Among the most-watched sports in the world is NASCAR. Sponsors are drawn to the sport because of its growing popularity. In this sense, sponsorship agreements are growing in popularity at NASCAR races. The exposure that NASCAR would provide for any brand or business would be quite beneficial. Sponsors would be permitted to paint the racing cars with their logos and obtain endorsements from well-known drivers.
Numerous sponsors have supported NASCAR ever since it began. The sponsorship of the sport was at one stage dominated by businesses related to alcohol, cigarettes, and motor oil. Procter & Gamble, on the other hand, reversed the trend by endorsing automobiles in the middle of the 1980s. Sales for the business increased as a result, and interest from other unconventional brands was generated. A potential for sponsorship and politics to intersect has also been provided by NASCAR.
Growing sponsorship of Car racing by common operators
Currently, there have been changes to car racing. Interest in betting on NASCAR has grown in the last few years, which is why an increasing number of organizations sponsor NASCAR in sports and gaming. Until recently, gaming companies had not been interested in the sport. Each party involved gains something from the other.
Due to NASCAR's permission to customize race cars and utilize drivers as marketing ambassadors and spokespersons, gaming companies profit from the publicity. More gaming companies are reportedly vying for the chance to sign a sponsorship agreement with NASCAR, suggesting that the relationship is paying off for the sponsors.
The related industry and NASCAR are two distinct industries with distinct objectives. The actors in both industries must therefore create a successful strategy to guarantee mutual advantage. They might take a cue from other successful partnerships. For instance, there is a great working relationship between soccer clubs and bookmakers that has existed for quite some time.
Both industries might anticipate profiting from the sponsorship agreement once a clear working relationship has been established. For instance, NASCAR teams will get the money they require to support the development of their brands and the improvement of the sport.
On the other hand, casinos will benefit from more publicity, which will support membership growth. Gaining mutual benefit should not be difficult with the right foundation.
Not all companies have the guts to test the depth of the waters. Before investing, many business owners prefer to get assurances that something is effective. In NASCAR, gaming and casino sponsorship are growing trends. Consequently, many businesses might decide to wait and see how it progresses. Recently, NASCAR's sponsors are having great success, and NASCAR should be prepared for more sponsorship requests from gaming organizations.
Biggest Sponsorship deals in NASCAR history
Over the years, NASCAR has been sponsored by top companies, and some of the biggest include:
STP
The most successful NASCAR driver in history was represented by the paint job. However, the 1972 agreement signed by seven-time champion Richard Petty was possibly even more significant because it set the early bar for corporate support of Sprint Cup Series teams in the modern age.
R.J. Reynolds/Winston
All traces of the 1972–2003 era have been eliminated from NASCAR, but Big Tobacco made a big contribution to the growth of the sport from amateur to professional levels by investing millions in marketing and repainting racetrack fences around the nation in the sport's signature red and white.
DuPont
Jeff Gordon won four championships and rose to the status of one of the most legendary drivers in the nation during the course of about 20 years, making this company's automotive finishing brand its most prominent sponsor. The Rainbow Warriors moniker was given to Gordon's elite pit crew by the vehicle's well-known colors.
Lowe's
The home improvement retailer recently renewed its partnership through 2015 in the wake of the Hendrick Motorsports drivers' second Daytona 500 victory. Jimmie Johnson has given the retailer unending TV exposure with five titles and 62 victories.
Budweiser
For the first eight seasons of the career of one of NASCAR's most well-known drivers, it was most likely associated with Dale Earnhardt Jr. Since 1983, Budweiser has supported Daytona International Speedway, helping Darrell Waltrip win the championship in 1985.
Final Words
The racing industry is expanding quickly, almost as quickly as the race cars themselves. The number of motorsports fans can only expand as a result of technology developments, and with that expansion comes new sponsors who can hope to gain from the exposure in the same way that the racing sector would gain from its sponsors. As a result, NASCAR, which has long been sponsored by large corporations, will continue to sign new sponsorship agreements.