F1: Miami Grand Prix sees sky-high ticket demand, dwarfs NASCAR and IndyCar (Update)

Tickets reached as high as $33,704 on the SeatGeek resale platform, as of Wednesday.

Event organizers estimated the event will bring an annual economic impact of $400 million to Miami Gardens, including 35,000 hotel bookings and 4,000 new jobs.

Broward County, just north of Miami Gardens, is expecting $50 million in economic activity.

The inaugural F1 Miami Grand Prix looks to be the most in-demand auto racing event SeatGeek has ever had on its site, according to Chris Leyden, Dir of Consumer Strategy for the ticketing site.

SeatGeek is seeing an average resale price of $2,414 for the race on Sunday, May 8.

The F1 race in Austin later this year is the second most in demand auto racing event on SeatGeek’s site, with an average resale price of $1,019.

In comparison, this year’s NASCAR Daytona 500 had an average resale price of $311, and this year’s Indianapolis 500 currently has an average resale price of $361. SBJ.com

In Miami, Florida’s most vibrant car scene, car clubs and boutiques selling used exotics have sprouted like mangroves. Both official and independent hospitality packages for the Miami race have long since sold out. Racing-influenced driving schools and glossy coffee-table books reliving the glory days of Formula One proliferate.

Dennis DeGori, CEO of E11even Miami, projects a “record-breaking week” surrounding race days in Miami on par with other premium events. “We grossed more than four times our average [weekly] sales [during Super Bowl 2020],” he told Bloomberg. “We are hopeful to far exceed that during F1.”

F1 Miami Grand Prix is already taking $5,000 deposits on hospitality packages for the 2023 race.