• Ad Age, Thursday, October 4, 2007 11:30 AM

Nationwide Insurance has signed a seven-year agreement valued between $70 million and $80 million to become the title sponsor of the Nascar series currently called the Busch Series. It will be known as the Nascar Nationwide Series beginning in 2008.

Nationwide has been involved in Nascar for years--primarily through sponsorship deals with venues--but this new agreement raises its stakes significantly. It is one of several insurers heavily involved in a sport known for aggressive maneuvers and mangled wrecks. State Farm, Geico and Allstate all have major commitments to the sport.

The series--a minor-league racing circuit that typically features a number of drivers from the top-level Nextel Cup circuit--had been sponsored by Anheuser-Busch for 26 years. But A-B, which has been working to untangle its billion-dollar marketing budget from a seemingly endless list of major sports sponsorships and commitments, said it wouldn't renew the deal.

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