Nationwide, current sponsor of the NASCAR Nationwide Series, will end its relationship with NASCAR's secondary series after the 2014 season the company confirmed Wednesday. Nationwide is currently in their sixth year of a seven year contract they signed with NASCAR prior to the 2008 season.
Nationwide CMO Matt Jauchius commented on Nationwide's plan.
"Being a series sponsor was the right thing at that particular time but we see Sundays (for Cup races) as the next step. You'll see us lean into this even more at the Cup level. … I will spend more money in 2014 and 2015 (in NASCAR) by shifting assets around a bit."
NASCAR announced they would search for a new series title sponsorship immediately.
Nationwide also said they plan on not getting out of the sport of NASCAR instead they will begin marketing efforts in the Sprint Cup Series. As part of the new contract Nationwide will sponsor the Betty Jane France Humanitarian Award. The company also renewed it's partnership with NASCAR as the "official insurance company of NASCAR" until the 2017 season.
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