• February 11, 2011

North American companies will spend an estimated $3.51 billion to sponsor auto racing teams, tracks and sanctioning bodies this year, up 4.2% from $3.37 billion spent in 2010, according to IEG Sponsorship Report.

The increase is less than the overall 5.9% increase in overall sponsorship spending 6.1% growth for all sports properties, but it's better than the 2.1% rise last year and six percent decline in automotive racing sponsorship from 2009 to 2010.

"Without a doubt, the tide has turned in terms of corporate interest in motorsports. Although it's still a difficult sales environment, corporate purse strings have significantly loosened as compared to the last several years," said William Chipps, IEG SR's senior editor, in a statement.

Here are some of the deals IEG cites:

• Penske Racing has signed Coca-Cola North America; GuidePoint Systems; Meijer, Inc.; Shell Oil Co. and Kimberly-Clark Corp.'s Wypall Wipers.

• The American Assn. of Retired Persons is now primary sponsor for 22 races a year of Hendrick Motorsports' NASCAR Sprint Cup Series entry driven by Jeff Gordon. Navistar Int'l Corp., a truck manufacturer, has signed a multiyear partnership with Roush Fenway Racing. Stanley Black & Decker, Inc. has renewed with Richard Petty Motorsports.

• Lowe's Cos. will be title sponsor of the the March 6 Sprint Cup race at Las Vegas Motor Speedway on behalf of its Kobalt Tools brand. Performance Enhancing Meat Snacks, Inc. is season sponsor of Int'l Speedway Corp.'s tracks and Richard Petty Motorsports.

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