be inducted in conjunction with the opening of the Hall of Fame in downtown Charlotte next May.
Allison and Waltrip were longtime rivals and are tied for third with 84 victories in NASCAR's top series. Waltrip won three Cup championships and Allison one.
A 21-member nominating committee selected the nominees from NASCAR drivers, owners and promoters.
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