He's not sponsoring the car anymore, I guess. It's probably because the driver is a Republican(obviously) and donated money to Bush.
Where was there ever any indication he was going to? The team approached Obama (and others) about it and he turned it down, and rightly so in my opinion. Sponsoring a car for a single NASCAR race is one of the worst ad buys one can make, in part because the teams willing to accept single race sponsorships are generally doing so bad that you'll get almost no "free"airtime other than when a good race car laps yours or your car starts a wreck. That's even without considering the obvious charges of pandering that would be generated if he did it.
On the other hand, if he could sponsor a good team for multiple races, it might be worth it. After all, like just like the cars at a NASCAR race, Obama wants this country to turn left fast.
