The multi-year extension between the two organizations adds to Team Penske's longest active sponsorship as it celebrates a 33-year bond with Snap-on in 2014.
"Team Penske has been proud to call Snap-on a trusted partner for over 33 years and we are happy to announce that we will continue to work together for years to come," said Roger Penske. “Our teams know that they are using the very best with Snap-on tools and equipment and we appreciate all that their reliability, quality and partnership has meant to our success together over the years."
Under the terms of the renewed relationship, Snap-on will continue to be featured as an associate sponsor of all Team Penske cars competing in NASCAR and INDYCAR. Snap-on will also serve as a primary sponsor of a Team Penske car in the NASCAR Nationwide Series with the specific races to be announced at a later time.
"We’ve enjoyed a tremendous relationship with the Penske organization for more than 30 years, driven and strengthened by our shared beliefs in extraordinary customer service, solving critical problems and a respect for the unique challenges of vehicle performance," said Nick Pinchuk, chairman and CEO of Snap-on Incorporated. "Whether in the pits or in the service bay, we feel like we’re a part of their team, and we have benefited from working with them over the years. Our customers and franchisees like knowing that Snap-on is connected with a winning organization and we’re pleased to continue our partnership."