What about the drive-the-oval Indy Car garbage ?
I suppose those are cool only if a non American racer wins eh ?
I've noticed a lot of people in Europe think we Americans only have NASCAR. Ironically, a lot of auto-racing popularity has a similar track between US and Europe.
In Europe, Formula 1 is king, cars and drivers, major economies and costs (let alone a lot of stress for many involved). In US, we have Formula 1 "light" ... IndyCar with more practical and manageable costs (and more relaxed). Other than Indianapolis, it's not all about ovals. IndyCar is street, sports car and other, modified tracks (including serveral NASCAR ovals using only a half-oval for IndyCar events).
In Europe, WRC and Rally is popular, especially in large pockets of nationalities or followers. Likewise, in the US, NASCAR is really a hotbed for large pockets of the Southeast US, with some sprinkled popularity here and there.
But one thing that has endured over a half-century in both Europe and the US is sport car racing, including a long evolution of production and prototype. This year Sebring, Florida (USA) will hold it's 59th consecutive race and Le Mans, France its 62nd consecutive (79th overall, with a break during the war and post-war Europe in 1940-1949).
While American (ALMS) and European Le Mans do not seem to have the overall viewership and fan base of IndyCar and Formula 1, respectively, it is very high, and long-term. ALMS is also often scheduling with IndyCar events on the same weekend, increasing the base, even if only half attend one and not the other. And with the re-introduction of an Intercontinental Cup -- using tracks from the American and European series with select other courses -- in 2011, it seems the ACO-FIA sports car prototype and production GT classes are not slowing down in popularity.
Especially with ALMS, while only a dozen years old, is really looking to be long-term. Before, courses like Sebring were just one of two to three races in the US of the greater, Intercontinental title. Now you have ALMS with its local courses, plus Sebring and Atlanta that are part of the world crown. You also have the manufacturing focus, because the US is still a huge consumer base (even in a down economy), which is clearly sustaining the annual series approach of 8+ races, whereas LMS hasn't been as strong continually (other than the Silverstone, the Ring and Le Mans itself).