Kanye West, Rodney Peete Sponsor Formula BMW Racecars

Kanye West is entering the fast lane as one of two celebrity race car sponsors for this year's Formula BMW World Finals.

The second annual event, which takes place Friday (Nov. 24) through Sunday (Nov. 26) in Valencia, Spain, is a competition involving 38 of the best drivers from 18 countries in the world's regional Formula BMW series.

West's car will feature his bear mascot from the covers of his College Dropout and Late Registration albums along with the logo of two of the rapper/producer's favorite charities, the Kanye West Foundation and the United Nations World Food Program.

"The ability to make a positive difference in the world has always been a dream of mine, and Kanye West Foundation is the realization of that dream," West said in a statement. "To be able to spread the word about both the Kanye West Foundation and the UN World Food Program in such an exciting setting is particularly gratifying."

In addition, the Formula BMW USA vehicle will be driven by Philip Major, a 17-year-old driver from Ottawa, Ontario who was recently chosen as the Motorsport Club of Ottawa Novice driver of the year and awarded the Dewar Trophy.

He will join the AIM Autosport team for the World Finals.

West won't be the only celebrity sponsoring a Formula BMW race car.

Former NFL quarterback and The Best Damn Sports Show Period host Rodney Peete will back a vehicle in an effort to support the United Nations World Food Program.

The Kanye West Foundation is dedicated towards combating the severe dropout problem in high schools across the United States by developing student-centered music production programs which encourage increased literacy, heightened self-worth, independent thinking and self-actualization through the arts.

Known as the world's largest humanitarian agency, the World Food Program gives food to an average of 90 million people each year to meet their nutritional needs.

This includes 58 million hungry children in at least 80 of the world's poorest countries.