THE Coates Hire Ipswich 400 is set to inject more than $7 million into the local economy in a massive boost to the region.
Research done by the V8 Supercar organisation and other stakeholders shows that the August 1-3 event translates to more than 15,000 visitor nights in local accommodation providers and attracts 4000 interstate visitors.
Motels, hotels and restaurants are full during the week leading up to the event.
It is why Ipswich mayor Paul Pisasale has hailed the three-day racing weekend as "more than a car race".
Over three days of last year's event more than 45,000 spectators attended.
That included 18,000 plus on each of the blue-chip Saturday and Sunday race days.
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"The V8s are more than a car race for Ipswich," Cr Pisasale said. "Our hotels and restaurants are full and it is a great community event. That is why we have to welcome everyone involved with the V8s with open arms.
"It gets telecast and we get a lot of interstate and international visitors.
"It is an event where the city is on display to the world."
The event has been held at Queensland Raceway since 2003 and is now one of the biggest local events on the annual calendar.
"Any city in Australia would give their eye teeth to have an event like this," Cr Pisasale said.
"Townsville has got it and we have got it. These events don't come around very often and that is why people need to understand that we are very fortunate to have it."
Cr Pisasale said the motorsport precinct "plays a major role in the image of the city" and praised the drivers for playing a key role in that.
"What I love about the V8s is that the drivers are such great ambassadors," Cr Pisasale said.