Apex-Brasil to renew with IndyCar

Government-funded agency Apex-Brasil, which promotes natural resources and investment, got involved with IndyCar in 2009 to promote Brazil’s ethanol industry.

Through its partnership, Apex-Brasil is able to pass on its hospitality rights to Brazilian companies and industries. As many as 350 Brazilian companies attend IndyCar races and entertain up to six guests each, who are typically U.S. buyers. The effort generated $370 million in new business last year and is projected to generate more than $600 million in new business this year, Pierson said.

The agency hopes to renew its partnership with IndyCar at the end of the season and extend it through 2012.

“We never sponsored a sport before," Pierson said. “For us, it’s been amazing." South Florida Business Journal