North American motor-racing series IndyCar has named PennGrade Motor Oil as the first-ever presenting sponsor of its flagship Indianapolis 500 race.
PennGrade Motor Oil, a subsidiary brand of the Indiana-based D-A Lubricant Company, has agreed a three-year partnership with the series that will run until 2018. The race will now take on the official title of the Indianapolis 500 presented by PennGrade Motor Oil.
Although financial terms of the agreement were not disclosed, the Indy Star newspaper reported that the deal would be worth around $5m (€4.6m) over the course of the three years.
“There’s no better way for us to debut PennGrade Motor Oil than by partnering with the world’s largest single-day sporting event,” D-A Lubricant Company chairman and chief executive Mike Protogere said. “The Indianapolis 500 has stood for automotive innovation since 1911 and we’re thrilled to add an exciting new chapter to that heritage with our product.”
This year’s Indianapolis 500, which will be the 100th edition of the race, takes place on May 29 at the Indianapolis Motor Speedway.