With GM announcing it will not be renewing track sponsorships, this Corvette might soon be replaced by a Camry. (Photo: Jonathan Ferrey, Getty Images) » More Photos

But GM has already notified tracks that it will not renew sponsorship agreements. Not all the agreements expire at the same time, so the process is expected to take several years.

GM and other automakers are feeling the impacts of numerous economic factors, ranging from $4 dollar per gallon gas, to the burst of the domestic housing bubble and the consumer credit crunch, all of which have combined to have devastating effects on automobile and light truck sales in the United States this year.

Given the slump in the domestic economy and the huge decline in automobile sales, which are at a 15-year low and expected to stay there through 2009, other automakers are also examining their motorsports programs.

“Toyota remains committed to its NASCAR motorsports programs, but is reviewing all budgets,” said Les Unger, national motorsports marketing manager, Toyota Motor Sales (TMS), U.S.A., Inc.

Already, Toyota has replaced Chevrolet as the track sponsor at Lowe’s Motor Speedway near Charlotte and could pick up some of the other track sponsorships that GM drops, though company officials would not comment directly on the possibility. “Toyota continuously reviews NASCAR sponsorship proposals to determine if they will be beneficial to the company,” Unger said.

Ford Motor Co. and Chrysler LLC also are keeping a close watch on the economy.

“Our past analysis has shown that it (NASCAR) still brings a good return on investment,” Ford spokesman Kevin Kennedy told news agency Reuters. “That doesn't mean you're not going to look at the overall program in light of other cuts the company is making. Racing is certainly going to take some cuts.”

Tom Jensen is the Senior NASCAR Editor for SPEEDtv.com, the former Executive Editor of NASCAR Scene and a contributing Editor for TruckSeries.com. He is the author of “Cheating: The Bad Things Good NASCAR Nextel Cup Racers Do In Pursuit of SPEED,” and has appeared on television and radio shows to discuss NASCAR racing. Jensen is the President of the National Motorsports Press Association. Jensen is the 1997 National Motorsports Press Association Writer of the Year and has won numerous national and state awards for news reporting, columns and feature writing. The Answer Man is back at SPEEDtv.com. Tom Jensen answers your questions during every race week and looks forward to hearing from you - please e-mail it to