The last several years in the sport of NASCAR have been a bit bleak. As TV ratings fell and the number of fans filling seats lessened, teams began to feel the pinch. It was only a few years ago that powerhouse teams had large sponsors that stayed for the entire year and in fact that was the norm. In recent years though the big sponsors dwindled and many teams scrambled to put together a program with various brands that would only commit to a few races a year. According to a report issued by NASCAR Thursday however the future may be looking up.
According to the report nearly one-in-four of the 117 Fortune 500 companies now use NASCAR as part of their marketing mix. The report basis its information on an analysis of sponsors currently in the sport when compared to the magazine’s annual list released this month. According to the reports for the second consecutive year, the number of Fortune 500 companies involved in NASCAR increased, an eight percent improvement over 2008. The analysis encompassed companies currently involved as a sponsor of NASCAR’s sanctioning body, teams, tracks and/or as media partners.
“There’s a reason the number of Fortune 500 companies invested in NASCAR remains higher than any other sport,” said Steve Phelps, NASCAR’s chief marketing officer. “Our fans are among the most brand loyal in all of sports. Some of the world’s biggest, most recognizable and profitable brands utilize NASCAR as a critical and powerful part of their marketing mix because it works for their business.” MORE>>>