 A little more than year later, on 12 April 2007, the Foundation formally announced the creation of the prize at the 2007 New York Auto Show and set the purse at $10 million for a car that could get and be sold for a reasonable price.In the subsequent year, the X Prize Foundation solidified sponsorship for the prize and on 20 March 2008 announced that Progressive Insurance would be the Title Sponsor of the Prize and fund the $10 million purse.From that point onward, it was known as the Progressive Insurance Automotive X Prize (PIAXP).