By the start of the 1962 season, there were two new directors involved at the Waterford Speedbowl, Inc. Local businessmen Jack Brouwer and Louis Esposito each bought 12.5% of the track from Anthony Albino. Albino remained President and Frank Benvenuti continued as Vice-President.
After declining attendance over the last few years, Wednesday night racing was dissolved permanently. Although the Speedbowl has offered weekly point series on different nights of the week other than Saturdays in recent times (Sunday, Thursday, Wednesday), there would no longer be any point divisions racing on multiple nights on a regular weekly basis.
In what turned out to be his last season behind the wheel, Dick Beauregard drove the Maffei #53 coupe to his second Speedbowl Modified championship. He won 14 features to lead the division, including three 50 lap and one 75 lap victories. He also had a streak of 5 wins in a row during July. Beauregard retired from racing soon after and moved to California where he lived for the rest of his life. Hank Stevens, now behind the Simon Bros #9 car, won 4 races and finished runner-up to Beauregard in the standings. Ted Stack had 50 lap & 75 lap victories among his 3 wins and finished 3rd in points.
Ed Moody once again was the big winner in the Bomber division, winning a division best 11 races and finally taking home the championship hardware at the end of the season. Moody won an incredible 43 Bomber events from 1960-62 – a record for victories in a 3 year span in a single division that still stands today. Among his 11 wins were two of the three extra-distance 25 lap events. Ed Gladue won 7 times, including the other 25 lap event. On September 30, a special 35 lap event called the Connecticut State Bomber Championship event was won by Bobby Santos – it was Santos' first time ever competing at the Speedbowl.
Dick Brown, John Dudevoir and Joe Csiki won the NEMA midget events held during the year.