North American stock car racing series Nascar and Mexican entertainment company Grupo CIE have signed a 10-year agreement for the Mexico-based Toyota Series to continue to operate under the Nascar banner through the 2023 season.

For the past decade, Nascar and CIE subsidiary OCESA have established the Nascar Mexico Toyota Series as the national championship for motor racing in the country. The 2014 season will mark the 11th overall for the series, which has been a Nascar-sanctioned championship since 2007.

“This historic announcement represents the next step in the growth of the sport and the international impact Nascar is making,” Steve O’Donnell, Nascar executive vice-president of racing operations, said. “The Nascar Mexico Toyota Series continues to be a bridge that makes Nascar more relevant to the Hispanic community in the US. Along with the Nascar Canadian Tire Series and the Nascar Whelen Euro Series, the Nascar Mexico Toyota Series gives our sport a strong and unified presence across North America and Europe.”

The Nascar Mexico Series traditionally runs a 15-race schedule, and for the second year in a row will kick off the season at Phoenix International Raceway. Official sponsors have grown from 19 in 2007 to 37 last year, while the series averages 34 cars a race.