Nemechek, who owns NEMCO Motorsports, will drive the No.87 Toyota in Sprint Cup races and the No.87 Chevrolet in Nationwide events.

"We are confident about acquiring sponsorship for 12 Cup races," Nemechek said in a team statement. "We're working to secure sponsorship for the remaining 24 events and also for a number of Nationwide races. We have an excellent opportunity for a company interested in pursing a cost-effective motorsports sponsorship...We want to race and put people back to work in these tough economic times."

Veteran crew chief Philippe Lopez will guide Nemechek's efforts in both series.

"We have a lot of exciting things happening at NEMCO," Nemechek added. "Having Philippe join us is a huge plus for our program. We were also able to acquire excellent equipment and are in position to run an economic yet competitive program."

Nemechek drove the No.78 Chevrolet for Furniture Row Racing during the 2008 Sprint Cup season, but the team recently bought out his contract. The team is running a limited schedule this year with driver Regan Smith.

Nemechek's career includes four Cup victories and 10 poles. He won 16 Nationwide races, including two at Daytona International Speedway, and has 18 poles in that series. Nemechek won the Nationwide championship by only three points over Bobby Labonte in 1992.