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Fast Money, Faster Cars

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Although The Indy 500 remains “The Greatest Spectacle In Racing”, these days it’s losing ground -- and audience -- to NASCAR. This Sunday the competition heats up as the two races air on rival TV networks and both are looking for an edge. Find out why the Indy thinks ethanol could help it ultimately finish first.

CNBC’s Jane Wells joins the guys from The Indianapolis Motor Speedway.

Here’s her report:

When it comes to TV ratings, the top racing event in the country remains an Indy race, “The 500.” But last month in Kansas the NASCAR fans outnumbered those who love Indy.

NASCAR's own website pegs its fan base at a whopping 75 million...but that number hasn't grown in years. If NASCAR's on cruise control, can Indy make up lost ground?

NASCAR is definitely ahead when it comes to sponsorship money. The ethanol industry is spending about a half million dollars to sponsor Indy this year, while Sprint Nextel (S) is spending 140 times that, $70 million, for NASCAR's most expensive cup series.

But Indy has hope... Not only is Danica Patrick is the league's biggest draw... (She just needs to win a race!) ethanol could provide the edge by helping sell the sport to the nation's corn growing heartland.

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Trader disclosure: On May 24, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Pete Najarian Owns (BIIB), (ELN), (OXPS), (MU), Jon Najarian Owns (AAPL), (BIIB), (BOT), (CLF), (ELN), (INTC), (MSFT), (OXPS), (TRA), (TXN), (MU), Jon Najarian Is Short (MER)
Macke Owns (JWN)