SBD/April 29, 2014/Marketing and Sponsorship

Lucas Oil Extends Sponsorship Deal With NHRA Aimed At Promoting New Product Line

Lucas Oil Products signed a multiyear extension with the NHRA to remain one of the drag racing sanctioning body's cornerstone sponsors. The partnership includes sponsorship of the NHRA Lucas Oil Drag Racing Series, title sponsorship of the Lucas Oil NHRA Nationals in Brainerd, Minn., naming rights at Lucas Oil Raceway in Indianapolis and designation as the Official Oil of NHRA (NHRA). SPORTSBUSINESS JOURNAL's Tripp Mickle writes the company "plans to use sponsorship assets to promote Lucas High Performance Racing Only Motor Oil." Lucas Oil Chief Administrative Officer Tom Fredrickson said, "We want to leverage this project for the next three years and promote the racing line to hot rod enthusiasts." Fredrickson added that Lucas Oil "plans to run advertising on ESPN" and is "revamping its on-site activation at NHRA races to highlight its motor oil." Mickle reports the three-year deal also gives Lucas Oil "branded broadcast elements during races on ESPN2, on-site display rights, signage at races and the right to use the NHRA logo on products." Specific financial terms of the agreement were not available, but the deal is "valued in the mid-seven-figure range annually." Lucas Oil "spends more than" $30M a year in sports sponsorship, and the NHRA "historically has been its biggest investment." The company also "plans to promote its oil additives, which is the foundation for the business" (SPORTSBUSINESS JOURNAL, 4/28 issue).
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