Nascar Announces New Sponsorship Program And Series Name
The US stock car racing series, Nascar, is set to become the Nascar Cup Series, with a new premium partnership program featuring Busch Beer, Coca-Cola, Geico and Xfinity from 2020.
The move comes after Nascar announced it would not renew its title sponsorship deal with Monster Energy into 2020 and was aiming to create a new model for sponsorship opportunities, allowing its partners access to greater activation opportunities across the sport.
Nascar president, Steve Phelps, said the new sponsorship chapter for Nascar is strengthened greatly by the organisation’s pre-existing partnerships with all four of the new premium partners.
“This has been a monumental year for our sport, one highlighted by significant changes in our business model to ensure long-term viability and growth,” Phelps said.
“As we begin this new chapter, we are joined by four incredible brands with deep-rooted histories across all levels of our sport.
“We are honoured to have this elite group represent our Nascar Cup Series for years to come,” he said.
Nascar’s executive vice president and chief sales and operations officer, Daryl Wolfe, said Nascar is excited to work with all its’ premium partners to push Nascar to new heights from 2020.
“This new model will provide our premier partners with a heightened level of integration and visibility across all aspects of our sport,” Wolfe said.
“Each of these partners have demonstrated their commitment to our brand-loyal fan base and we are excited about how these brands will elevate the Nascar Cup Series.
All four of the new premium partners for Nascar help pre-existing partnerships with the racing series before the announcement of the re-structure was made, with Busch Beer becoming an official partner in 2018 and as a naming right sponsor of the Busch Pole Award.
Coca-Cola signed on as an official partner for Nascar in 1998, Geico as the sport’s official insurance provider and Xfinity in 2015 as the title sponsor of the second tier Nascar Xfinity Series.
The new model will see all four partners prominently featured across Nascar’s digital and physical assets, as well as in broadcast integrations, with the goal for each partner to play a major role in fan development and marketing programs to be rolled out in 2020 and beyond.