Dodge has formally announced its departure from NASCAR competition following the conclusion of the 2012 season. It’s decision affects current involvement in both the Sprint Cup Series and the Nationwide Series.

Ralph Gilles, the President and CEO of Dodge’s Street and Racing Technology Brand and Motorsports, made the announcement during a media teleconference call on Tuesday.

“We’ve spent an intense five months working to identify and evaluate all options for our future involvement in NASCAR,” Gilles said. “A number of opportunities emerged, and our team worked diligently to put a structure together to fit our overall business and competitive objectives. While we have been pleased and enthused with the amount of interest from teams and sponsors over that time, in the end, we simply couldn’t develop the right structure.”