Talks are to be held in the coming days to try and keep the popular Driffield Steam & Vintage Rally going.
The East Riding Engine Club, which has organised the annual August event since 1990, formally made the decision to end the rally at its November AGM.
One of the biggest events in the area's social calendar, the event held at Driffield Showground attracts people from all four corners of the UK and Europe.
The road run on the Saturday night sees between 10,000 and 15,000 people line the streets of Driffield, as up to 250 vehicles including 25 steam engines, and lorries, cars and motorbikes make their way through the town.
Explaining the decision, the club said a lack of new volunteers and an ageing membership had seen the workload - often a year-round commitment - falling on an ever-smaller number of people.
However East Riding and town councillor Matt Rogers, who owns a couple of garden tractors from the 1940s and 1950s, said on Monday talks would be held to see if they could keep the event going.
Coun Rogers said it would be "devastating" to lose the event, which brings in a large amount of trade to the town.
"If all the businesses who do well put £500 into the pot, there wouldn't be an issue in running it for the next few years.
"That's what needs to happen - businesses need to pull together to support this.
"There are lots of people saying they will do this and that - but it is not necessarily 100 volunteers that are needed.
"It is a bit of funding and perhaps half a dozen people to take it over from the outgoing chairman and vice chairman.
"We will work hard to try and keep it going one way or another - if it doesn't run for a year it will never run again.
"The road run brings a carnival feel into Driffield - it brings everyone together and there's a sense of community and fun.
"We've had people who come right across the country who do Whitby, then Driffield and go onto Lincoln.
"There's a mass movement out there of people who travel round all these events and Driffield is huge."
Town clerk Claire Binnington said losing the event would be a "great gap" in the calendar, adding: "I have every sympathy because finding volunteers for our own events in Driffield is extremely difficult."
She added: "I can't see that it would be something the town council would get heavily involved in - we just haven't got the capacity.
"But we are meeting with them to see what the situation is."
In a statement last week the club said members "felt it was time to go out on a high".
The non-profit organisation has raised significant amounts for charity over the years including a record £3,300 in 2018 from a street collection in aid of Yorkshire Cancer Research.