Highlands Motorsport Park is attempting to get a round of Supercars to the track. It has asked the Central Otago District Council for up to $250,000 to assist in securing the event in 2026.
Taupō hosted a Supercars event in April.
Taupō Mayor David Trewavas said race fans booked out accommodation in the Taupō-Tūrangi area and stayed as far away Rotorua, Napier and Hamilton. Taupō Car Club ran a team of 400 volunteers at the park for the weekend.
It was expected the event would bring $6million-7m a day to the region, Mr Trewavas said at the time.
Cromwell Community Board chairwoman Anna Harrison said the prospect of the event was exciting.
"But that many people in Cromwell is something that we can't actually accommodate at this point ... But we know people will need to stay right through the district. It is really exciting _ what a wonderful opportunity that they have chosen to host it here" she said.
The Gate hotel and event centre chief executive Glen Christiansen said it was going to be amazing for the entire South Island.
Visitors could arrive at any of the regional airports and drive to Cromwell, he said.
Queenstown, Wānaka and Alexandra would also be accommodating people.
Highlands would, as always, give hospitality businesses a head start on what would be needed, Mr Christiansen said.
"There are no losers ... It's going to be phenomenal."
Former Supercar driver-turned commentator Greg Murphy said the Highlands proposal could only be good for the sport and the region.
Highlands laid the foundation for motorsport in Central Otago and it would be a "feather in the cap" to have a Supercars round at the venue.
"It would be absolutely brilliant to have Supercars having a round of their championship in the South Island," Mr Murphy said.
"Particularly what that will do for Cromwell and Central Otago would be just phenomenal.
"There's no negatives to it whatsoever _ it's all pros."
He said two Supercars races in New Zealand would "just be an amazing shift for the sport in this country".
Mr Murphy said the vehicles would be shipped to New Zealand, rather than air freighted.
There were a "fair few moving parts" due to the volume of cars and equipment that would have to be trucked between Taupō, which hosts New Zealand's only current Supercars leg, and Cromwell.
"That's a large undertaking, it seriously is.
"But Supercars have done that for a long time. They know what they're doing and they've got great people in place that put that together."
Professional driver and former Highlands driver Andrew Waite said Highlands was a "high-commitment track", and compared it with some of the top tracks Supercars already raced at.
It would be the only track on the Supercars circuit with a bridge, "it'll be pretty cool seeing Supercars airborne at Highlands" _ and he expected fans to come from across New Zealand, as well as Australia, he said.