Application Variables Work The Same In Both ASP And ASP.NET

This question actually refers to a classic ASP page I'm working on, but I'm assuming that app variables work the same in both ASP and ASP.NET Let's say we have a bunch of websites, owned by different people. The sites are all different, but the common theme is they are car enthusiast websites. Each of these websites has their own unique index page (of course), but also "common" pages, which are pages shared by all the websites.

One of the common pages, checks for the value of an application variable, which may or may not exist. For example, lets call this page luxurycars.asp, which is a simple page that shows the top 10 luxury cars of this year. This common luxury car page will pull and use the app variable like so:

[CODE]
Dim SiteOwner
SiteOwner = Application("OwnerName")
Response.Write("This site is managed by " & SiteOwner)
[/CODE]

This app variable is set uniquely in each clients index.asp page like so:

[CODE]
Application("OwnerName") = "John Doe"
[/CODE]

Will this work? I just started learning classic ASP (for my job), and I'm reading that application variables are universal and only one copy of the variable will exist. So does this mean if John Doe sets Application("OwnerName") to "John Doe" in HIS index.asp page, will everyone that visits the common luxury car page see John Doe's name? Regardless of whether they got to that page via John Doe's page or someone elses? And if so would using a Session variable instead solve this problem? Sorry if this sounds confusing, let me know if I need to re-word it or give more detail...