Toyota took a step towards unloading part of its massive cash hoard this week, announcing an unprecedented, $400 million plan for a multi-year partnership with International Speedway Corp., the operator of the legendary Daytona International Speedway.
The deal will make Toyota the first Founding Partner at Daytona International Speedway as part of the track’s redevelopment project. It will result in having the Toyota name spread prominently across the Speedway. Specific financial terms were not disclosed.
“This is a unique opportunity for Toyota to elevate our brand in the motor sports community, especially through the Daytona Rising project,” said Bob Carter, senior vice president of automotive operations of Toyota Motor Sales, USA, Inc. “ISC and Daytona International Speedway will provide strong platforms to interact with our guests and most importantly, our race fans.” (more…)