Penngrade dumps Indy 500

PennGrade will no longer be the presenting sponsor for the Indianapolis 500 following the expiration of its three-year contract. PennGrade become the race's first presenting sponsor in 2016.

“Our partnership with PennGrade Motor Oil accomplished what it was set out to do for both IMS and PennGrade," IMS president Doug Boles said in a statement.

"We’re very pleased that the Indianapolis 500’s first presenting sponsor had deep roots in both Indiana and the world of motor sports and successfully used the relationship to launch a new brand.

"PennGrade was the right partner for this race over the last three years. Given the continued strength of ‘The Greatest Spectacle in Racing’s’ brand and history, we look forward to finding the right presenting sponsor in the future."