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Senior Racing Circuit To Debut With Ten Race Schedule In '08
Published November 15, 2007
USED CAR LOT: With the NASCAR Sprint Cup series next year exclusively using the Car of Tomorrow, Roush Fenway Racing President Geoff Smith estimated that it will leave “about 600 cars ticketed for extinction.” Smith said that Roush has 100 cars and will "write off about 70 at a loss stretching well into seven figures." Smith: “I call it a [COT] tax. We hope to recover it over a period of time because we should need fewer cars.” Evernham Motorsports Owner Ray Evernham said that he was using the old cars “as driver development tools” in the ARCA Re/Max series. Evernham: “We were getting $30,000-$35,000 for them, and I think you’d be lucky to get $10,000-$15,000 now, there’ll be so many of them." However, Smith “found the ARCA market to be soft because ‘teams have skimpy budgets’" (USA TODAY, 11/15).
PREMIUM INSURANCE: Several NASCAR drivers said that they pay $150,000-200,000 per year for life insurance, with premiums ranging from $5,000 up to $1M per year. In Miami, Sarah Rothschild notes the higher premiums can buy a driver “as much as $100M in coverage.” Insurance broker John Gorsline, who represents several drivers, said, "Some race car drivers [think] insurance premiums are too high, but how many race car drivers are making less than $300,000 a year? If you look at their income and exposure they're not paying that much" (MIAMI HERALD, 11/15).