Pye hired ex-army reservist Benjamin Luke Johnston to carry out the execution in front of a packed crowd at the popular raceway.
Johnston fired a single shot 365 metres from a .308-calibre rifle, which struck Martin on the chest, causing him to exclaim: “I’ve been shot”.
The bullet passed through the 51-year-old’s back and struck his son-in-law, Ricky Chapman, in the left leg before lodging in his arm.
Martin died in hospital but his son-in-law survived.
About 2000 people were at the event and a five-year-old child was seated behind Martin.
Pye, a former butcher and tattoo artist, later sent the shooter a message consisting of two coffin emojis and a hand clap emoji.
“One dead, one serious,” he said.
Justice Joseph McGrath said the killing was premeditated and well thought out.
“You were the architect,” he told Pye.
Pye’s relationship with Martin soured when the pair fell out over the dead man’s leadership.
Pye defected from the Rebels to the Comancheros, later joining the Mongols, where he remains a member.
“Your motive to kill Mr Martin was your hatred of him,” McGrath said.
“You decided the way to settle your disagreement was to kill him.”
Pye promised Johnston $150,000 to carry out the hit on his one-time ally, but only paid $100,000.
The shooter was given $10,000 to do reconnaissance on Martin, who was tailed to his house and had a drone flown over the property.
He scoped out Perth Motorplex on two separate occasions.
McGrath said that by paying Johnston for the killing, Pye was placing a monetary value on a human life.
“A contract killing amounts to an unlawful public execution,” he said.
In sentencing, McGrath said Pye had no remorse and continued to deny involvement in the murder despite being convicted.
He and Johnston were equally criminally responsible but the gunman admitted his crime and co-operated with police, he said.
“You have been convicted of the most heinous type of murder,” he said.
“Your offending was not merely encouragement; you hired Mr Johnston to murder Mr Martin.”
Pye was sentenced for six offences, including bodily harm to Chapman and trying to hire Johnston to murder his ex-girlfriend and Comanchero boss Raymond Cilli, who lived in Thailand.
The additional killings never eventuated and the sentences for the additional offences will be served concurrently with his life term.
Outside the court, Pye’s lawyer Paul Holmes said the bikie would appeal against the convictions.
Johnston was also convicted of Martin’s murder and is serving 18 years after receiving a substantial sentencing discount in exchange for his co-operation.
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