History
The series emerged from NASCAR's Sportsman division, which had been formed in 1950 as NASCAR's short track race division. It was NASCAR's fourth series (after the Modified and Roadster series in 1948 and Strictly Stock in 1949). The sportsman cars were not current model cars and could be modified more, but not as much as Modified series cars. It became the Late Model Sportsman series in 1968, and soon featured races on larger tracks such as Daytona International Speedway. Drivers used obsolete Grand National (now Sprint Cup) cars on larger tracks but by the inception of the touring format in 1982, the series used older compact cars. Short track cars with relatively small 300 cubic inch V-8 motors were used. Drivers used smaller current year models featuring V6 motors.
The modern-day Nationwide Series was formed in 1982, when Anheuser-Busch sponsored a newly reformed late-model sportsman series with its Budweiser brand. The series switched sponsorship to Busch in 1984. It was renamed in 1986 to the Busch Grand National Series.
Grand National was dropped from the series' title in 2003 as part of NASCAR's brand identity (the Grand National name was now used for the Busch East and Winston West series as part of a nationwide standardization of rules for NASCAR's regional racing). Following the 2007 season, Anheuser-Busch, makers of the Busch brand of beer, said they would not renew their contract with NASCAR. In 2008 Nationwide Insurance became the title sponsor of the "NASCAR Nationwide Series".
The Nationwide sponsorship is a seven-year contract, which coincides with NASCAR's current broadcast contract with ABC/ESPN. The Nationwide sponsorship does not include the banking and mortgage departments of Nationwide. The sponsorship reportedly carried a $10 million commitment for 2008, with 6% annual escalations thereafter. In addition to the direct cost of sponsorship, Nationwide has made an additional commitment of between $4 million and $5 million in advertisement buys on ESPN.
Read more about this topic: Nationwide Series
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