On Sunday evening, organisers of the North Humberside Rally were forced to call the event off as the number of entries received was too low to run at an acceptable loss.
Organisers had made a plea on their website on Thursday, calling for more people to enter but they did not get sufficient numbers.
The presentation at Whitby Pavilion on Saturday night has also been cancelled.
The rally was due to begin and end at Whitby whalebones and use stages in the central and eastern blocks of the North Yorkshire Forest.
Local entrants were to include Nick Cook and John Cockerill of Whitby and District Motor Club, who were due to compete in Ford Escorts.
Whitby estate agent Edward Astin was due to be the co-driver for York's John Sutton in a Porsche 914/6 while Castleton rally driver Ryan Champion's girlfriend Jemma Bellingham was also to be a co-driver for Michael O'Brien in his Ford Focus.
Last year, hundreds of spectators watched as Champion secured a third-place finish in his Mitsubishi Lancer EVO.
Ryan's mother Joyce Champion said yesterday the cancellation of the event was a real economic blow.
"It does a lot of good and the benefits for Whitby are enormous, with the revenue it brings in to the bed and breakfasts, fuel and food."
Local brothers Neil and Martin Cockerill, of Whitby and District Motor Club, also competed in the historic section last year and finished 80th overall. Steve Perez won the overall event in his Ford Focus WRC for the second year running.