The 1987 Goodwrench 500 was the second stock car race of the 1987 NASCAR Winston Cup Series season and the 22nd iteration of the event. The race was held on Sunday, March 1, 1987, before an audience of 38,500 in Rockingham, North Carolina, at North Carolina Motor Speedway, a permanent high-banked racetrack. The race took the scheduled 492 laps to complete.
At race's end, Richard Childress Racing's Dale Earnhardt, with assistance from crew chief Kirk Shelmerdine and his pit crew, managed to dominate the majority of the race, leading 319 laps. By the finish, Earnhardt had gained a 10.5 second lead over second place, gaining his 21st career NASCAR Winston Cup Series victory and his first victory of the season. To fill out the top three, Bud Moore Engineering's Ricky Rudd and RahMoc Enterprises' Neil Bonnett finished second and third, respectively.
North Carolina Motor Speedway was opened as a flat, one-mile oval on October 31, 1965. In 1969, the track was extensively reconfigured to a high-banked, D-shaped oval just over one mile in length. In 1997, North Carolina Motor Speedway merged with Penske Motorsports, and was renamed North Carolina Speedway. Shortly thereafter, the infield was reconfigured, and competition on the infield road course, mostly by the SCCA, was discontinued. Currently, the track is home to the Fast Track High Performance Driving School.
Qualifying was originally scheduled to be split into two rounds. The first round was held on Thursday, February 26. However, due to rain, the second round was cancelled. As a result, the rest of the starting lineup was set using the results from the first round.
Davey Allison, driving for Ranier-Lundy Racing, managed to win the pole, setting a time of 24.908 and an average speed of .
No drivers failed to qualify.