Hate to burst your bubble Brad, it has nothing to do with expanding brand awarness, its everything to do with going to countries that are willing to pay Bernie's ridiculous fee for hosting a race.
hang on - you're either talking about the attraction to manufacturers, or the wider political F1 debate - you can't pick and choose to suit your argument.
F1 has the appeal that it goes to many far flung countries - some of which the manufacturers don't do business with. It's also shown to billions around the world. It's ALL about brand awareness - otherwise, there would never have been factory teams - £300 million to be seen by billions every couple of weeks, is actually a good return on investment in normal economic circumstances.
You should take in a race at Daytona or Talladega before forming opinions. I'm not a NASCAR fan, but will be the first to admit that a race at one of those venues can be pretty mind-blowing, I've been to both. Have you?
This year Toyota's will race in 36 NASCAR Sprint Cup races (not to mention all the Nationwide Series events) in front of their largest market, for a fraction of what it cost them to do F1. Seems to make simple economic sense.
Fax
Yes - I've been to Daytona, and very impressive it was too - especially for a football fan (thats soccer for those of you that think FOOTball is played with the hands) it's a brilliant venue, and compares to places like the Noucamp, Old Trafford, and other big places I have been very favourably - , but ultimately, going round and round in simple circles hardly demands the highest level of skill now does it ? even Juan Pablo Montoya and Michael Andretti could do it....
Toyota have already achieved market penetration in the US.
In other news though, Toyota have realised that the world is bigger than America, and actually, whilst the yanks have a very healthy pond to fish from, the skill, and future of the business comes from being able to attract fish in a puddle - hence the reason for going through the F1 route ..........
as much as Americans believe that their "world series" of anything is being watched around the world - actually, most countries outside of the US have proper sport to watch - so the market penetration in these areas is negligable.