In 1996, Peddycord spearheaded an air show held in June to generate support for the museum. About this time, Bob Moon offered to serve as the facility's first manager. During Moon's three years there, he assembled dozens of aircraft of all types, which he would later donate to the facility. Many of those models still hang from the NCAM's gift shop ceiling, which was named after him following Moon's October 2007 death.
In 1997, a second air show was scheduled for June 5. Peddycord and his son Rick were killed the day before the event when their two aircraft collided in mid-air during practice. The facility was renamed the Peddycord Foundation for Aircraft Conservation (PFAC) in Peddycord's honor; another local businessman, Craig Branson, continued the effort to draw support for the PFAC.
In 1998, Branson purchased a B-25 for restoration and generated enough local support to have a second hangar built to house the aircraft. The aircraft was completely restored in 2004 and made limited flights in 2004-5.
In 2001-2, the facility was renamed The North Carolina Aviation Museum, reflecting an expanded mission that included artifacts, uniforms, weapons, artwork and models. During this time-frame, the NCAM was also designated as the official site for the North Carolina Aviation Hall of Fame. Both names were combined and now the facility is referred to as the North Carolina Aviation Museum and Hall of Fame.