COMMUNITY spirit and a new cash prize draw are expected to attract more motor enthusiasts to the annual Swanpool Motor Festival, which will be held on Sunday, March 10 at the Albert Heaney Oval.

The event is open to all those with a motoring interest, who want to show off their vintage car, motorcycle, truck, boat - anything with an engine - and enjoy the family-friendly entertainment on offer, with every entrant who displays their vehicle in the running to win $500.

The festival started in 2018 with a few dozen participants but has grown to attract over 400 entries, helping raise money for the community and boosting the economy in the tiny hamlet.

It was also one of few events able to continue uninterrupted through COVID, the date luckily falling outside lockdowns, and volunteers being willing to pitch in to help manage COVID requirements.

Event coordinator Ross Coles said it can take 30 to 40 volunteers to make the event happen now and any profit is directed towards maintenance of the local oval adjacent buildings.

He said the cinema next door is a "last resort" refuge in bushfires, and has also been made available to a team of volunteers who came to repair fences destroyed by fire on regional properties.

"The motor festival is a non-profit community day held to raise money to keep these facilities going - without it, they will just disappear," he said.

"It's run by the community, the volunteers all come from the community and local businesses in Mansfield and Benalla support the event."

Ross estimates the festival generates around $30,000 for the local economy, thanks to the support of sponsors and those who visit, spend and stay in the region.

And he's hopeful for another strong turnout this year, despite there being more events on the calendar competing for a similar audience.

"We've been lucky - we run a good event, people enjoy it, and those that do come always comment they will come back because they enjoyed themselves," he said.

"We get people who travel from Melbourne and from New South Wales, so a lot of local businesses benefit from it.

"If everybody who comes along enjoys themselves, that's a success as far as I'm concerned."

At this year's event on Sunday, March 10 there will be a swap meet, market stalls, band Rattler will perform live throughout the day, there will be food vans and face painting for kids.

Display vehicle entry fee is $10 (which includes festival admission for two adults) with every entry in the running to win the $500 cash prize, drawn at 2pm.

There are also lots of other prizes to be won, with Shannons Insurance also providing two trophies.

"Every car that enters has the same chance of winning, regardless of its condition," said Ross.

"We thought a cash prize would create a bit of interest and get people there."

Gates open at 8am and entry is $5 per adult (children under 16 free) with more information at swanpoolmotorfestival.com.au or the event Facebook page.